What a commodity week!

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On Thursday 8th October, I issued a sell AUDUSD and NZDUSD on my whatsapp to members. The trades turn out to be a dud. The 2 trades combined knocked 97 pips off my account. However I was still maintained a view that the commodity pair is over bought and ripe for a sell. Over the weekend I informed students to look out to sell the AUDUSD and NZDUSD and not miss this 2 trades since we loss money on it.

NZDUSDM5 lose AUDUSDM5 lost Both charts above show the losses which totalled to 97 pips.

On 12th October, USDCAD gave a subtle hint that the commodity currency’s lopsided run was about to come to an end. I bought the USDCAD and targeted very small. I made 15 pips from it. After hitting my target, USDCAD continued to go up further.

USDCADM1 This gave me the confidence that the market momentum is ripe for a reversal trade. The next morning before I hop on the plane, I issued a sell NZDUSD trade. As soon as I landed, my NZDUSD sell trade hit my intended profit target and netted me 21 pips.

NZDUSDM5

I was surprised at how fast my trades hit their intended target. Immediately I called my trading partner and told him to monitor AUDUSD sell. 5 minutes later he confirmed the sell and issued a sell mandate via whatsapp to the students. I sold AUDUSD according to his mandate, one entry was at market and and the sell limit at 0.7339. Lo and behold, when I arrived at my meeting place 30 minutes later, all my 3 trades we taken out with profit of 23, 23 and 35 pips.

So I managed to recover my loses from last weeks 2 losing trades and eeked out at final tally pf 20 pips profit (97 pips loss and 117 pips win) in the end. Coupled with some profit trades reported earlier on, I am still very much in profit for this month. Looking to end the month with a bang.