The month so far has not been kind to us .
In the first week of the month out of the patterns we analysed very few of them met our entry criteria. So trading wise we have been pretty quiet so far in April.
Below are our trades taken.
Placed pending order to go long on EURUSD at 1.3305 with stop at 1.3280. Pretty much all tech analysis on this entry was correct , we had a supporting trend line , a bullish pattern with a confluence of fibo points and a demand area.
Unfortunately there was a trader out there who sold 500 million euros against the Yen , this was enough to move the price down to our stop , where of course we see the obligatory reverse. Nothing we could do about this , the trade however was done with a sound plan using our normal trading rules so was not a bad trade.
Only thing we could have done differently in hindsight was to use a larger stop but we already had the stop well below the trend line , so in terms of stop placement we feel this was a good spot.(Of course using a larger stop the same result could have happened with a larger risk , we just dont know this until the trade is complete.)
Pip Loss – 25 pips
Took a long position on EURJPY today with a small stop under weekly support. Using a butterfly pattern for entry .
This trade shows exactly how a butterfly can react against you and how important it is to use stops.We were stopped out quickly for a 24 pip loss.
|Short position taken here off a bearish bat on the 4 hour chart and daily support with divergence. For a change on a 4 hour chart pattern we were able to get in with a nice small stop (originaly at 1.4617)
Price moved in our favor and I moved stop and took profit on one lot at around +18 pips. I was stopped out but others in the trade room got a better entry and are still in , aiming first at 1.45 and then 1.44 as we go into the easter break and NFP day.
Total pips for April so far. -31 pips