Happy Sunday everyone,

I hope you are having a great weekend. Summer is officially over in Europe, but we are blessed with a few more sunny days in the Netherlands so that always lifts my spirit.

Monthly review

August was a pretty busy month for me when it came to trading. Looking at my trading log, I see that I placed a total of 28 orders. I ended the month with a profit of +6R. Here is the breakdown:

Wins: 7
Losses: 8
Breakeven: 2
Canceled: 11

The breakeven trades were trades that I manually closed as opposite signals formed while the trade was open. The canceled orders were orders that reached the TP level without hitting the entry level first, or that a more advantageous entry formed after the order was placed. So according to my rules, I simply remove the order and look for other opportunities or place the more advantageous order.

As you can see, with only 7 wins out of 17 trades, that's a win rate of 41%, it is possible to trade profitably if you have an RR ratio of 2:1.

Here is the breakdown per pair:

EURUSD: +5R
GBPUSD: +4R
USDCAD: -1R
AUDUSD: -2R

Result: +6R

And here is the P&L curve during the month.

Weekly FX Forecast

I have again prepared charts for the FX pairs I intend to trade for the upcoming week. Specifically, I trade only four pairs: EURUSD, GBPUSD, USDCAD, and AUDUSD. I used to trade more pairs in the past, but after analyzing my Trading Log, I realized that focusing on these four pairs would yield the best results.

Dollar index

First, look at the Dollar index to get the big picture. The dollar index moved back to the same resistance that it was at last week. So I will have to see what the price action will show at the beginning of next week.

4 Forex pairs

If you are interested in my long-term investment strategy and analysis, please visit my profile on Etoro.

Additionally, if you want access to the same charts I use, consider checking out Tradingview.

Also, if you want to learn how to trade like I do, check out my Ebook: Learn to Trade, and consider joining my free Discord server to connect and discuss trading.

Best of luck with your trading endeavors.

Sincerely, Dave.

This information is for educational purposes only and is not trading advice. Please see the full disclaimer here: https://davetromp.com/disclaimer/

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