Forex Trades Week 22-26 May 2017

It was a very emotionally challenging week. I had 4 consecutive losing trades before making a winning trade. That was my only winning trade for the week. It was almost enough to cover for my 4 losing trades. Overall I had a -0.034% week

Below were my trades.

NZDUSD (-0.955%)

NZDUSD was in trading range within a bear trend on the daily chart when I made the trade. I entered short at 0.6942 on 18 May 2017 the previous week expecting the top of the trading range to hold and the bear trend to continue. The top of the trading range did not hold but was instead broken and I was stopped out at 0.69802 on 22 May 2017. I lost -0.955%.

NZDUSD Daily Chart

USDCAD (-0.97%)

USDCAD was pulling back to its previous broken swing high at 1.3530, which I had expected to become support,  when I made this trade. I placed two separate buy orders at 1.35298 on 19 May 2017 with SL at 1.3480 and different TP at 1.3630 and 1.3745. The trade did not work out as I expected and I was stopped out on both orders at 1.3480 on 23 May 2017 for a total -0.97% losses.

USDCAD Daily Chart

WTICOUSD (-0.96%)

WTICOUSD formed a spinning top just below its projected downtrend line when I made this trade. I entered short at 50.652 on 22 May 2017 with a SL at 51.20 and TP at 49.45. WTICOUSD was in a bear trend and I was expecting it to continue. The bear trend did continue eventually but I not before I was stopped out at 51.202 on 23 May 2017. I lost -0.96%.

WTICOUSD Daily Chart

WTICOUSD (-1.017%)

I had another go at WTICOUSD after I was stopped out earlier. This time I went long instead of short. I placed two separate buy orders at 49.45 on 25 May 2017 with a SL at 49.05 and different TP at 50.25 and 51.45. I was expecting its support level at 49.50 to hold especially after OPEC countries has agreed to extend their production cut. The support did not hold and I was stopped out at 49.043 for a -1.017% loss.

WTICOUSD H4 Chart

EURGBP (+3.868%)

EURGBP was in a bull trend and was pulling back to its support level when I made the trade. I entered long at 0.8610 on 24 May 2017 with as stop loss at 0.8590. The support level held and the bull trend continued. I staggered my take profit exit at 0.8670 and 0.8710. Both were hit on 26 May 2017. This was an almost perfect trade, which net me a +3.868% gain.

EURGBP H4 Chart Trade #1

EURGBP H4 Chart Trade #2

Disclaimer:
Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.