148 PIPS AUD USD 2 WEEKS 2 TRADES 218 PIPS ~ fibonacci forex trading system pdf
This latest trade based on our Price Action, Swing Trading Methodology provided 148 Pips on the Aussie Dollar over a short 4-day period. This took our total gain to 218 Pips in 2 weeks following the 70-Pip trade on the AUD NZD pair at the start of the month. At this rate, we could see a triple digit rate of return for 2014 when these results are combined with previous setups identified by the Methodology. It would also provide further evidence of the stability and higher returns that are possible when trading is done on the Larger Time Frames.
The AUD NZD gain took place following a break of a large Consolidation setup on the Daily Chart. The signal to enter came from a Bullish Candle break of a Range at the Resistance of this large Pennant.
AUD NZD -DAILY CHART SETUP
AUD NZD- DAILY CHART SIGNAL
TRADE RESULT - LIVE ACCOUNT
The chart patterns and candles from FXCM are used to identify the entry signals while the Dukascopy platform is used for trades on the Live Account. The Methodology utilizes the New York Candle close of the Daily Chart as the basis for the Price Action strategy, which is best provided by FXCM.
The AUD NZD was one of the last pairs that saw gains for the Aussie dollar this month. Since then, the currency began to lose value against several of the other major currencies over the last few days. It was within this context that the AUD USD trade opportunity presented itself on Thursday September 11, 2014.
The setup was a bearish break of a large Pennant formed between April and September this year.
AUD USD - DAILY CHART PENNANT
The size of the Consolidation suggested that a breakout could continue for several hundred pips in favour of the US Dollar in the months ahead. However, based on our strategy and a specific technical aspect of this setup, a short-term gain of between 100 and 200 Pips was the more prudent decision.
Entry took place at the third candle that broke the Consolidation with the target set based on the criteria established for this type of breakout. The Stop Loss was also placed at a strategy-determined area to prevent the trade from being affected by spikes along the way.
DAILY CHART TRADE SETUP
After only a few days, the target was hit. Towards the end of the trend, the market actually reversed to the entry price with a Bullish Candlestick Formation. However, a large Bearish Candle shortly followed to take out that attempted reversal and give us our reward.
TRADE RESULT
LIVE ACCOUNT RESULT
TRADE SUMMARY
TRADE TYPE | CONSOLIDATION BREAKOUT |
STOP LOSS | 116 PIPS |
TRADE RESULT | 148 PIPS |
TIME TO TARGET | 4 DAYS |
This trend was always expected to provide large gains for the trader in a short time since breakouts from Consolidations always produce sharp movements. In fact, it only took 2 days for the 100-Pip mark to be reached.
DAILY CHART -100 PIPS IN 2 DAYS
Nevertheless, if the trader was looking at the Pip count or the Account Balance on their trading platform, chances are he/she would have started to panic and exit at the start of the bullish reversal to the entry price. If trading was also being done on the 30 Minute Chart, that sharp bullish signal combined with the Trend Line break and the Double Bottoms may have even convinced the trader to start going Long.
30 MINUTE CHART- REVERSAL SIGNALS
The net result would have been a much smaller profit compared to that which was offered by the market. Constantly monitoring the trade and using the Smaller Time Frames will always tempt us to make decisions based on emotions and our ego despite our best intentions. Trades that are objectively analyzed and executed can be easily sabotaged by the desire to always know what is happening with the trade.
Nevertheless, this habit is understandable and expected especially if you are transitioning to the Larger Time Frames. Most of us have been taught by trading companies and brokers to trade in a way that requires us to develop this and other bad habits. We have been led to believe that trading has to be done every hour and every day in order to be profitable. This frame of mind will always lead to certain practices that generate an impatient temperament in us and cause us to constantly make unwise trade decisions. The best thing to do is to persist until these habits are no longer a part of your trading.
Alternately, one could open up a separate Demo Account, practice trading on the Daily and 4 Hour Charts and compare the results with an existing strategy on the lower charts. Over time, you will see the large difference in profitability and appreciate how unnecessary it is to monitor the trade. This can be done using the detailed Trade Setups that are emailed to you as a Subscriber.
TRADE SETUP- AUD USD
PAIR | AUD USD |
TRADE TYPE | CONSOLIDATION BREAKOUT |
ENTRY DATE | TODAY, SEPTEMBER 11, 2014 |
ENTRY TIME | 21 00 GMT |
ENTRY PRICE (MINIMUM) | 0,9096 |
STOP LOSS | 0,9216 |
LIMIT ORDER | 0,8952 |
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