Here I continue with my trading history review. We are at the start of 2024. At the beginning of 2024 I was well established in my pivots trading strategy. I enter trades at the monthly pivots based on relative strength among the 8 currencies I follow. So here are the trades I closed in the first 3 months of 2024:
Pivot trade 17: Long USD/JPY 2 lots +24,390 Closed on Jan.3 2024
I used the monthly S2 and S3 pivots to enter long 2 lots in USD/JPY at 143.683 and 140.696 on Dec.14. This time it was not that easy, as the price did not recover until the next month. I was able to exit at MPP 143.192 on Jan.3 for a nice profit of 24,390 yen.
Pivot trade 18: Short AUD/USD 1 lot +2,140 Closed on Jan.3 2024
I went short AUD/USD at MR1 0.6748 on Dec.19 and stuck to the trade until exiting at MPP 0.6736 on Jan.3 for a profit of 2,140 yen. Since this trade has positive carry, I was sticking to the monthly pivots.
Pivot trade 19: Short NZD/USD 1 lot +7,666 Closed on Jan.3 2024
I went short NZD/USD at MR1 0.6312 on Dec.22 and stuck to the trade until exiting at MPP 0.6258 on Jan.3 for a profit of 7,666 yen. Since this trade has positive carry, I was sticking to the monthly pivots.
Pivot trade 20: Long TRY/JPY 6 lots +82 Closed on Jan.16 2024
I applied the pivot points to carry trading. I thus established 6 positions in the TRY/JPY in December 2023 and closed them all on Jan.16, 2024 at another monthly pivot. Thanks to the positive carry, I got a small profit of 82 yen.
Pivot trade 21: Short GBP/AUD 1 lot -13,368 Closed on Jan.29 2024
I had started trading based on relative strength also including minor pairs such as GBP/AUD. I opened this position at the MR1 of 1.9107 on Jan.12, and the trade went against me. I was looking to exit at MPP, but since this was a negative carry trade, I was adjusting my exit point to the WS1, and it got hit on Jan.29 at 1.9237. The total loss was -13,368, and I have nothing to say about this trade except for that it was executed well, and that is all that matters, not the loss.
Pivot trade 22: Short GBP/JPY 1 lot -24,990 Closed on Jan.30 2024
This is another trade entered on Jan.11 as the GBP strengthened suddenly. I went short GBP/JPY at MR1 185.209, and similarly to the previous trade, the price traded against me, so I had to manage the trade from the WS1 instead of MPP. At the end, I was able to close on Jan.30 at quite a big loss of -24,990 yen. It is not easy taking such losses, especially as this loss took me to negative on the year. But the important thing was that I had stuck to my strategy, exited in a disciplined way, and moved on to the next trade.
Pivot trade 23: Long AUD/USD 1 lot +1,171 Closed on Jan.30 2024
I went long AUD/USD on Jan.16 at MS1 0.6601. Since this is a negative carry trade, I looked to exit this at WR1, which got hit on Jan.30 at 0.6613 for a small profit.
Pivot trade 24: Short USD/JPY 1 lot -11,815 Closed on Jan.31 2024
I went short USD/JPY on Jan.16 at MR1 146.135. Since this is a negative carry trade, I looked to exit this at WS1, which got hit on Jan.31 at 146.96 for a loss of -11,815 yen. This was not a good end of the month, but I continue following the strategy waiting for opportunities.
Pivot trade 25: Short CHF/JPY 1 lot +1,994 Closed on Feb.1 2024
I went short CHF/JPY on Jan.5 at MR1 170.664. Since this is a negative carry trade, I looked to exit this at WS1, which got hit on Feb.1 at 170.194 for a profit of +1,994 yen.
Pivot trade 26: Long AUD/USD 1 lot +9,407 Closed on Feb.15 2024
I went long AUD/USD on Feb.14 at MS1 0.6448. Since this is a negative carry trade, I looked to exit this at WR1, but due to a mistake in my setting, I exited at WPP 0.6512 on Feb.15 for a profit of 9,407 yen. This was a profitable trade, but nevertheless I should have set my exit for WR1. I will be more careful from now on to follow the exit rules without fail.
Pivot trade 27: Short CAD/JPY 1 lot +1,766 Closed on Feb.21 2024
I went short CAD/JPY on Feb.9 at MR1 111.073. Since this is a negative carry trade, I looked to exit this at WS1, which got hit on Feb.21 at 110.77 for a profit of +1,766 yen.
Pivot trade 28: Short NZD/JPY 3 lots +17,795 Closed on Feb.28 2024
I went short NZD/JPY on Feb.19 at MR2 92.18. And this was the first time that I got filled on a double add order. Double add orders are meant to give me a better average price, as I increase my position size as the price goes against me, allowing to exit earlier and at a better profit. The important thing here of course is to have enough margin in my account in order to prevent margin calls before the trade has a chance to work. So I got filled at MR3 93.36 for 2 lots on Feb.23. I then exited at WS1 92.3 for a total profit of 17,795 yen. This was a good trade, and the only comment I have is that the rule is to stick with exiting at the first level the trade was opened, which in this case was MR2. I do not use the weekly pivots when I have big positions on. The MR2 would get updated the next month anyways.
Pivot trade 29: Short USD/JPY 1 lot -789 Closed on Feb.29 2024
I went short USD/JPY on Feb.13 at MR1 150.25. Since this is a negative carry trade, I looked to exit this at WS1, which got hit on Feb.29 at 149.88 for a loss of -789 yen. This was not a good end of the month, but I continue following the strategy waiting for opportunities.
Pivot trade 30: Short GBP/JPY 1 lot +11,206 Closed on Feb.29 2024
This is another long yen trade entered on Feb.22 as the JPY weakened suddenly. I went short GBP/JPY at MR1 190.67, and similarly to the previous trade, the price traded against me, so I had to manage the trade from the WS1 instead of MPP. At the end, I was able to close on Feb.29 at a profit of 11,206 yen.
Pivot trade 31: Short GBP/CHF 1 lot +11,255 Closed on Mar.12 2024
This was a very well executed trade, first went short at MR1 1.1271 on Mar.8, and since this was a negative carry trade, I managed the trade from the WS1 instead of MPP. At the end, I was able to close on Mar.12 at a profit of 11,255 yen.
Pivot trade 32: Short AUD/CHF 1 lot +6,130 Closed on Mar.19 2024
This was a very well executed trade, first went short at MR1 0.5821 on Mar.8, and since this was a negative carry trade, I managed the trade from the WS1 instead of MPP. At the end, I was able to close on Mar.19 at a profit of 6,130 yen.
Pivot trade 33: Long TRY/JPY 15 lots +18,003 Closed on Mar.21 2024
I applied the pivot points to carry trading. Also, I grew my position size at every consecutive add - first one was 1 lot, second one was 2 lots, third one was 3 lots, fourth one was 4 lots, and fifth one was 5 lots. I thus established 5 positions for a total of 15 lots in the TRY/JPY in February and March 2024 and closed them all on Mar.21, 2024 at another monthly pivot. Thanks to the positive carry, I got a nice profit of 18,003 yen.
At the end, my total profit for the first quarter of 2024 was 62,575 yen. Now I need to keep the disciplined approach and follow the pivots, and I will be able to make more profits as opportunities arise and I take advantage of them.