FOREX & CFD Trades 24-28 Jul 2017

This was one of my worst week. I completed 8 trades and lost all of them losing -3.845% for the week.
What was frustrating was that I was correct on the trade direction for most of the trades but were stopped out before the trades moved in my expected direction. I will be looking at my entry method and stop loss placement to see area for improvement.

GBPJPY (-0.474%)

My market bias of GBPJPY on its H4 chart was bearish after it broke below the bottom of its trading range. I entered a sell limit order after GBPJPY formed a bearish engulfing pattern at its  resistance area near the Fib 61.8% level. I was filled at 145.851 on 27 Jul 2017. GBPJPY rallied after I entered and I was stopped out at 146.555 for a -70.4 pips loss. That was the high for the day before GBPJPY went down! It seemed like my stop loss order was picked out! I lost -0.474%.
GBPJPY H4 Chart
EURGBP (-0.495%)

EURGBP was making higher high on its H4 chart after it broke above its previous swing high. I entered a buy limit order near the previous broken swing high, which I expected to hold as support. I was filled at 0.8925 on 24 Jul 2017. I was stopped out at 0.88949 on 27 Jul 2017 for a -69.9 pips loss. That was almost the low of the day! Again it seemed that my stop loss was picked out! I lost -0.495%.
EURGBP H4 Chart
AUDUSD (-0.507%)

AUDUSD made a higher high on its H1 chart after taking out its previous swing high. I entered the trade at 0.79999 on 27 Jul 2017 after AUDUSD pulled back and formed a bullish pinbar at its previous congestion area, which I thought would hold as support. It was not be and I was stopped out at 0.79796 on the next H1 candle for a -20.3 pips loss. I lost -0.507%.
AUDUSD H1 Chart
EURUSD (-0.408%)

This was a similar trade to the earlier AUDUSD losing trade. EURUSD made a higher high on its H1 chart after taking out its previous swing high. I entered the trade at 1.1705 on 27 Jul 2017 after EURUSD pulled back and formed a bullish harami at its previous swing high, which I thought would hold as support. When the low of the bullish harami was taken out, I manually exited the trade at 1.16846  for a -20.4 pips loss. I lost -0.408%.

EURUSD H1 Chart
USDJPY (-0.497%)

USDJPY has been in a 5 wave decline on its H4 chart. I was expecting the downtrend to reverse after a strong countertrend rally and a bullish morning star candle formed at a higher low. I bought at 111.502 on 27 July 2017. USDJPY downtrend continued and I was stopped out at 111.10 for a -40.2 pips loss. I lost -0.497%.
USDJPY H4 Chart

NZDUSD (-0.484%)

NZDUSD has been making higher highs and higher lows on its H4 chart. I bought at 0.74988 after NZDUSD formed a bullish engulfing pattern on 28 Jul 2017. I was stopped out at 0.7469 for -29.8 pips loss before it moved up. I lost 0.484%.
NZDUSD H4 Chart
XAUUSD (-0.497%)

XAUUSD has been in a 5 wave rally on its H4 chart. I was expecting XAUUSD uptrend to reverse when it formed a bearish divergence between price and MACD, where price moved higher but MACD traced a lower high. I entered short at 1260.369 on 27 Jul 2017. The trade did not work out. I was stopped out at 1266.999 for a -663 pips loss on 28 Jul 2017. I lost -0.497%.

XAUUSD H4 Chart

USDCAD (-0.483%)

USDCAD has been in a downtrend for quite some time. It rebounded off its weekly support around 1.2460 and formed a bullish divergence with MACD. I bought at 1.2485 on 27 Jul 2017 expecting USDCAD downtrend to reverse. It rallied initially but did not reached my take profit target then declined to hit my stop loss at 1.2425 for a -60 pips loss on 28 Jul 2017. I lost -0.483%.
USDCAD H4 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.

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