So we kicked off on August 10th, its been a fascinating, ultra busy month adding masses of content and interacting with the group. We have managed to cram in 12 (Yes 12) Zoom sessions in that time so far, haven’t missed one yet! Feedback from them has been fantastic too so I am especially happy people are taking it on board and gaining something with it.
The shape and form of the content is taking shape, the atmosphere is good and interactive, the pressure is coming slightly off now alot of the content has been added. So I can expand my work into other places, hence the weekly report.
The Market Overview was extensive at 44 minutes and there was a real feeling of optimism for some big moves this week. Of course we only take great set-ups not good ones, so some weeks I don’t take any trades, sometimes 1,2 or 10, it all depends if the conditions are met and the confirmations line up. Anyway, it soon became clear when the markets opened that they wanted to be unpredictable with likely shorts on the Pound the Euro and the Aussie taking a backseat as they all pushed through / up-to major resistance on Monday. So my focus turned to the Greenbacks Exotic pairings, and USDTRY looked like an absolute Banker, it turned out to be just that.
At a similar time there was an easy Over-Extension on GBPNZD from its huge Psychological Resistance level of 2 Dollars, easy pickings… See a rejection forming there its as straightforward a trade as you will get…
Unfortunately as has been the pattern over this horrendous trading summer, all the other set-ups didn’t play out as expected, so were not taken as per the rules in the strategy. Some are still building up-to entry points and actually as I type on this Friday evening (Typical) entry points are missed, I am not interested in holding trades at/close to entry point over the weekend.
On the 11th, my first Day off Night-shifts we held the Q&A Zoom, where, as usual hurdles were overcome. Thanks for your input guys.
As the Turkish Lira strengthened TP1 was hit on USDTRY, and my Stop-Loss became break-even.. Standard. Naturally the market makers pushed price through my break-even level before a massive drop on a better than expected Interest Rate decision. Drop missed, but still a result of 2.9% at TP1… Better than a kick in the nuts.
The frustration followed on with a trade on NZDUSD not quite getting the confirmations required to enter, to go along with the EURGBP set-up that was the same earlier in the week. Of course they both pushed on to TP points without me, but provided some excellent points to train the guys on (Flags 101)
But I mustn’t grumble too much, as on Friday morning the Price Action was bullish on GBPNZD so decided to close the trade down for a cool 5% – We will see what happens with it next week, if it decides to break 2 Dollars it may struggle to get back underneath it.
The thing with this strategy is, it requires patience and discipline. I am incredibly risk averse so I dont get in many trades, but the ones entered are generally excellent at building that account up! Some weeks are amazing, some are poor. This was a poor week, so I am very happy with a 8% gain on the account. Takes us over 50% in just over a month on the theoretical set ups journal, good times. 2 trades only this week.
What pleases me most is the interaction and the level or expertise already being shown by team members, not getting into trades they shouldn’t be getting into primarily….. And starting to take profitable trades based on their own analysis. Powerful thing.
Good job everyone,