Forex & CFD Trades 17-21 Jul 2017

I completed 6 trades this week ending up with 1 win, 4 losses and 1 breakeven. Overall I lost -0.885% for the week. It would have been positive week had I not micro-managed one of my trade (i.e.GBPCAD). Below were my trades for the week.

GBPCAD (+0.003%)

GBPCAD was in a downtrend making lower highs and lower lows on the H4 chart. Its support level at 1.6570-1.6600 was broken by a long red candle on 12 Jul 2017. When GBPCAD pulled back to the breakdown level, I placed a sell limit order at 1.6585 with an initial stop at 1.6670 (just above the long red candle) and take profit at 1.6410 (just above the prior low). My sell order was filled on 14 Jul 2017. When it formed I bullish pinbar on 17 Jul 2017, I decided to move my stop loss to breakeven. That was a big mistake! GBPCAD moved down to reach my TP target but I was already stopped out at 1.65844 a few H4 candles earlier. I should have not moved my stop loss!

GBPCAD H4 Chart

EURGBP (-0.457%)

EURGBP took out its last higher low on 13 Jul 2017 on the H4 chart. I was expecting EURGBP trend to change from up to down. When EURGBP pulled back to the congestion area just above the higher low taken out, I placed a limit sell order at 0.8850 with a stop loss at 0.8885 and take profit at 0.8750. I was filled on 18 Jul 2017 but was stopped very quickly on the next H4 candle at 0.88851 for a -35.1 pips loss. I lost -0.457%. This was simply a trade that did not work.

EURGBP H4 Chart

AUDCAD (-0.489%)

AUDCAD was forming a descending triangle on its daily chart. It broke down below the horizontal line of the descending triangle on 04 Jul 2017. When it pulled back to the breakdown level, I placed a sell limit order at 0.9985 with a stop loss at 1.0030. I was filled on 18 Jul 2017 but was stopped out on the same day for a -45 pips loss. On hindsight, I should have placed my stop loss a bit higher since the setup was based on the Daily chart. I lost -0.489%.

AUDCAD Daily Chart

EURUSD (+1.002%)

EURUSD was in an uptrend making higher highs and higher lows on its H4 chart. When it pulled back to its previous broken resistance level (which became support), I placed a buy limit order at 1.1485 with a stop loss at 1.1445 and take profit at 1.1565. My buy order was filled at 1.14849 on 20 Jul 2017 and take profit hit at 1.15651 on the same day for a +80.2 pips gain. I made +1.002%.

EURUSD H4 Chart

GBPJPY (-0.493%)

GBPJPY was consolidating in a trading range within an uptrend on its H4 chart. I placed a buy limit order at the bottom of the range at 145.45 with a stop loss at 144.96 and take profit at 147.50. My buy order was filled at 145.449 on 18 Jul 2017. GBPJPY rebounded but it was short-lived. I was stopped out at 144.96 on 20 Jul 2017 for a -48.9 pips loss. I lost -0.493%.

GBPJPY H4 Chart

WTICOUSD (-0.451%)

WTICOUSD was in an uptrend making higher highs and higher lows on its H1 chart. I was expecting the uptrend to continue but it was not to be. I entered at 47.154 on 20 Jul 2017 and was stopped on the next H1 candle at 46.793 for a -36.1 pips loss. I lost -0.451%.

WTICOUSD H1 Chart

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.