Winning trade that contributed to our forex trading performance was to EURUSD
1. Is there a English 7th Ghost month? (7th month of Lunar Calendar is a ‘ghost’ month in Chinese culture where souls in hell are allowed to walk Earth.) Third week of July was a very unclear week where ranges were tight and most pairs were tough to trade. Very demoralising was that this constipated situation continued for 3 consecutive weeks already. As a trader, it’s frustrating.
2. Sadly this is the first week of this year that I suffered a loss 16 pips and most important, many trades that I’ve planned have no trigger or the triggered price went too far away resulting in a wide stop.
3. EURUSD contributed the only winning trade.
Forex trading performance for Week 29 scored total a loss of 16pips
See breakdown and explanation of trades below.
GBPCAD lost 40 pips
XAUUSD lost 80 pips
EURGBP no trigger no trade
EURUSD gained 104 pips
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GBPCAD – There is always 2 sides to a trade
I wrote about GBPCAD because I felt sad for a person who came for preview last week. Of course he didn’t sign for the course. That’s not the reason why I feel sad. I felt sad for him because he didn’t have a trade plan. He doesn’t know which direction to trade and if a trade goes against him, he didn’t know what to do. To solve this, he hedged his position. For the same pair, to open both a buy or sell trade. So I wrote the analysis on GBPCAD and want to share with students how to do a plan to buy and a plan to sell (in case the buy don’t turn out well). It is important not to trade like a