Review week 23 and looking ahead at week 24

For the last few weeks pairs have been trending strongly, which gave a lot of clear opportunities to trade my tradingplan. This week it seemed that all trends came to a stop. Many pair are pausing, retracing or maybe even changing the direction of the trend. The means I needed and still need to be patient and wait for trends to continue or change.

Conflicting signals

On Tuesday I saw below signal, which I totally miss interpreted looking back. I thought I saw a pin bar, like I have been trading successfully last few weeks. So I placed a limit sell order and got stopped out in about an hour after entry.
AUDUSD - Conflicting signals
So what happened here? Well, me doing so well last weeks basically blinded me for the conflicting price action signals I was getting. First off, the candles of the Thursday and the Friday before were complete opposing pinbars indicating indecision. And  second, the pinbar I traded was not a proper pinbar as the lower wick was to big, which indicated that the buyers came back in pushing price up. Anyway, I saw it, but did not process it. I will try to be more aware of this next time.

Trend change?

Then I had two limit entries based on inside bars in the direction of the trend that did not get entered. One was on USDCHF and one on Silver. Price simply moved the other way.

USDCHF - about to move lower against the trend

Silver - about to move higher against the trend
No problem. I didn't get zigzagged in a trade, which is good. Here is how USDCHF played out. It looks like price will get stuck at the 0.9550 level.

USDCHF - 
I will be on the look out next week for pairs that show a clear direction. The first pair I see changing direction is the EURGBP. If price moves above 0.8140 I will consider this pair for long trades.

EURGBP - first to change direction

Economic calendar week 24



country date name
European Monetary Union 20120614 08:00:00 ECB Monthly Report
European Monetary Union 20120614 09:00:00 Consumer Price Index (YoY)
European Monetary Union 20120614 09:00:00 Consumer Price Index - Core (YoY)
United States 20120614 12:30:00 Consumer Price Index (YoY)
United States 20120614 12:30:00 Consumer Price Index Ex Food & Energy (YoY)
European Monetary Union 20120615 00:00:00 ECB President Draghi's Speech

GMT source: fxstreet.com

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