Trading Results, 5/12 - 5/16

Well, I got pretty much crushed this week. Here's the results:

Week 3 (Mon 5/12 - Fri 5/16): -285 pips

Total to date: -165 pips

I may have spoken too soon on the cable, as GBP/USD was the heartbreaker this week, down 225 pips with four days in a row of losing on both buy and sell orders. The USD/JPY was up 15 pips on the week, the EUR/JPY down 15 pips, and the GBP/JPY down 60 pips.

Analysis:

1. It was a disappointing week of trading, but not without a few lessons. Upon reviewing the charts, it seems that several of the pairs saw the EMA 14 and EMA 55 tighten up on multiple time frames, and support and resistance became key players.

2. Trading GBP/JPY with take profit at 90 pips and stop loss at 60 as I considered last week would have resulted in a loss of 30 pips instead of 60. It's worth noting, however, that I think what I mentioned in #1 above had an effect on this.

I'm going to go into a lot more detail about what I noticed on #1 and how it might affect my trading in a follow-up post. I'll be looking at the EMAs I mentioned and discussing support and resistance, and will post some examples from this week's charts.