Weekend Review Oct 31, 2015

This is my first weekend review and I already have a very ugly start. I believe that I have done a decent analysis from the three trades made this week but all of them hit their stop loss. I am down 120 pips so far. We will see every trade I made the past week and look at how we can improve for future trading decisions later on.

We will look at my very first trade NZDUSD analyzed here.

I decided on my daily time frame analysis that there is still a possibility that the pair can still continue to go higher and reach the 50% retracement and retest the long term trend line. I am still looking at this pair on where it is heading. With the current price action of the pair, my analysis is still a valid possibility.

NZDUSD 4HR Time Frame

My regret was that I didn't see earlier that there was a valid gartley pattern completing a little bit lower where my stop loss was located. Adding more insult to injury, I saw the pattern and I could have still hopped in to the gartley pattern but I decided not to enter the market because the bearish trend might continue.

I was still even able to recommend the gartley pattern on my analysis after the first trade here. Congratulations on those who took the advanced pattern trade!

We will now look at my second trade analyzed here.

Again from my top down analysis, I believe that my trade analysis was still good enough to have confidence in entering the trade. But as you know, the trade hit it's stop loss as well. Similar to the NZDUSD trade, I failed to see in advance a possible completion of a bearish cypher pattern on where my stop loss was placed in which I could have had a better entry than this one.

But unlike the NZDUSD trade where I did not took the advanced cypher pattern because I thought that the long term trade was continuing, I took the cypher pattern in this situation here.

GBPUSD 1HR Time Frame

I took the cypher pattern believing that with my daily time frame analysis, I am still in a valid position to short the market. But if you have been in the market for quite some time, you know that your analysis is never perfect because you can never predict what the market will actually do.

GBPUSD Daily Time Frame

With the Daily candle close yesterday, my original daily time frame analysis for this currency pair is now invalidated in which I took two trades. Trend lines will be broken eventually and in this situation, it took two losses with me.

With the trading week over, I hope you guys were a lot more fortunate than me. The market is never forgiving so make sure your trades is safe with a stop loss all the time. I will be making a separate post where I will update my stats as a trader and list my learning experiences to remind myself all the time and hopefully I will become much better along the way.

Experienced gained this week:
Look for an advanced pattern in the lower time frame before entering a trade. It can give you a lot better entry than support and resistance trade setup in the lower time frame. It will also remove the possibility of doing two trades in the same area so that you will not lose twice if your analysis is wrong.

Good luck in trading guys!