Hello friends! Hope all my American readers had a great Thanksgiving. 🙂
Speaking of which, this week was pretty slow and inactive trading-wise due to Thanksgiving. I only placed one trade on Monday, and that was it. After the close of the New York exchange on Wednesday, the markets were too quiet and directionless for my liking, so I stayed out of them.
Anyway, here is this short trading log, which covers my trading activity from 11/15/2015 to 11/20/2015.
|RISK/REWARD||1 : 1.2|
|ENTRY TIME||12:57 AM|
|EXIT TIME||5:50 AM|
The GBP/CHF had been in a strong uptrend since mid-October, and I entered this trade on a clear rejection of a MAJOR resistance line. As you can see from the super zoomed-out chart, the Sterling Pound has been trading under that major resistance level since 2013, and had already climbed up to it twice, and gotten rejected both times.
Interestingly, it seems that the price is now climbing up again to retest the resistance level for a fourth time. This could present some interesting trading opportunities next week, either by shorting the GBP/CHF should the resistance hold, or by going long if the price manages to crack through the resistance this time. Given the current state of the Sterling Pound, I would be more inclined to believe that the resistance will reject it again (forming a double-top pattern) and mark the beginning of a much deeper downfall back to mid-2014 levels.
We’ll have to see what happens!
Well, even though it has been quiet week with only one trade, I still made a decent profit, which amounted to an 8% return on my account balance. I certainly can’t complain about that.
Anyway, that’s all I’ve got for you guys. Onward to next week, and the beginning of December!