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The second trading week of April is behind us, so let’s recap what happen here atPaxForex. We took a look at the popularity of forex trading which has been on a sharp increase despite economic conditions and while traders have reduced their activities in other sectors of the financial market (Popularity of Forex Trading). We have identifies five key factors why forex trading has enjoyed and continues to enjoy outstanding growth rates as well as popularity.
Later in the week we took a closer look at late British Prime Minister Margaret ‘The Iron Lady’ Thatcher who passed away at the age of 87 (Margaret Thatcher: Political Realism vs. Apathy). She was responsible for many great accomplishments such as reducing the power of trade unions, a surge in privatization and low tax rates in order to stimulate the British Empire. Unfortunately there have been many voices of anger directed at her all the way to happiness about her death.
We closed the week reverting back to the forex theme and published a vital piece of forex literature in order to better the understanding among novice traders as well as seasoned traders when and how forex profits are generated (Forex Profits are generated when you enter your Currency Trade). We strongly recommend you take the time to read it carefully and understand how novice as well as unprofitable traders approach a currency trade and how professional as well as profitable traders approach a currency trade.
Overview of profits for the week which ended April 12th
AUDUSD: 9 pips
NZDUSD: 120 pips
NZDUSD: 120 pips
Total: 129 pips
Monday, April 8th
NZDUSD Short Recommendation
We recommended a short position at 0.8475 with a take profit level of 0.8400 (NZDUSD Spinning Top at Resistance). This was an addition to our existing short position we took on March 26th at 0.8380 as well as our hedge taken on April 2nd at 0.8430. We closed our hedge for a profit of 120 pips and the two open positions carry a floating trading loss of 322 pips. This represents an increase of 270 pips compared to last week. We maintain our take profit target of 0.8400.
Tuesday, April 9th
USDJPY Short Recommendation
We recommended a short position at 99.25 with a take profit level of 97.25 (USDJPY Bump-and-Run Reversal). This currency pair has moved lower and currently carries a floating trading profit of 83 pips. We will maintain our take profit target of 97.25.
Wednesday, April 10th
USDCHF Long Recommendation
We recommended a long position at 0.9300 with a take profit level of 0.9375 (USDCHF Falling Wedge Formation). This pair has moved slightly lower and currently carries a floating trading loss of 30 pips. We will maintain our take profit target of 0.9375.
Thursday, April 11th
GBPJPY Short Recommendation
We recommended a short position at 153.00 with a take profit level of 148.00 (GBPJPY Overextended Rally). This pair has moved lower and currently carries a floating trading profit of 246 pips. We have adjusted our take profit level to 150.50.
Exit from trades of previous weeks
AUDUSD Hedge
We have closed our open AUDUSD hedge on April 9th for a profit of 9 pips. The hedge was opened on January 24th at 1.04920.
We had a total of four trading recommendations this week, all of which remain open and currently carry a floating trading loss of 23 pips. This represents a decrease of 29 pips compared to last week. We closed two hedges for a profit of 129 pips which equals our total weekly profits.
In addition to the four positions from this week we also carry seven positions from previous weeks. We have three open USDCAD positions, two long positions and one short hedge, which currently carry a floating trading loss of 248 pips. This represents an increase of 102 pips compared to last week. We have increased our take profit level to 1.0350.
We have four open GBPUSD positions, two long positions and two hedges, which currently carry a floating trading loss of 2,174 pips. This represents a decrease of 7 pips compared to last week. We will continue to monitor this currency trade and seek profitable exit levels for both sides of the trade.
We have three open GBPCHF positions, two long positions and one hedge, which currently carry a floating trading loss of 1,564 pips. This represents an increase of 84 pips compared to last week. We will maintain our take profit level of 1.4700.
We have four open EURGBP positions, three short positions and one hedge, which currently carry a floating trading loss of 1,406 pips. This represents an increase of 188 pips compared to last week. We maintain our take profit level of 0.8275.
We have three open EURAUD long positions which currently carry a floating trading loss of 605 pips. This represents an increase of 102 pips compared to last week. We will maintain our take profit level of 1.2575.
We have two open AUDUSD short positions which currently carry a floating trading loss of 327 pips. This represents an increase of 125 pips compared to last week. We will maintain our take profit level of 1.0330.
We have two open AUDCHF short positions which currently carry a floating trading loss of 311 pips. This represents an increase of 90 pips compared to last week. We will maintain our take profit level of 0.9580.
Our total floating trading loss for the week stood at 6,658 pips. This represents an increase of 655 pips or 10.91% compared to last week. This was our first increase in five weeks and we plan to reduce our floating trading losses throughout the rest of the month. GBP related trading losses accounted for 4,898 pips or 73.57% of all losses and are up 21 pips or 0.39% compared to last week. We will maintain our take profit target for April of 1,200 pips as well as our floating trading loss range between 6,000 and 6,500.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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