Week of October 10th – October 15th, 2021

Results: Profit Goal Accomplished.  Pip Goal Accomplished.

Lesson(s): This week we delved deeper into fundamental analysis to assist with our technical / price-action based strategy.  Why?

Insights: Although we’re gaining consistent results with our trades, the fact that we had a -499+ pip loss last week didn’t sit well with us.  There are tools that we’ve not implemented to aid us in navigating pairs, outside of the economic calendar(s).

Further testing will commence in the week to follow.  If it works as well as I/we think it will, we’ll post the results and more details for you to use said tool.

Trade Results: Our first trade for the week was on Monday, 10/12.  Watching the USD currency’s rise, signaled a sell on the GBP/USD.  We sold from 1.36100 to 1.35751 for 34.9 pips. The remainder of the week was focused on buying GBP/USD, outside of the latter part of Friday, where we sold, after making significant pips going long.  

The direction of the USD reached it peak on Oct 12th, from there it lost buying momentum, then consolidated on Friday. So we started selling GBP/USD Monday Tuesday, and then caught part of the surge on Friday morning just after 2:00am EST. 

Looking at the entire week (image below), it’s clear that the directional shift occurred on Tuesday. Placing a fib on the high and low of that day’s movement offers you a projection on what’s to come. Entries and exits. 

Total Pips for the week: 157.1 

Next Steps: We have our eye on October 21st as the Dollar has 5 high-impact news reports coming out. If GBP/USD continues to climb the better part of the week, we’re expecting a sell off on Thursday. If GBP/USD follows EUR/USD, expect selling off during the beginning of the week and then a buying spike on Thursday 10/21.  Only time will tell. 🙂

Would love to hear from you, too.  What are you watching this week?