This is my trading preview for the week of May 6th.
Before looking into the new week, let us review my trades last week, and then discuss my open trades, how I plan to exit them, and any active new orders.
TRADES EXITED LAST WEEK +142,538
Last week was a massive success!
I was able to exit 5 trades last week:
SHORT USD/JPY 6 LOTS +61,835
I opened 1 lot on Apr.12 at MR1 153.38. Then I added 2 lots on Apr.25 at MR2 155.42. Then I added 3 lots on Apr.29 at MR3 158.861. I was ready to add even more, although at the worst point I was under by over 200,000. I set my exit point for WPP 155.70, and was able to exit my position on Apr.29 for a really nice profit. A really well executed trade!
SHORT CAD/JPY 6 LOTS +41,900
I opened 1 lot on Apr.23 at MR1 113.14. Then I added 2 lots on Apr.26 at MR2 114.53. Then I added 3 lots on Apr.29 at MR3 116.76. I was ready to add even more, although at the worst point I was under by over 100,000. I set my exit point for WPP 114.70, and was able to exit my position on Apr.29 for a really nice profit. A really well executed trade!
SHORT AUD/JPY 3 LOTS +27,600
I opened 1 lot on Apr.26 at MR2 101.82. Then I added 2 lots on Apr.29 at MR3 103.47. I was ready to add even more, although at the worst point I was under by over 50,000. I set my exit point for WPP 102.00, and was able to exit my position on Apr.29 for a really nice profit. A really well executed trade!
SHORT USD/CHF 1 LOT +8,154
I opened 1 lot on Apr.24 at MR1 0.915. On Apr.29 I was able to exit at WS1 0.9098. This was a well executed trade according to the preset conditions. Stick to the plan, exit or add at the predetermined levels.
SHORT USD/CHF 1 LOT +3,049
I opened 1 lot on Apr.30 at MR1 0.915. On May 2 I was able to exit at MPP 0.9130. This was a well executed trade according to the preset conditions. Stick to the plan, exit or add at the predetermined levels.
OPEN TRADES AND EXIT POINTS
Last week was a volatile one, which allowed me to close most of my positions. Also, a new month started, which means that it is usually hard to open new trades since it takes some time to reach the new monthly support and resistance.
Anyways, I have the following 4 open positions right now:
SHORT AUD/NZD 1 LOT to exit at 1.0955
I opened 1 lot on Apr.26 at MR1 1.0986. Now I am looking to exit at MPP 1.0955. I also have an order to add 2 lots at MR1 1.1055. Stick to the plan, exit or add at the predetermined levels.
SHORT AUD/CAD 1 LOT to exit at 0.8951
I opened 1 lot on May 3 at MR1 0.9027. Now I am looking to exit at WS1 0.8951. I also have an order to add 2 lots at MR2 0.9135. Stick to the plan, exit or add at the predetermined levels.
SHORT AUD/USD 1 LOT to exit at 0.6493
I opened 1 lot on May 3 at MR1 0.6624. Now I am looking to exit at MPP 0.6493. I also have an order to add 2 lots at MR2 0.6776. Stick to the plan, exit or add at the predetermined levels.
LONG USD/JPY 1 LOT to exit at 156.20
I opened 1 lot on May 3 at MS1 152.43. Now I am looking to exit at MPP 156.20. I also have an order to add 2 lots at MS2 147.03. Stick to the plan, exit or add at the predetermined levels.
So I will update my exit points when the WS1 data is updated on Monday morning. And I will put in new trades according to the relative strength of the 8 currencies.
Let's go!