Week is almost over

Good evening traders and welcome again to my trading blog. Just quickly recapping last week's EUR/USD trade ... it was a loser. Pin bar setup failed with the Euro losing ground over ongoing concerns in the region (especially Spain).

So, this week, went with a short setup and netted a nice 80 pip profit. Gave back 25 pips today on a short GBP/USD trade, but that's ok. Had a valid setup that didn't work out, that's all.

For your viewing, a look at the two setups:

EUR/USD

Working from a pin off the 20 period MVA on a H4 chart, price action moved lower throughout the North American session and well into the opening of the European open the next day which is where I exited.

GBP/USD

Set a sell entry order at the neckline of the head and shoulders pattern. Didn't quite work out as price action has now broken back above the neckline. Still bearish on the pair, but will need to wait and see ...

So far this month ...

Hello traders, and welcome to TGIF. This week hasn't been too bad so far. First winning trade in a while. Went long in AUD/USD which worked out ok, but gains were capped by the volatility with my trailing stop being absolutely smashed before heading higher immediately the next day.

Tonight, long trade in the EUR/USD off a pin bar setup. We'll see how this runs into the weekend. A bit volatile at the moment, so anything could happen.

Ending August on a low ..

Hey traders, how are we all today? I got a bit lazy with doing the weekend wrap up. Instead I setup a short trade in EUR/USD today. Was looking to catch a short term trend reversal back into sloping trend line support. However, got a bit hasty and didn't wait for confirmation signal on the retracement.

Net result was another loss for August as an overreaction to some mediocre news saw EUR/USD rocket past my order and stop. No matter. Will need to exercise more patience as I get back into this game.

Post mortem

Evening traders. So, for those of you who followed yesterday's price action in gold, you would already know that unfortunately the trade didn't work out. After initially being in 1.5 times profit, the FOMC minutes worked against me. The "print more money" theme was in focus, pushing gold past 1650 handle quite easily.

Time to move on to the next trade! No setups of note tonight, although some nice ones played out during the Asian session. Too bad I have a day job. However, will keep a close eye on developments. Tune in for the weekend wrap up at the end of tomorrow's session ^_^.

Update ...

Just a quick update traders. So the gold setup completed and has triggered the order. Early movements are looking good, but we shall see how it plays out.

Midweek update

Hello traders and welcome to the mid week review. Recapping some of the price action setups from Monday:

1. AUD/USD: Decent setups didn't eventuate, but price action is moving in the expected direction.

2. GBP/AUD: Had an awesome 4 hour pin bar setup, but because I got lazy, missed out on the huge move up. Let that be a lesson. You need to treat this like a profession, or expect to miss out often.

3. XAU/USD: Gold had a nice run up, but seeing a nice reversal setup at some key resistance on the 8 hour chart. Pin fakey setup off an inside bar setup. We also see some divergence in the RSI. If the pin closes below 1640, will place an order to sell at 1640.8 with initial target at 1625. If we get some follow through, will look to exit at 1600. Otherwise will close out at 1625.

Watching closely ...

Hello traders. Welcome to start of the week. Looking for some breaks this week with a couple of interesting setups.

First look at GBP/AUD. Have a sustained break back above the 1.495 handle. Looking for a setup on a retest of support targeting the .382 Fibo from the May decline.

Next is AUD/USD. Price action came close to retesting the bottom of the channel, but not close enough. Suggests a retest shortly. Still looking for a short setup, but will wait to see the moving averages create a 'death' cross with the horizontal resistance area at 1.0466.

Can also watch for a clean break of the bottom channel with entry on a retest setup.