TOW – Monday 25th February 2012

New Trade of the Week upload:  https://thehovistrader.wordpress.com/trade-of-the-week/

also you might be interested to know that the EURUSD daily is setting up to the long-side, but needs a Bullish DTosc reversal to trigger the trade

THT

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Trade of the Week – W/C Monday 18th Feb 2013

I’m taking the week off, so there’ll not be a TOW this week or much work done on the blog

Happy trading

Trade of the Week (11th Feb 2013) UPDATE

Hi All,

If you’ve been watching the Trade of the Week page you’ll notice that this week I went long the EURUSD – that resulted in the trade being stopped out for a loss.

I thought that, that would be a good trade to review for you to see what happened and why it failed and how I look at the process:

Here’s the chart up to date as of end of business Thursday 14th February 2013:

EURUSD

OK first things first this trade lost me 106 pips.  Refer to the TOW entry for full Entry/Exit details.

Why did I take the trade? – Because it was a classic DTosc reversal (bullish) at key Gann support levels

Mistakes made?  = None, the trade set-up was there, it just did not work.  The Entry and Exit were perfectly executed too.

As you can see at close of business yesterday (Midnight UK time), the DTosc was still BULLISH, this is the risk of using an indicator, but I accept it’s downfalls and factor that into my trade plan.

End result was a losing trade/position, will I take the next trade that looks identical to this one?  You bet I will.

The key message here is that even the best looking trades for a quick profit can fail, this is the nature of this business – I base my DTosc Reversals on a 65% success rate, this was obviously one of the 35% that fail.

I’m now looking for the next set-up on the EURUSD, it’s going to be interesting watching price action following the DTosc Bearish reversal that should happen, the next Bullish reversal might be very interesting!

Hope it helps

Trade of the Week – Monday 28th January 2013

Hi All,

New trade for week commencing Monday 28th January 2013:

https://thehovistrader.wordpress.com/trade-of-the-week/

 

and yes I have an order in place for ALL my Trade of the Weeks at the time of posting.