Week of April 11th – April 16th, 2021

Results: 82.17 pips gained this week (goal achieved)

Lesson(s): Using the 4hr TF makes 100% the difference.

Continuing with the trend from two weeks prior (I took a week off). We’ve stuck with the basics this week as well, nothing fancy. Relied on our technical analysis and executing ahead of the New York open. We could have gotten in a bit deeper on the pull back, but again our aim is for 50-100 pips each week we trade.

Similar to last week all of our trades were profitable, which is why we’re here. Not to impress you, simply show you what happens after spending all of our ‘free-time’ outside of our 9-to-5s in front of the charts. There’s something strange that happens, as mentioned in the previous post, when the world stops, the forex Gods shine upon you and hand you an ideal trade setting up… multiple times each week.

Two main trades this week on the 13th and 14th. My intent was to stop there… Then on the 16th, we took two trades as there was a potential gain for an extra 20 pips. The profit targets were set for the same exit, and because we wanted to exit just shy of the ultimate goal, one trade offered 3 pips (yea, I know) and the other gained 10.75 pips

We went long on GBP/USD this week:

On the 13th – Entered 1.37211 –> Exited 1.37542 for 30.31 pips

On the 14th – Entered 1.37649 –> Exited 1.37850 for 20.1 pips

Entered 1.37600 –> Exited 1.37880 for 20.8 pips

On the 16th – Entered 1.37567 –> Exited 1.37597 for 3.0 pips

Entered 1.37422 –> Exited 1.37597 for 10.75 pips

Overall, we knew we could have stayed in the last two trades longer. Again, you always want to weigh the pros and cons of each trade. It was a successful week. The latter part of the week was choppy yet we still gained over 80 pips. This proves that you can trade successfully even if the market is consolidating.

Next Steps: Continue with using 4hr TF exclusively to monitor progress of trades instead of lower TFs in order to remain in trades longer.