Good day to you koalas!
The Koala System had yet another great week. While it does not fare well in tight ranging conditions, huge swings will be home ground to it !
Right at the beginning of the week, we were presented with a bullish opportunity.
While the price did turn bearish after that, i did not enter any trade as the koalas were not clearly parallel. I am not an extreme risk seeker and hence waiting can be a position too.
The next day gave us another long opportunity. After which, mambo jumbo begins with the price whipsawing and clearing out positions on both side. Note that the steep climb followed by the flips of koalas were signs of a no trading zone.
Patience does pay off as a long opportunity presented itself and it took us up as high as 1.5100+ eventually.
The price turn bearish afterward and The Koala System did identified it, presenting us with a ride back down. Can you see the spike? It was an attempt to test the high again and setting too tight a stop loss would be fatal there. I usually use 50 pips SL.
After some distance down, the price action began to consolidate and The Koala System presented once again a bearish ticket down. The rest of the Friday were basically no trade zones as the currency pair whipsawed around. Typical of ” cash the pips for beer Fridays “.
There you go! A great week for The Koala System. I hope you harvested some pips there. Next week may be a little choppy due to the Dubai Crisis and you may want to see my EUR/USD Weekly Review for some insights.
Remember, patience is a virtue. Trade Safe !