Boy did I miss out on the action on the charts this week. I had four trade ideas but I got in none of them since I didn’t get the confirmation signals that I wanted. Heck, even my HLHB system just sat on the sidelines. As if that’s not bad enough, my home girl Hayley Reinhart got eliminated from Idol! Sigh.
For those who weren’t able to catch my ideas, here’s a list of my trade setups and what happened:
The pair broke out of its bullish flag… but to the downside!
EUR/USD failed to close strongly above the falling trend line, which made me doubt my trade idea. I didn’t enter as a result.
I got the direction right, but the pair did not retrace enough for me to enter.
Just like the in my GBP/USD trade, I was able to correctly predict the direction but did not get my desired entry point.
As for my HLHB system, there was only one crossover that materialized during the week. However, it wasn’t a valid buy entry since the following candle didn’t go over 30 pips of the crossover candle, and Stochastic already indicated overbought conditions.
It’s still too early to say if my system just missed another good trade. I’ll be sure to let you know if my filters actually saved me from a fakeout with this one when I post my update next week!
Looking at the brighter side of things, I guess I should be grateful that I didn’t end the week with a loss. That would’ve been a total bummer.
And to end this post, I want to plug my good friend Forex Ninja’s Trade of the Week contest! I HIGHLY suggest ya’ll to join in (especially the newbies) and show off what you’ve got. Think of it as a practical test to see whether you’ve learned something from the School of Pipsology. Good luck!