Forex Trade 2

Trade was made looking at stochastic and MACD zero lag indicate a buy signal on the 4hourly chart,also cftc showed a slight discrepancy with the euro being shorted since the 11th of Jan,on referring to the charts i noticed the euro as being on the rise since that day.A trade was placed at market as follows:

Trigger Signal: resistance met and held.formation of evening star reversal pattern
Trade direction: long

Stop loss: 13301

Target price for exit:Trailing stop loss 120 and 13800 target

Distance between stop and target: 499

Distance between stop and target/ 4: 124

Potential loss(risk):  £50

Actual Entry point: 13401
Trade size (£ per point) :0.50pence

Comment:

       This trade is now closed and it features some of the mistakes i make while trading, owing to the fact that i don't usually like holding positions over the weekend i reduced  my profit target to 13600.This target was reached at around 18:50 GMT but i wasn't able to collect on my prediction because i had closed out my position at 13512 in haste before  US markets opened.Hindsight as usual painfully revealed that all i needed to do was set a tight stop loss.However total pips gained in this trade was 111 and profit was £55 pounds excluding the cost of the spread.Account at break even. 

Verdict: Loot

Forex Trade 1

This is my first trade in the monthly loot series.My main chart is the daily charts but i use the 4 hourly charts to refine my entry and exits.Over the weekend i selected pairs which might reverse or continue their previous trends during this week.Today i was looking through the charts of previously selected pairs for a possible trade and noticed the GBP/USD forex pair rebounding against the resistance at 1.5902 which agreed with the stochastic and MACD signals.I then set up an order trade using the most recent high as my stop loss and the target profit is 15594 and then 15524.order was filled at 15873.

Trigger Signal: resistance met and held.formation of evening star reversal pattern
Trade direction: short

Stop loss:1.5970

Target price for exit:1.5594 and 1.5524

Distance between stop and target: 376

Distance between stop and target/ 4: 94

Entry point for desired risk reward of 3:1

Potential loss(risk):  £50
Actual Entry point: 1.5873
Trade size (£ per point) :0.53pence

Comment: cftc cot showed more traders favouring the upside,a warning which i refused to see in my haste to trade.

Verdict: No loot