Week recap
I doubled the number of trades this week to a total of 7. I lost 3 trades, won 3 and had one breakeven trade. I won a total of 188 pips thanks to my RR ratios :)
I made very nice decisions about cutting EUR/USD and scaling in with GBP/JPY. However I'm not happy at all with the EUR/JPY trade. I took this trade in a hurry with badly placed stop loss and take profit. I broke a rule by not planning this trade. Indeed, I was overconfident after that G/J trade !
On the good side,this trade went the worst way possible and i still kept my 2% risk.
Plan for the next week
EUR/USD
The parity broke the 3 month down trend and is now reaching a potential resistance area nearly the top of its newly formed channel. I think there's potential to set up a little bounce back to 1.31. On H4, RSI and MACD are flat while the pair is making higer high which means the buyers are maybe exhausting.
Entry: ~1.3220
SL: 1.3270
TP: 1.31
RR: 2.0
Size:0.02
Risk: 2%
My longer term goal on EUR/USD is around 1.3470 the top of the weekly chart channel and also at 50% fibonacci level of the downtrend. I believe we will some correction this week so i can set up some trade to the top. I'm also watching closely the COT report and this week beat the previous record of all time of net shorts. Are we bottoming?
USD/CAD
I'm gonna short this pair as it is just below the support. We can aim at 0.99 and risk 50pips.
Entry: 1.0040
SL: 1.0070
TP: 0.99
RR: 2
Size: 0.01
Risk:2%
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