First trade I took this month was on turkish lira, I went short USD/TRY you can find more about the reasons behind this trade in my previous post: Emerging Markets, Follow the Hot Money.

Second trade I took was on the Canadian Dollar, actually I was both short and long on this pair. USD/CAD has recently started to break in a very aggressive bullish trend. I've been forecasting this trend in the Canadian Dollar since last year you can find here a quick review of my Technical Analysis on the USD/CAD: How I Predicted USD/CAD Uptrend In Figure 1 you can see that first time I went long USD/CAD at that moment I thought this pull back is a great opportunity for a buy and join the bigger trend. But after it went +60 pips in my favor it reverse and it stopped me at BE as I've been moving my stop to protect myself from any losses:" Don't let a winner turn into a loser".

  • Figure 1. USD/CAD 1h Chart.(click on the picture to enlarge)
After I've been stopped out I re-analysed the pair and the price structure has changes suggesting that we may see another leg down before to resume the uptrend. And I decided to go short but unfortunately I got stopped out again at a small loss. Although I was right that we'll see another break lower my timing was wrong.

My forth trade was to get long EUR/NZD, but to be quit honest this was a trading idea coming from someone else. Trading on tips is the worst idea as I suffered another loss.

  • Figure 2. EUR/USD 1h Chart (click on the picture to enlarge).
My last trade was a short position in EUR/USD, position taken ahead of the ECB rate decision and press conference. Although at first it moved in my favor +30 pips (see Figure 2) after the press conference started and Mario Draghi sounded no enough dovish as per the market expectation we had a quick rally on short covering position. To be quite honest I was surprised by the market reaction as Mario Draghi didn't said anything new, or maybe that's the reason in the first place why the market rally. But I managed to get out at a small loss, which is one of my trading philosophy:" Cut your losses short, and run your winners".

Best Regards,
Daytrader21
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