- User Case Study:Week 6 of using Forex Source - March 19, 2020
- User Case Study: My Daily Routine using Forex Source - March 13, 2020
- User Case Study: Week Four Of Using Forex Source - March 6, 2020
Hi, guys. Welcome to week three of this particular trading series. It has been our return, based on all of our trades, you can see that there have been some minor slips, but mostly it’s been doing really well. Coming up to, around 18% on the accounts originally. Which is really good.
Trades specifically for this week coming up to 10% on the account just this week. So let’s talk a little bit about the clearest, more, I wanna say easiest trades that I had this week, which are this one right here, and that one right there.
Besides that I wanna talk about one that was very tricky, but managed to play out successfully in the end.
At the beginning of the week I tuned in to the Forex Source terminal. I saw that the dominant sentiment was that the pound was being pressured, still, by the conservative– by the narrowing lead of the conservatives that was that week.
So, since the pound was being pressured and the market was very risk off, I decided to pair it with the yen. But then the moment I placed the trade it started going in the opposite direction. The pound was being pressured, so I entered a trade right around here, which started going in the wrong direction now. I held on to it for a little bit, hoping that it was just a retracement, but then, went in the terminal, I saw a couple hours later that it said pound was recovering because of month end flows.
There’s month end demand for the pound. So at that moment I decided, let’s just better cut our losses. And that was this first, initial loss that I had here. So then at that exact moment I placed a trade in the opposite direction, and then I rode this trend up for a good amount of time, until reaching this point right about here.
This particular trade resulted me in about 3% on the account, which was quite good, which is the one that you can see right here. Then after that the week went on to be really kind of quiet. I tried to trade a little bit in the general direction of the dominant sentiment of the day, I made several trades, just light earnings right about here, that you can see. However, this trade right here was a very interesting one.
Now, on Wednesday, throughout the day there was rumours that there were going to be release a poll, which was said to be very, very reputable. So this poll was going to be released at four, and people were expecting it to be good. So throughout the day, price was going up, but because of the uncertainty I didn’t really wanna go into the market without a really strong catalyst, so I decided better to wait until the moment of the release.
The moment the news was released I heard it over the Squawk, again, this news was very positive. Let’s see if we can find it right here. So we, here it is, exactly at 3:55 p.m. The YouGov general election poll showed that the conservative party was in for a big majority win. So I actually managed to place a very, very good entry, right about here. Now, this move, I clicked it right here, and I closed it as it was reaching the mark right about here. I did that knowing because it was just a little bit higher than what was previously thought, I thought this might be a place for it to start turning around, so right about here I decided to close it. And it turns out to have been a very, very good idea. It resulted in really quite a large trade, like you can see right here, of about 4% on my account. So that was really, really good.
One final trade I want to cover during the week, which was a very tricky one. I had entered a long position on the British pound, because there was, as I said, a lot of very positive news coming from the British pound, and a lot of negative news on the trade front with Trump fighting with Beijing, so right about here I placed a long order.
I was expecting it to just flow higher throughout the day. What happened was the opposite. The deal actually started retracing, all the way down. I decided to hold on to it, and I placed a take profit right at the highs of these previous sessions right here. The reason I decided to hold on to it for so long, I was really quite negative, in total I got to about maybe minus 10% on my account. I refused to let it go because the fundamentals had not changed. The pound had still positive tone because of the election, and the Australia dollar was still supposed to be pressured because of rising tensions in the U.S. China trade war. So I decided to hold on to it for about two days, a day and a half, maybe.
To my surprise, suddenly I get a notification on my phone, that my take profit had been hit. It came up right about here, and I’m happy that I listened to the sentiment stream. I’m happy that I decided to tough it out, because the fundamentals had not changed I could always expect it to come back to where it was.
Now, these are obviously risks because they could have happened that while I was down, the middle of the retracement, that I could have gotten some bad news that would change the fundamentals, that would pretty much take away my reasoning for the money to go back up, then I would have had to close it with a significant loss.
However, since the fundamentals did not change, I held on to it, and eventually it did come back. So all in all, it was, again, a very, very successful week with several very clear sentiment shifts that I managed to catch.
My main tool that I do use for information is the Forex Source terminal, which pretty much just let me stay in context of what’s happening in the market with all the upcoming news, and they also provide video commentary into what exactly is moving the market at any particular moment.
So we are now closing this week with about a 10% on profit on the account, and a conclusion of about almost 20% ever since we started these videos. So, I hope you’re enjoying them. If you have any questions or comments please let me know in the comments down below. And, I’ll see you hopefully with another positive, profitable week.