Two Trades That Worked Out Amazingly Well
Two Trades That Worked Out Amazingly Well
The last two trades that I took worked out amazingly well. Obviously, FOMC had a great role to play in the large moves across the board. What is more important are the trades themselves. Let’s start by the order of appearance.
(By clicking on the link above you can see when I wrote about the trading idea)
On the 12th of March I was looking to enter in a USDJPY short trade. Obviously, that was a great trading decision based solely on price action and the trading strategy that I am using. In the screenshot below I am showing how this trades worked out. Once the trigger was hit, the price went just another 20 pips higher before going lower. Then, it went 200 pips down. The great thing from this trade is that the stop loss was very tight (only 60 pips), while the 1st target is a great 160 pips away. Overall- very good 1st price target. Now, let’s see what will happen and whether the second price target will be hit at 111.50.
(By clicking on the link above you can see when I wrote about the trading idea)
The second trade that worked almost as good as the previous one is the GBPJPY trade from this week. The price went much higher than I expected, but still was around 5 pips away from my stop-loss. Some of you might have been stopped if you placed your stops too tight, but that is the reason that I sometimes place wider stops. Risk:reward ratio on this trade is not as good as the USDJPY trade above, but still worked out amazingly well. The screenshot below is showing you the whole picture. What can be shown with a single picture cannot be contained in 1000 words.
I hope that this post was more educational than anything else. It is important that we look back not only to improve and say what went wrong, but to tap ourselves on the back. We need to be more grateful for the opportunities that the market offers us.
Colibri Trader
p.s.
Don’t forget to check out my trading course in case you want to learn more about my Advanced Trading Strategy.
The first 2 charts labled daily are actually 1 hr time frame.
It was confusing to follow the diagram while looking at my daily chart but switching to one hour lines up fine.
That would have been a a great win with such a drop like that !
Congratulations
Hi Dan,
Thanks for the correction- I am glad there are traders like you paying meticulous attention! It is a 60 minute chart!
Good point- I must have done it in a hurry! Those charts are really 1 hr charts- showing a close inspection of the movement! Thanks for that!!!
The first 1 USD/JPY chart labled daily is actually a 1 hr time frame.
It was confusing to follow the diagram while looking at my daily chart but switching to one hour lines up fine.
That would have been a a great win with such a drop like that !
Congratulations
One thing that I’ve realised after looking at the USD/JPY chart was the constant resistance at 115.17.
It’s like the support or a profile when price bounces along support enough times it then breaks through.
It really comes down to “he who has the most patience wins”
Still working on mine but half the battle comes from knowing what to actually wait for not quite what to look for. We all look at charts but knowing what a good setup really is is most important.
I wonder if it’s a case if one sticks with it long enough they will get it.
Have heard of a guy that has been losing money for 17 years and still hasen’t given up. I think he deserves a medal 🙂
Hi Dan, Good reflection! I believe that patience is great when you are in a trade that is showing a positive P/L. When you start losing and start adding up positions, that will not lead you to profitability in the long-term. About the 17 years trader- seems like he had the “persistence” factor in him- what was missing was a working trading strategy or discipline or both 🙂
Dear Colibri
You’re second target has just been taken out I am so very happy for you and so very proud that you shared this trade with us all before it happened, could this be pure luck I think not I think that you are the real deal congratulations !
I’m very interested to know if you added or pyramided into this trade down to 111.50 area. can you share any finer details of how you managed this trade.
I’m going to buy you a virtual beer 🙂
Haha- thanks for the nice words. The point here is to stick to a working trade for as much as possible, as I have shown in my trading course. Cheers
Colibri,
Curious if you pyramided into the decline on this pair ?
Any details appreciated 🙂
On this one, I managed to open only two positions. Last two weeks are busy for me with travels and other things that keep me away from the screens 🙂