I am shorting EIRCAD on a downward trend, price below cloud, EMA slope is down, RSI has bounced, stop at latest fractal.
Here is an example of using fractals for trailing a stop loss. On my EURGBP long trade a new fractal has formed (actually a higher low), allowing for a tightening of the stop loss.
Going long with bullish pressure on EURUSD and setting up a buy stop on AUDNZD if previous high is broken.
A signal appeared on EURCAD, going short for Feb’s last trade.
New signal on EURGBP
This month of February is proving very challenging. My EURAUD trade has been stopped out as the pair retraced, bringing Feb losses to a cumulated 6.8%, quite a significant drawdown. So far this month all of my ten trades have been loss making, 100%. Well, as we all know this is precisely not the time to change anything. No revenge trades, stick to the rules. This is also the reason why this website is very useful to me, being totally transparent I am forced to be disciplined and remain steadfast on the way I implement these rules. Let us see how this unfolds as we near the end of the month. It is clear that my strategy is a momentum trading strategy and currently there is an evident lack thereof. The objective will be to capture the right momentum when trends resume because over the long run this is what will make momentum trading profitable.
A long signal on AUDNZD this morning. We’re out of the kumo and the 21 EMA is trending nicely. Latest fractal allows for a nice tight stop loss placement.
Going long on EURCAD, good signal appeared.
As an exception stop-loss is not at fractal but at Kijun Sen level.
I got taken out on the XAUUSD long taken yesterday morning. Eventually the pair took the direct direction, but my stop was a little close (latest fractal).
Retrace stopped me out,