Week ahead – CHFJPY, NZDUSD

Another week full of interesting turnovers. All eyes on Italy now – Greece is forgotten. I am certain that we have a long journey ahead with this Europe mess and it is now, when many trading models which worked perfectly in the past suddenly start to tumble. Time to calibrate and readjust – this rumor driven nonsense is going to be with us for a little while so we should better be prepared for that. Price action and our own patience will guide us through this mess and if you are being stopped out time to time because of the flow of constant news I would recommend you – take only the best R’s with reasonable SL’s and simply be patient.

Looking ahead I do not see any nice and clear levels. I see two decent areas of interest but I definitely need to see this levels to be touched first, retraced second and then re-attacked again. CHFJPY 86 is on my watchlist but since this is JPY we should all be cautious. It is still in a downtrend and I would love to see more of the bottoming at this area 86 – 85. If not another nice bottoming process can be found at  84level. NZDUSD and its magical 8000 level is still about 120pips far away but the level has gotten my interest. Down trend was broken with this Sunday opening gap so we might see 8000 to be tested. If so I am interested in the reaction first. If it starts attacking this level again and again I will get ready for some action.

Past week was decent in terms of number of trades (8). My last trade on Thursday made the week (123break). I went heavier than usual because it was simply such a nice and technical trade. Although I am happy about the trade I am not happy about the R’s which this trade has produced. This trade was so technical that I could easily squeezed 4R’s out of this – look at the respect of possible SL level. Instead of that I was too scared to have a SL closer to my entry so I gave it more space (ignoring the sound technicals and focusing too much on emotions). Lesson learnt – when you have such a nice setup when there is supporting rising trendline coming in the congestion zone with 50SMA H1 and nice bottoming process with PA behaving technically around possible stop-loss level you simply have to MAAAN UP! 🙂

In case of a loser I am presenting a stubborn loser. -1R in a trade where SL should have been moved to BE and where rules were broken because of my stubbornness and unwillingness to accept that after such a nice breakout there is hardly going to be any retracement. Well, the rest – I held it to its stop-loss and there I had to cover although there were plenty of signs that I should move the SL to be. Check!