A trade setup has formed on EURGBP. Good upward trend, RSI has been retracing and is now up, EMA is sloping up, stop loss at previous fractal. Go long.
As with most of my trades these past weeks, there was a violent retrace stopping me at break-even on CADJPY
Trading activity is extremely low these past few days, since most of all ongoing trends have reversed or are reversing. Most pairs are inthe cloud or retracing; so our system is not giving any clear signal. There is a general trend of uncertainty in the markets, as fundamental drivers are getting blurred. So we remain patient, on the sidelines.
Another case of retrace taking me out with subsequent continuation of the trend in the right direction. No problem, but a very bad start of the month with mainly losing trades so far. I do however have two open trades that are in profit. I’ll have to manage them well to get the money management machine to save the day. No change in the strategy, no revenge trading, I missed a couple of good signals that happened during midday but that’s how I trade, nothing I can change and it’s been profitable so far. So this month is a typical case were psychology usually drives you to overtrade or shift strategies. I’ll try and stick to the rules without emotion.
Retrace stopped me out,
Long signal on EURUSD
Just took a long trade on AUDNZD, EMA trending up, price above cloud, good fundamental news driving the pair since end of last week.
My two open trades were stopped out.
First a GBP USD loss of 80 pips
Then a USD CAD loss of 39 pips
Second open trade this morning with a long on USD/CAD. Here again a bit late from the signal itself, but a very small position to keep risk low. Stop at fractal as always.