Blimey, this week has gone quickly. We’re already at Anand’s last day and today he assesses his trades from the week and end with a dubious song choice. He should count himself lucky we don’t engage in censorship
Click here to see his prior posts this week
Trade Updates
So, I thought I’d finish off my week by discussing how I dealt with the trade ideas that I posted through the course of the week. The charts posted are the ones I initially attached to my trade ideas for your reference.
Coffee
Coffee 13 06 2014
https://www.tradingview.com/x/R9FRbd2F/
I was looking for a clean break of 168 – 170.5. On 9th June exactly that happened with the price action cutting through to 165. I entered a trade at 167.5. However, instead of a further breakdown the price turned and has fired back with the market standing at 175 today! These are the absolutely deadly events in trading, a false signal, which require one to quickly get out of the position when the ‘unexpected’ happens (in this instance going down through support, then right back up through it). A loss taken on break back through 168 – 170.5 level. Closed trade out at 171.50.
EURUSD
EUR/USD daily chart 13 06 2014
https://www.tradingview.com/x/zxamYTJg
I’m still short here, looking for a move to that lower support level in the form of the long term trend line highlighted. Stop still kept above 1.367 (mine is in at 1.39 currently).
Silver
Silver weekly chart 13 06 2014
https://www.tradingview.com/x/hjcRAaRY
We have moved up 2.6% to $19.52 since I posted my idea. I’m holding the position. I have left the stop at $17.90 as I don’t mind if the market pulls back to support at $18.50 (In fact there is a high probability of this happening potentially multiple times. This is why I don’t use a trailing stop, as you could get stopped out before the market lurches higher as you initially forecasted). I’m looking for further gains ahead.
AUDJPY
AUD/JPY 13 06 2014
https://www.tradingview.com/x/lIqQlZBs
We haven’t budged, I’m still waiting for a break of 96. I still stand by everything discussed previously.
WTI Crude Oil
WTI crude oil 13 06 2014
https://www.tradingview.com/x/vSHd9NWW
We broke the 105 level cleanly on 12/06/13. I initiated a long position at $106 on afternoon of 12/06/14 (we are now at $107), after waiting to see if the price action held nicely above the 105 level (irrelevant of how loud talk became around events in Iraq, Obama, Iranian reaction etc. I’ve learnt not to be induced into a rushed trade on the back of media hype).
Note: I actually prefer when headlines are not flashing around a market, they make for messy and choppy markets. The best markets are ones which no one is talking about, but are showing you the right conditions to initiate a trade. This is obviously precisely the opposite of how most people work, they hear something and feel a need to act immediately as there is a ‘buzz’ around it (see no 7. Bandwagon effect from my list of cognitive biases discussed yesterday).
EURHUF
EUR/HUF chart 13 06 2014
https://www.tradingview.com/x/By2vbYpm
We have moved up 1% to 306.97 since I initiated my trade at 304. I’m continuing to hold the position. I have left the stop at 295. My view is still unchanged from the point I first posted the idea.
I would just like to finish by thanking the team at ForexLive (especially Ryan who has acted as my Editor in Chief). I’ve enjoyed posting my ideas and thoughts over the week and reading all of your comments.
Thank God It’s Friday.
http://youtu.be/KlyXNRrsk4A
(Katy if on the off chance you are a reader of ForexLive please get in touch with me via Ryan. Thanks)
[Editors note - Yeah, I'll pass her number on. I promise
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