As luck would have it !

As luck would have it !

 The below are a few trades that I took earlier this week.

First 2 trades are involving CAD. I had the setup ready since last week and I was hoping it would enter into my action zone. However it did take sometime after plotting it on the chart. Nevertheless they turned out amazing.

AUD/CAD

CAD/CHF

If you look closely, the AUDCAD trade just missed hitting the SL right after it triggered my Sell limit price. However, that was during the volatile session that usually happens before the London open at 12.30 PM IST/11.00 AM Dubai time. I got lucky to have remained in the trade as you can see later it went past my TP1. These lucky instanses are rare to happen but once they do you feel really happy.

However, as luck would have it, my TP price in the other pair (CAD/CHF) missed in a similar way and kept me in the trade while I looked at my profit erosion. As I said, you cannot have luck act for you twice in a day.

All in all I'm still in both the trades after booking 70% of lot size booked in profit. Below are the screenshots for profit booking and ongoing trades.

Current Position

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Profit Booking

USD/JPY

Next trade is one I took in USD/JPY. The current trend in USD/JPY is that of strong bullish. As is with all other JPY pairs. This is due to the BoJ stand on the currency. So my setup aligned with the overall trend and I put a Buy limit order just like I like to put it in advance and wait for the setup to reach my zone of trade and eventually enter my price to trigger the trade. So it happened just the same way. 

We are still on the topic of luck by the way. If you look at this trade, it opened on a particular 15M candle and in the next 2 candles, I was at a profit of 1.53R. In well under 45 minutes. But I do not like to come out of a trade just because I'm having some good profit in such a short time. I like to stay in it and play out until either my TP or SL is hit. This gives you an advantage if you plan to be a profitable trader in longer term. So I stayed in the trade. This particular spike happened due to the USD bullishness post one of their payroll or employment data was released. However, it soon went into profit taking and I lost all the profit. Later there was some data to be released from Japan and that spiked the price to the opposite, albeit for 1 single candle of 15 mins. That eventually stretched too far and hit me out of the trade triggering my SL. Having said and not knowing about it as it was late in the night, the price stabled after that sudden reaction to data and continued to trade as per the original plan and in due course went on to hit my proposed TP levels. It was some ride of emotions during the whole trade time.

Stop Loss