EURO GBP 50 PIPS WITH TRADING STRATEGY
Our latest trade took place on the EURO GBP as we took advantage of the rally in this pair on the 4 Hour Chart.
As you can see in the graph below, the Pair appeared to be forming a Pennant Setup, with a Bullish Candle indicating the start of a rally to Resistance...
4 HOUR CHART
This was based on the theory of Consolidations from the Trading Manual, which shows us how to spot and trade the formation of Consolidations...
PAGE 119 OF TRADING MANUAL
After analyzing the pair with the Chart Analysis and Trade Entry Sheets, it was determined that the trade could be taken. After just over 24 Hours from entry, the trading target was hit....
CHART ANALYSIS SHEET
TRADE ENTRY SHEET
Even though this was less than the 70 Pips we aim for as part of the strategy...
....the trade provided a good Return, since we only needed a 30 Pip Stop Loss...
PROJECTED TRADES - 2% RISK PER TRADE
So another example of how we can take advantage of Consolidation Patterns for trading gains. As long as we know the theories controlling the Forex, money is ours for the taking.
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(M.Sc. Economics, B.Sc. Management and Economics)