Most Profitable week of trading Forex 128%
I have been trading for over 4 years and last week (23/04/2018) happened to be the most profitable week of trading #forex and the craziest thing is I achieved this by not over trading or over leveraging. I achieved this with approximately 6 charts.
GBPAUD LONG (CHART WILL BE IN MY BOOK)
I decided to give a hint of the type of content that will be in my upcoming book so you know exactly what's in store.
As you can see from the chart below price was forming a wedge (highlighted in red). I waited diligently for the break unfortunately I wasn't by my computer at that time but I made sure to mention where would've been an excellent entry and also showed where I entered the trade two times (green). The yellow horizontal line marks the perfect entry spot that I missed. I have also made note of my stoploss areas so you can see how I managed this trade. I have broken down every aspect of my entries and reason for entering hope you like. SEE CHART BELOW (FROM MY UPCOMING BOOK)
USDCAD LONG
This particular trade is similar to the GBPAUD trade same reasons for entry and same trade management.
GBPNZD LONG
I was watching this price action for sometime and all I did was draw my normal trendlines and from catching the first buy I continued to add positions strategically above each previous high and at every pull back strapping the trade down properly until I was satisfied the amount of entries that reached a total of 15 buys. Many has been asking do I normally enter so many times but it all depends on what the chart tells me to do. It varies across the board some charts only gives single entry but I take them as they come.
Managing a trade this size with so much entries is very fun for me the key is moving all your stoploss to break even to avoid loss once you have done that you should be fine. Once all your stoploss are atleast breakeven you should be already in profit given that all your entries weren't made at the same place.
I have two stages of managing my trades:
- Pre-Breakeven
- Post Breakeven
Pre-Breakeven
In the pre-breakeven stage all stoploss are managed independently until in this case (long) the highest buy stoploss is in profit.
Post Breakeven
After the highest buy is in profit ALL stoploss are managed the same and that is trailing the trade manually below every swing low until I'm stopped out.
See GBPNZD chart below 15 buys stoploss adjusted after low.
NZDUSD SHORT
I caught NZDUSD right before the free fall as you can see the chart only provided me with a single entry there were no pull backs hence the single entry. Also you can see my stoploss in profit trailing the trade with about 200pips secured. See chart below:
AUDNZD LONG
This was my favorite trade of last week because it tested my patience as you can see below I marked the chart with my stoploss areas when price was at my second stoploss area you can see the prices approached my stoploss 4 times and then continued long and after breaking above that area you can also see my third stoploss are with dotted yellow lines. See chart below:
USDZAR LONG
Same basic rules all over again.
Let me know what you guys think. Follow, resteem and share if you like look out for more awesome stuff :)
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I love your analysis of the market here, but the technical language almost put me off to read this. This brought an idea into my mind just now. Is there any way you can do a kind of forex trading for dullards, in which you explain forex trading like you are explaining it to a six years old? Through my interview with people, I have learnt that what put people off most of the time is that forex trading is too technical for them to understand. I for one will like to learn from anybody who is able to break it down for me in the ordinary man's language.
I commend your effort here so I will upvote this post. Stay lifted.
Thanx bro . Thats a great idea only that it would take a lot of time. What I normally tell my students if they are new is to go through babypips.com then come back to my analysis and you will be ready to understand everything Im talking about. babypips.com explains it in its simplest form.
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