Ok. Am back again this Christmas week. On Monday, my forex system did not work out. But I bounced back on Tuesday trading $0.50 per pip. See how it all went down this week. For anyone interested in the forex platform I use, it is easy-forex.

22 December

Between 9 to 10 p.m. Singapore time, on my forex platform, price broke the 1.4017 line signaling me to go long. (See Picture below)

However, it proved to be a false signal as price plummeted to my Stop Loss Line at 1.3947

Click to see a bigger picture:






High Price: 1.4017
Low Price: 1.3947
Difference between High Price and Low Price
= 1.4017 - 1.3947
= 70 pips

Therefore,
Stop Loss = 70 pips
Take Profit = 70 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Stop Loss before 1859 p.m. the next day. :(

Thus,

Entry = 1.4017
Stop Loss = 1.3947
Take Profit (Target) = 1.4087


Monday Result: -70 pips - 7 pip (Spread) = -77 pips

Profit: -63 pips x $0.25 = -$19.25

Sticking to my trade rules, I traded again on Tuesday at $0.50 per pip. Here is how it went.

23 December

Between 9 - 10 p.m. Singapore time, price hit my 1.3976 line signaling me to go short. (See picture below)

Click to see a bigger picture:



High Price: 1.4015
Low Price: 1.3976
Difference between High Price and Low Price
= 1.4015 - 1.3976
= 39 pips

Therefore,
Stop Loss = 36 pips
Take Profit = 39 pips

(Risk Reward Ratio = 1 : 1)


How the Trade Went

Price hits my Take Profit before 1859 p.m. the next day. :)

Thus,

Entry = 1.4015
Stop Loss = 1.3976
Take Profit (Target) = 1.3937


Tuesday Result: 39 pips - 7 pip (Spread) = 32 pips

Profit: 32 pips x $0.50 = $16.00

Net Profit for this week: - $3.25

Well, not a great week. But nonetheless, I am sticking with my system!

Well, a losing trade was bound to happen sooner or later. I'll take a break for now.

I'll be back next Monday. Time to spend the week with loved ones.

Merry Christmas Everybody!