I am currently in 3 positions this week. However I missed my sell limit order entry for both the EURUSD and the GBPUSD this week for over 300 pips. One of the disadvantages of trading only on an evening is you do not know your order was not triggered till you return home from work to the charts. I should have looked at logical points to get in on the trade for the remaining part of the move but decided not to chase price.
My limit orders both missed by around 5 pips so in future I will try to lower my entry slightly rather than be right on the edge of the order block. At present I am trading with very small lot sizes and fairly large stops so 5 pips will not be critical in monetary terms.
The trades I did enter
Trade 1 – AUD/USD
I entered this trade on Monday. Reasons for entering were a reversal pattern on Friday. A climactic high volume candle and a break in market structure breaking the previous swing low. The pair has moved lower and is now making lower highs and lower lows.
I am aware of potential bullish order blocks and will be looking for any high volume candle signalling a reversal in these areas. If this does not occur my target is bellows of 0.695. I have now moved my trade to Break even. We would be expecting the low of the week to be made on Thursday so I will reassess this trade tomorrow.
Trade 2 – AUDCAD
I entered this trade on Tuesday. I saw a market maker sell model and marked a 1 hour bearish order block were price had moved from on Monday. The Tuesday Judas swing sent price up to this level almost to the pip and sent the trade straight into profit. I am very happy with the execution of this trade.
My aim is to perfect this type of with trend trade and increase position size/reduce stop loss and maintain risk% of 1%. This is hard at the present as I have to identify potential order blocks the night before. I hope within time to become much better at picking these areas and where to expect big price movements.
For this trade my target is slightly more conservative and at the bullish order block around 0.9265.
Again I will monitor this trade for reversal patterns. At present I am applying volume price analysis on higher time frames, namely the 4hour and daily charts simply as I only have an hour or so on an evening. This, at present, is keeping me in the correct direction of the higher trend.
I was a little disappointed this week to just miss entry on 3 trades which would have yielded 1-2% each in profits but I am happy that my analysis was correct in those trades and I would have been in profit, plus the two trades I am currently profitable in.
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