Weekly Trading Review – week ending 11th July 2014
So this week was quite an adventure with Crude Oil. I had a long trade outstanding from last week. I had gone long at point 1 in the chart. You can see that, at the time, the price action was right at support (as designated by the blue line). If you believed that the uptrend was intact, as I did, you would have gone long. However, I was proved wrong as you can see and my stop got hit for -111. However, as it was a significant support/resistance line and it got broken, I felt that this was surely a trend change and promptly reversed my position and went short. I had a limit order at 10205 which got hit at point 2. This yield 150 points The next day the market retraced, there was support here at 10200 which drove up the prices. The following day, I saw that the buyers were no more and I shorted again with a stop just above the previous days highs. I came back to look at my trade later on in the evening to find that it had gone 170 points. I didn’t want to risk it over the weekend so took my profits. I also went long AUDUSD and short USDCHF this week taking an extra 25 and 22 pips. Also GBPCHF triggered long and I’m currently holding this. Total profit/loss this week is +256 pips/points.. if I didn’t take last weeks loss to consideration, it is a fantastic +367 pips/points!