Saturday update - 36-month forex trading challenge - review of week 1 - AUDUSD, GBPUSD, CADCHF, EURJPY and USDCAD.
Well, what a week. The 36-month forex trading challenge is underway and it's been a pretty good start.
With the travelling on Thursday and Friday and my last blog post written in a hurry from my hotel room, I had a few questions via eToro, so thought I'd provide a quick summary of what's happened this week.
In addition to the travel the end of the week proved challenging with the national holiday in the USA on Thursday, which meant a very quiet market, and non-farm payrolls (NFP) on Friday.
The scores on the doors are a 2.1% gain on opening capital. This is booked profit in my private broker account on closed positions. As a cash position this equates to £1,051.73. I also have locked in profit on my open GBPUSD short to the tune of £362.85 less broker fees, but as it's not booked yet, it's not recognised.
The 2.1% gain is from 4 active trades this week and I have one trade with a sell limit yet to trigger, making 5 trades in total.
And here they are...
T1S (AUDUSD):
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
With the travelling on Thursday and Friday and my last blog post written in a hurry from my hotel room, I had a few questions via eToro, so thought I'd provide a quick summary of what's happened this week.
In addition to the travel the end of the week proved challenging with the national holiday in the USA on Thursday, which meant a very quiet market, and non-farm payrolls (NFP) on Friday.
The scores on the doors are a 2.1% gain on opening capital. This is booked profit in my private broker account on closed positions. As a cash position this equates to £1,051.73. I also have locked in profit on my open GBPUSD short to the tune of £362.85 less broker fees, but as it's not booked yet, it's not recognised.
The 2.1% gain is from 4 active trades this week and I have one trade with a sell limit yet to trigger, making 5 trades in total.
And here they are...
T1S (AUDUSD):
This trade initially progressed well, but reversed following a test of the 50 SMA, which was inside my T target. Following this bounce and the subsequent S reversal candles I rolled a tight stop and was ultimately stopped out for a small profit.
T2S (GBPUSD):
NFP fuelled the move down on Friday, but with no close below the range bottom we're not quite in bearish territory yet. T has been hit and I have locked in profit on my remaining opening position. If we get a close below the range bottom early next week I'll be looking to add to this position.
T3S (CADCHF):
We're in range mode and I have a sell limit set, which was almost triggered yesterday. It's watch and wait on this pair.
T4S (EURJPY):
After a promising start to this trade, an X candle showed up. I tightened my stop to lock in a small profit and was stopped out.
T5S (USDCAD):
This was a very frustrating trade, as outlined in yesterday's blog post. These things happen, and although stopped out, it was for a small gain. The strong reversal candles (S and SZ) are a clue that next week might provide an opportunity to get short again. As always patience is a virtue and this is not something I'm going to chase. However, if my set up shows up, I'll be sure to take it.
And that's it – the first week of the 36-month forex trading challenge is over. I'm just collating the content for the first video, which will then be sent off to be edited. This will be posted to the STG FOREX TV YouTube channel next week. To be sure not to miss it, please subscribe now.
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Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
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