One straight month with no profits, but this week I have made certain changes to my strategy after monitoring and cooling off for 1 month.
GBP/USD
I have opened a grid to short the pair starting from 1.27. It is around 1.281 as at closing, meaning I have opened a few trades. Have yet to close any, but am confident that any movement next week should result in a few profitable trades.
XAU/USD
Not what I liked, for it had went up further. At least this time it hit my trigger point and another short trade was opened. I have no idea how it will turn out the next week, but for good or for bad, I am ready for any volatility. If it goes back down, all my take-profits have already been set. If it goes up further, I will still have money to tank the paper losses.
XAG/USD
An experimental pair I am playing with. After a month’s dry period, I opened a short at 30, only to see it shoot up to 31.2 at the week’s closing. Such is life. Shit happens. The most important thing is to be prepared for the worst kind of situations.
DOT/USD
The pair unexpectedly plunged to 4.915 after a high of 6.611. I have opened more trades as it went down. As of now, the prices have gone back up to about 6.2. Overall, I am slightly in profit for this pair, but I see potential in it and will not be selling it so soon, unless something better comes up.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here.
Note: This week’s data is also a repeat of last week’s. This has also happened 2 weeks ago. Will need to monitor a bit more to confirm if they have indeed changed the updates to bi-weekly instead of weekly.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
