The Past Trading Week- Results
by: Colibri Trader
What is trading without trading results. You should be recording all of your profits and losses meticulously. You should not be only looking at profits, but most at the losses and where do they stem from. This is how you improve and how you beat your competitors. Let’s have a look at the 4 potential setups I wrote about last Sunday…
The EUR/USD trade briefly went up to 1.1400 and then made a slight correction towards the middle of the large green candle. This is where the support lies and where a lot of buyers would be looking to enter in a trade. So far this trade has not performed spectacularly well. For the ones of you that are in a long trade, this small correction should not be looked at with disbelief. I reckon, we should see more buying interest in the coming couple of trading sessions.
The GBP/USD trading setup I wrote about last week did not go as good. The cable went slightly up and then some statistics about the BREXIT vote led to further slides in this pair. As I wrote last week, trading this pair would be extremely dangerous and not as efficient, so I would prefer to stay away until 23rd- the day of the vote.
The Gold trade has performed more than satisfactorily. We have seen a spectacular growth of this instrument up to the level of 1273. Here, we might see a small correction or further gains. I do not expect to see gold going much lower than 1250. I am definitely bullish and the price action does confirm this. Probably this will be the best trade for the rest of the week/month.
The S&P500 trade is also performing exactly as expected. I wrote about a potential pin bar setup just above the resistance area of 2110. This is actually what exactly happened. As if a lot of market participants are listening to what I am saying… Of course this cannot be the case, but this trading setup was exactly what I was expecting to happen. Now, the index is heading lower and I believe we might see further selling pressure. I will be looking to probably add more to my short position if an opportunity reveals.
All in all, it has been a wonderful week for trading. A lot of opportunities and a lot more to come in the following weeks. Traders would be looking for potential setups in the GBP pairs, but I would prefer to stay away until the vote comes out. I wish you a great week ahead and…