Forex Trade Alerts
This is a new series in which each week I will put together key pairings you should look to trade next week based on my analysis. All analysis is done using "The Binary Trading Indicator", but instead of using just for binary I am going to use it for longer more profitable trades.
Below you will find forex pairs which I like the look of based on my analysis and also forex pairs which I believe could produce some nice trades, if the market moves nicely within a day or two, these are marked as "Ones To Watch"!
So without any more delay lets get started...
Last week the pairs which looked solid for picking up some nice PIP move were AUDCHF, CADCHF,GBPCAD & NZDCHF, you can find more details of these trades (Last Weeks Trades).
The expectation on each had set an aggressive target. None of these major targets had been hit.
However, as I will explain those following the signals and using the indicators will have been able to remain profitable, this week.
All pairings did indeed carry on with the current trend, which is fine.
There was only NZDCHF on the sell which I missed out on profit because of a miss type of the stop loss. Which in the end only cost me $20 as I closed the trade once I realised my mistake.
The expectation had been for this pair to reverse and reverse hard, however it did carry on pushing up. On Monday price dropped around 50 pips, however Live the indicators showed me that the trend was going to carry on up.
It was at this point I closed for 50ish PIP profit and opened a buy. Which I closed yesterday evening, as I try not to carry trades into the weekend.
With this trade, I came out 1 PIP in profit.
After an initial 15 PIP move I took my stop loss to break even plus one.
The market reversed to continue with the trade and it closed out.
Further review of the pair over Tuesday, Wednesday & Thursday was inconsistent. Price was staying within a 10-20 pip zone, which was difficult to tell which way it would break. On Friday it final broke on the on the down side then reversed to make a new high for the week.
Because of the uncertainty no additional trades on this had been placed.
This had a very nice 100PIP move on Tuesday which allowed me to close out with 80 PIP profit.
By moving my stop loss to break even after 20, then to 20 after 40, then to 40 after 60, then to 60 after 80 then to 80 after 100.
Moving stop losses like this allows you to maintain profit, even if your trade aren't perfect.
This one got me due to a typo when resetting my SL.
By the time I had realised the market had reversed and I was out of pocket by 2pips rather than being 1pip in profit.
As frustrating as this is, I am happy with the weeks trading.
The number one priority is to make money, this builds confidence and allows you to review.