I had plenty of viable watchlist setups for the quarter but I wound up taking only three plays. Here’s how these turned out!
|Date||Trade Idea||P/L in Pips||P/L in %|
|Oct 10||EUR/GBP Correction Completed?||Not triggered||Not triggered|
|Nov 2||Classic Pullback on GBP/JPY||+40||+0.07|
|Dec 5||EUR/GBP Pullback Opportunities||-105||-0.26|
No. of Trades Taken: 3
No. of Wins: 1
No. of Losses: 1
No. of Break Even Trades: 1
Win %: 33%
Average Gain Per Winning Trade: +0.07%
Average Loss Per Losing Trade: -0.26%
Total P/L: -0.19%
Bah! A negative quarter! Not the best way to cap off the year, huh?
I took fewer trades than usual as I couldn’t seem to get a handle on short-term market factors for the past three months. Heck, risk sentiment appeared to keep switching on a dime!
Besides, the European currencies proved to be a tad more tricky as political uncertainty in Germany and Brexit updates were persistent X-factors. To add to that, ECB and BOE monetary policy biases were also shifting then.
To be specific, the ECB confirmed that they’d be unwinding asset purchases by next year but the announcement was seen as a “dovish taper” while the BOE came off interest rate hikes but remained cautious on inflation.
As for my other watchlist plays, I’d like to think that majority of those would’ve turned out well had I been confident enough to trust my trading gut. Here’s a brief rundown:
NZD/CHF Triangle Breakdown: I considered shorting on a break of the descending triangle support as New Zealand was dealing with political uncertainty. However, I decided against it when price didn’t make much downside momentum as the tide turned later on.
EUR/NZD Long-Term Uptrend Correction: Yes, I know, I missed this uptrend that kept on giving! I planned on going long on a test of the ascending trend line support but chickened out when price appeared to dip slightly lower. The long position would’ve made it all the way up to my target and beyond!
GBP/CAD Resistance Turned Support: Ugh, another one of the could’ve-beens! This uptrend held like a boss, too, as the pair bounced right off the entry level I was eyeing then made it up to my profit target for what might’ve been a 2:1 play.
GBP/AUD Ascending Trend Line Pullback: This was also a solid idea but price didn’t actually correct as low as the entry area at 1.7250 I was watching. Still, it’s worth noting that the climb went on for a few weeks and I could’ve caught a few more short-term dips. D’oh!
Ascending Channel Support on EUR/NZD: I had one last EUR/NZD channel test idea up my sleeve for the month, and price is still hovering around the support zone. I’m having some doubts that the uptrend could go on as Kiwi strength appears to have returned on the heels of the new RBNZ head appointment and the pickup in risk-taking, though.
As with the previous quarter, I’m feeling bummed out about once again bailing on potentially big winning trades. I really gotta do something about reviving my trading mojo! It’s something that I’ve actually been struggling with since Q2 2017. Any trading psychology tips, Dr. Pipslow?
I can’t draw much conclusions from the measly number of trades I’ve opened for the period, but I’m drawing a bit of confidence from how my watchlist setups would’ve played out.
Got any other tips for me to improve my trading performance for the last stretch of this year?
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