"Forex trading could be your key to financial freedom if you could consistently earn pips and at the same time realising the power of compounding".- Harwin Poon


End of first week

I'm back! Here's the explaination as promise.

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The 2 white lines is the channel, red & blue lines are the daily ATR, purple line is the 72EMA. Ignore the vertical red line and the orange.

At 6am EST, the EUR/CHF price touched the lower channel line, the lower ATR is too strong for price to penetrate that's why the bar closed above it. Looking at the Stoch and CCI indicators, both giving a bull signal. Price went near the 72Ema which is another strong support. So, I entered a long hedge position exactly when it touch the lower channel at 1.6565.

Look what happen after 8 hours....

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I closed a position when price reached the upper ATR (Blue), and closed another one at the upper channel (white), which is also May 20 highest high level (strong resistance). Stoch and CCI now is showing a possible bear move, we can go for a short (sell) hedge with this set up, but the market is about to close in 3 hours, its risky to leave a short position open over the weekend.

The situation now with PMTFC and TN account is both have 1 set of sell hedge position open, which was opened a few days back. To cover up the deduction of swap from those sell positions, I'll open a long hedge position 1 hour before the market close of the week, double the used margin of sell positions for the long hedge.

True North account end the week with $303 profits. Total of $7303.
While PMTFC account end with $49 profits. Total of $3386.73.

Happy weekend everyone!