Both the trades got stopped out. It seems like in an effort to ride the counter-trend and putting a very tight stop loss, AUDCAD bombed. NZDUSD on the other hand was due to incomplete Wolfe waves being formed which got stopped out again.
We had 12.8 pips lost from AUDCAD and 15.1 pips lost from NZDUSD.
On the other hand, we're just 30 minutes away from our binary option expiries which look to be comfortably ending "in the money" with some good profits.
I will update on this shortly and tomorrow will summarize the trades taken during this week.
Also, i'd like to mention that all open orders were closed as we have a long weekend coming up and it would only add to more swaps eating into the profits.
Showing posts with label trade analysis. Show all posts
Showing posts with label trade analysis. Show all posts
EURUSD Touches 1.27 levels as expected (+139 Pips)
So once again, Wolfe Waves managed to successfully predict price and time. We currently have the Euro trading at 1.277. A finer adjusment to the EURUSD chart shows a further drop to 1.26 region.
Actual trade entry was at 1.2955. But managed to add to the trade when price went to 1.30091.
Even at 1.278, the total profits made would be 175 Pips and 139 Pips. Below is the revised EURUSD chart with potential price drop to 1.268.
You can read this trade analysis from the beginning here, and the follow up analysis here.
Actual trade entry was at 1.2955. But managed to add to the trade when price went to 1.30091.
Even at 1.278, the total profits made would be 175 Pips and 139 Pips. Below is the revised EURUSD chart with potential price drop to 1.268.
You can read this trade analysis from the beginning here, and the follow up analysis here.
USDCAD - Trade Analysis (-60 Pips)
The USDCAD trade got stopped out. On closer look we see that the wave 5 formed only recently. However, the Stochastics show a bearish outlook on the daily chart whereas the 4 hour chart shows a bullish formation. Due to the conflicting analysis, we'll leave the USDCAD alone for now.
Update on EURUSD
The EURUSD trade was closed with some pips in profit. The reasoning being that for most of yesterday the pair was trading in a tight range and because the trade was opened for a couple of days, the rollover swaps was eating into the trade. Thus the EURUSD was closed with some great profits made. What's left of this trade is to sit out and watch if price will touch the 1.27 level today.
The open trades are the AUDUSD and AUDCAD.
There won't be anymore trades being done as the week is going to be short. So take it easy and prepare for a long nice weekend ahead.
Update on EURUSD
The EURUSD trade was closed with some pips in profit. The reasoning being that for most of yesterday the pair was trading in a tight range and because the trade was opened for a couple of days, the rollover swaps was eating into the trade. Thus the EURUSD was closed with some great profits made. What's left of this trade is to sit out and watch if price will touch the 1.27 level today.
The open trades are the AUDUSD and AUDCAD.
There won't be anymore trades being done as the week is going to be short. So take it easy and prepare for a long nice weekend ahead.
EURUSD - In trade analysis
Well, the EURUSD trade is shaping out to be really good. Its just amazing when you get the Wolfe waves right that the trades can be so profitable. You can read about the first analysis of this trade here and a follow up analysis here.
So here's an analysis of the EURUSD trade so far.
There were two trades opened @ Lots each.
Trade 1:
Open Price: 1.29841
Closing Price: 1.29556
Closed: 1 Lot
Pips in Profit: 285
Trade 2:
Open Price: 1.30091
Closing Price: 1.2845
Closed: 1 Lot
Pips in Profit: 526
Moved stop loss for both the trades to 1.29841
On the 4 Hour chart, the Stochastics is just shaping out to be bearish at the 80 line. On the H1 chart, Stochs is already bearish.
EURUSD Price has moved out of the 'Sweet Zone' and is on the way to reaching the target of 1.28.
As of this point, with the open trades, Trade 1 stop loss is +25 Pips and Trade 2 stop loss is at break even.
To reiterate, Wolfe Waves tell us that price will drop to 1.27445 around the 27th of March, 12PM (GMT+2).
We have the daily support level at 1.291. So at this point we will close 0.50 lots for both the trades and move the stop loss to 1.29614 which is the daily pivot.
We will let the remaining two trades at 0.5 lots each to run its course.
EDIT
I have closed 0.40 lots for both the trades. So right now we only have 0.10 lots for each of the two trades. Stops has been moved to 1.29614 with TP at 1.2745. Fingers crossed that tomorrow we'll get there!
So here's an analysis of the EURUSD trade so far.
 |
| EURUSD - H1 Chart |
Trade 1:
Open Price: 1.29841
Closing Price: 1.29556
Closed: 1 Lot
Pips in Profit: 285
Trade 2:
Open Price: 1.30091
Closing Price: 1.2845
Closed: 1 Lot
Pips in Profit: 526
Moved stop loss for both the trades to 1.29841
On the 4 Hour chart, the Stochastics is just shaping out to be bearish at the 80 line. On the H1 chart, Stochs is already bearish.
EURUSD Price has moved out of the 'Sweet Zone' and is on the way to reaching the target of 1.28.
As of this point, with the open trades, Trade 1 stop loss is +25 Pips and Trade 2 stop loss is at break even.
To reiterate, Wolfe Waves tell us that price will drop to 1.27445 around the 27th of March, 12PM (GMT+2).
We have the daily support level at 1.291. So at this point we will close 0.50 lots for both the trades and move the stop loss to 1.29614 which is the daily pivot.
We will let the remaining two trades at 0.5 lots each to run its course.
EDIT
I have closed 0.40 lots for both the trades. So right now we only have 0.10 lots for each of the two trades. Stops has been moved to 1.29614 with TP at 1.2745. Fingers crossed that tomorrow we'll get there!
EURUSD Touches 1.30 as expected
In my previous post I mentioned about the bullish wolfe wave on the EURUSD. While back at that time it seemed unlikely due to the prevailing negative market sentiment, it did seem like the Wolfe wave pattern was right.
However, the pair failed to reach the expected 'estimated price'. But what's interesting to note is that when you draw a parallel line to the 1 - 4 pivots, with 3 as the starting point, it typically shows the price projection.
While this might be a one off event, all future analysis of Wolfe waves will include this new finding to see how well it holds.
For now, Wolfe Waves continue to amaze me at how they can predict future price movements.
EURCHF, GBPCHF - Trade Closed.
EURCHF trade has been closed. The reason being that upon re-drawing the Wolfe Waves, I noticed that the price had already peaked. Refer to the chart below for reference.
To Summarize:
Entry: 1.22689
Target: 1.2314
Closed at 1.22982
GBPCHF Trade got stopped out. Stop was moved to 1.42250.
To Summarize:
Entry: 1.22689
Target: 1.2314
Closed at 1.22982
GBPCHF Trade got stopped out. Stop was moved to 1.42250.
AUDCAD, Going Short
Here is the 15 Minute chart for AUDCAD. It consists of Primary Wolfe Wave, Andrew's median line and a secondary Wolfe Wave plotted on the 5 minute chart.
Trade is short at 1.05566 with take profit at 1.05396 and stop loss at 1.05646
The reason for going short is determined by the Median lines. Prices touched the Median line before moving out of the lower median line.
If you look closely, we see that the primary Wolfe wave 2 and 4 also form the trigger line for Andrew's median line. We know that when price moves out of the LML and out of the lower trigger line, it is a sell signal.
Plotting the secondary Wolfe wave on the 5 minute chart also confirms this notion because we have a bearish wolfe wave that is formed. All in all, price is expected to drop to 1.05363. I will try to move my stops and also take profits so as to test this trade. Below the secondary wolfe wave, plotted in Red on the 5 minute chart.
Update on Trade Set ups 04/03
EURCAD - Stopped out
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NEW Trades
I took one some new trades today.NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
Trade Analysis, USDCHF, GBPCHF, EURUSD
Follow up to the trade set ups for the above pairs posted here, this is an analysis of these trades.
USDCHF - It seems like the pair is running out of steam. On the daily charts, we see price coming quite close to the 0.94624. In my analysis I mentioned that price could touch 0.93426. So this was a good trade. For now, we will wait until end of Monday or Tuesday to see if there is any new Wolfe wave patterns coming up.
GBPCHF - Our target price of 1.42887 hasn't been reached yet. We saw a bit of a bearish run to 1.40943 area. As I mentioned a potential entry at 1.41547, price is currently at 1.41642. The 76.4% level at 1.42104 needs to be breached in order to reach our target price. On the contrary, we could see price drop to 1.41120 area before going back up again. On the H1 chart, we have the 50% Fib level at 1.41493 and also we need to wait for the Schaff Trend Cycle to turn bullish. There is still some time for traders to enter this trade.
EURUSD - We expect this pair to drop sharply, however, there was a bit of a bullish run towards close of markets on Friday. The H4 chart still shows a bearish bias, but it can get tricky because on the H1 chart, we noticed a bullish climb on the Schaff Trend. Either ways, I don't expect EURUSD to go beyond 1.30763.
Wait for the H1 to turn bearish to get back into the trade with Stops placed at 1.3058
USDCHF - It seems like the pair is running out of steam. On the daily charts, we see price coming quite close to the 0.94624. In my analysis I mentioned that price could touch 0.93426. So this was a good trade. For now, we will wait until end of Monday or Tuesday to see if there is any new Wolfe wave patterns coming up.
GBPCHF - Our target price of 1.42887 hasn't been reached yet. We saw a bit of a bearish run to 1.40943 area. As I mentioned a potential entry at 1.41547, price is currently at 1.41642. The 76.4% level at 1.42104 needs to be breached in order to reach our target price. On the contrary, we could see price drop to 1.41120 area before going back up again. On the H1 chart, we have the 50% Fib level at 1.41493 and also we need to wait for the Schaff Trend Cycle to turn bullish. There is still some time for traders to enter this trade.
EURUSD - We expect this pair to drop sharply, however, there was a bit of a bullish run towards close of markets on Friday. The H4 chart still shows a bearish bias, but it can get tricky because on the H1 chart, we noticed a bullish climb on the Schaff Trend. Either ways, I don't expect EURUSD to go beyond 1.30763.
Wait for the H1 to turn bearish to get back into the trade with Stops placed at 1.3058
GBPCHF H4 Chart, In Trade Analysis
The GBPCHF pair is also currently in a retracement mode. I've closed my trade and managed to get just 8 pips out of it. I'm to be blamed because I was too busy writing up stuff. Anyways, all is not lost. The GBPCHF Daily chart looks to be getting more and more bullish. The 4- hour chart is holding on and we are currently seeing a bearish retracement on the 1-hour chart.
Price could likely move to the 50% Fib for the retracement to end. However, i'll be looking keenly at the Schaff Trend Cycle in order to base my judgement. For those who missed this trade, TODAY is a great opportunity to enter LONG on the GBPCHF. Just wait for this retracement to end and once the STC turns bullish, we're off on our journey.
Price could likely move to the 50% Fib for the retracement to end. However, i'll be looking keenly at the Schaff Trend Cycle in order to base my judgement. For those who missed this trade, TODAY is a great opportunity to enter LONG on the GBPCHF. Just wait for this retracement to end and once the STC turns bullish, we're off on our journey.
USDCHF Daily Chart, In Trade Analysis
This is a follow up to my trade set up on the USDCHF here. Overnight there was a decent movement since my entry at 0.93330 and price is currently at 0.93588. I moved my stops to 0.93530, locking in a total of 200 Pips.
Price is currently looking at a retracement, and can be clearly seen on the H1 chart. While I will wait for my stop to be taken out, I will be re-entering this trade as soon as the Schaff Trend Cycle switches to a bullish bias.
Price is currently looking at a retracement, and can be clearly seen on the H1 chart. While I will wait for my stop to be taken out, I will be re-entering this trade as soon as the Schaff Trend Cycle switches to a bullish bias.
There could be a possible retracement to the 76.4% Fib and then price might get back to being bullish. Either ways, i'm happy with a 200 Pip profit and eager to ride this wave again. I'll be following up on this.
Possible entry could be at either 73.2 or if price drops a bit more, maybe a few pips below 73.2.
Trade #: 2502EURJPY-1 Trade #: 2502EURJPY-2
Both trades cancelled due to a large gap during Market opening.
Trade #: 2502AUDNZD
The trade got stopped out. With 0.10 lots, the total loss was -14.37. So what went wrong?
Ideally, looking for reversal from Wave 5 is how trades should have been entered. But even in this aspect, notice how a candle clearly closed just above the TL 135 but price failed to reach the upper TL.
So what went wrong?
I would assume it had to with the 'Low Volume' aspect and this it wasn't the right time to trade.
Ideally, looking for reversal from Wave 5 is how trades should have been entered. But even in this aspect, notice how a candle clearly closed just above the TL 135 but price failed to reach the upper TL.
So what went wrong?
I would assume it had to with the 'Low Volume' aspect and this it wasn't the right time to trade.
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