Xin’s Independent Trading for 5-3-2016 – A Lone Australian Profit

Introduction:

Sydney_Opera_House

Sydney Opera House in Sydney, Australia

Today is a really slow trading day. It was like watching paint dry for most of the time. I did have an Australian Dollar trade, hence the picture to the right. See below for the limited action for today.

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Morning Tuesday 5/3/2016

Signal: Euro / US Dollar (EURUSD)

This trade I entered last night rocketed upwards. It hit all three profit targets and much, much more. I actually had two positions and made a quick profit on this trade.

EURUSDiM15-shark-5-3-2016-505am

Euro / US Dollar (EURUSD) Harmonic Shark Pattern on 15 Minute Chart on 5/3/2016 at 5:05 AM

Evening Tuesday 5/3/2016

Signal: Silver / US Dollar (XAGUSD)

Not much new on this one. Sometimes on daily charts the trade takes time to develop.

XAGUSDiDaily-shark-5-2-2016-1026pm

Silver / US Dollar (XAGUSD) Harmonic Shark Pattern on Daily Chart on 5/2/2016 at 10:26 PM

Signal: US Dollar / Canadian Dollar (USDCAD) Harmonic Shark Pattern

This looks like it is a real reversal. I entered only one position because the huge run up intimidated me a little.

USDCADiH1-shark-5-3-2016-514pm

US Dollar / Canadian Dollar (USDCAD) Harmonic Shark Pattern on Hourly Chart on 5/3/2016 at 5:14 PM

Signal: US Dollar Japanese Yen (USDJPY) Harmonic Bat Pattern

Not much movement on this one. Again, these daily chart trades take time to develop.

USDJPYiDaily-bat-5-3-2016-516pm

US Dollar / Japanese Yen (USDJPY) Harmonic Bat Pattern onDaily Chart on 5-3-2016 at 5:16 PM

Result: EURO / British Pound (EURGBP)

Last night I hit my profit target for a small profit.

EURGBPiM15-shark-5-2-2016-1029pm

EURO / British Pound (EURGBP) Harmonic Shark Pattern on 15 Minute Chart on 5/2/2016 at 10:29 PM

 

Signal: A new signal. Only taking one position on this one. Stops and profit targets are relatively large.

EURGBPiH1-shark-5-3-2016-515pm

Euro / British Pound (EURGBP) Harmonic Shark Pattern on Hourly Chart on 5-3-2016 at 5:15 PM

Signal: Australian Dollar / US Dollar (AUDUSD)

Took two positions on this one. Already hit the first profit target. This trade is shaping up nicely.

AUDUSDiM5-shark-5-3-2016-632pm

Australian Dollar / US Dollar (AUDUSD) Harmonic Shark Pattern on 5 Minute Chart on 5-3-2016 at 6:32 PM

Today’s Geography Lesson: Sydney Opera House

From Wikipedia; “

The Sydney Opera House is a multi-venue performing arts centre in Sydney, Australia, identified as one of the 20th century’s most distinctive buildings.

Designed by Danish architect Jørn Utzon, the building was formally opened on 20 October 1973.

The building and its surrounds occupy the whole of Bennelong Point in Sydney Harbour, between Sydney Cove and Farm Cove, adjacent to the Sydney central business district and the Royal Botanic Gardens, and close by the Sydney Harbour Bridge.”

Sydney Opera House

Lessons Learned

Lessons Learned 1: Always be cautious. Wait until you have your trade confirmation before entering a position. If you aren’t sure, hold off. Another trade will always come. Now, I don’t mean to be paralyzed and don’t pull the trigger. I mean wait until you have the conditions you want before trading.

Lessons Learned 2:  Be confident of your decision making. If you have a good signal and you have clear confirmation, don’t be afraid to take action and to let the trade develop. Set your profit targets and stop losses and allow the trade to come to a conclusion. Don’t jump out of the trade from fear. You can turn a potential winner into a losing trade by not following your system. Follow the system!

Conclusion:

A slow day. Only one trade hot one profit target. Kind of boring, but no losses, so that is always a positive. I think sometimes you can enjoy a slow day, it can give you a chance to catch up and do some analysis which is hard to do when you are tied up with a bunch of active trades.

For anyone who wants more details on the hands free, fully automated RYZE.Ai system, watch the videos below and drop me an email at xin@fxtradingincome.com.

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As I say every day, if you have questions, comments or suggestions, please leave them in the comments section below or feel free contact me.

Leave-Comments

Sincerely,

Xin

2 thoughts on “Xin’s Independent Trading for 5-3-2016 – A Lone Australian Profit

  1. Mike Trostle

    What do you use as confirmation? Lessons Learned 1: Always be cautious. Wait until you have your trade confirmation before entering a position

    Reply
    1. Xin Zhang Post author

      Hello Mike,

      In the case of the harmonic signals I look at several things. The first are bars on the price chart in the direction of the signal. For example, if the signal indicates a sell I like to see one or more down bars on the chart after the signal. This demonstrates that the price truly may be reversing.

      Another thing I look at is signals on longer time price charts. If the one hour chart gives a sell signal do the 4 hour and daily charts show the same signal in the same direction? If multiple charts are giving the same signal that is another confirmation. On the really short term charts this doesn’t always hold. For example, if the daily chart is in a buy signal, it it still possible for the 5 minute chart to give a sell signal that works. The daily chart could be a buy for a week or two. In that time there are always ups and downs and the 5 minute chart could really be in a good sell signal.

      I also look at the trend. If the longer term trend is upwards, buy signals have less risk, I feel.

      These are common things I look for for confirmation of trade signals from the Harmonic Scanner.

      Please feel free to leave additional questions.

      Sincerely,

      Xin

      Reply

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