Posted by: joetradingplace | April 16, 2013

Weekly Update

Last week was very slow for us, we didn’t have a trade until Friday, we took three trades on friday and they have reached 2nd targets. We have locked in some profits and we are now waiting for the final target to get hit or to be stopped out.

1. We took a short Audchf from 0.9780, 1st and 2nd target was reached yesterday at 80 pips and 160 pips respectively….stop loss on last order has been moved to lock in 80 pips…worst result on this trade is 320 pips

2. We bought Gbpaud from 1.4610, 1st and 2nd target was reached yesterday at 100 pips and 200 pips respectively…..stop loss on last order has been moved to lock in 100 pips…worst result on this trade is 400 pips

3. We bought Euraud from 1.2440, 1st and 2nd target was reached yesterday at 80 pips and 160 pips respectively…..stop loss on last order has been moved to lock in 80 pips…worst result on this trade is 320 pips.

Weeks Total = 780 pips

Pending Profits = 260 pips

Audchf

Audchf 10-04 before

After

Audchf 10-04 after

Gbpaud

gbpaud 11-04 before

After

Gbpaud 10-04 after

Euraud

euraud 11-04 before

After

euraud 11-04 after

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Responses

  1. Beautiful charts and setups; clear and simple.
    I wondered on gbpaud how you identified the bull trap?
    Its normally taught that when P breaks support, it retraces to test and confrim old support as new resistance. Many would short the retrace to the new resistance, but you sensed it would go back up?

  2. you are right, S usually becomes R…but when that fails, a lot of traders who were taught to trade that way get caught and trapped…we just take advantage of that. Yu can notice how sellers were not showing aggression at the level, to me it shows weakness from sellers…

    I call S the buyers territory and R the sellers territory…so if they are being over powered in their own territory, I usually do the oppossite.

    Hope that answers your question


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