Forex Profit as a Result of a Trading PlanMarch 12, 2016
Payday came as we booked a nice Forex profit as a result of a sound trading plan. How did we do that? Not easy, this much I can tell you.
Trading means taking into account both technical and fundamental analysis. To forecast future price movements on the right side of the screen, one needs a trading plan.
Pretty simple, right? Wrong.
Because the price moves in various patterns, cornering the market leads to a handsome Forex profit. However, it requires a tremendous amount of effort, both intellectually and psychologically.
And yet, this is what we did this week. We cornered the EURUSD market and that thousand pips Forex profit came solely as a result of a trading plan on the EURUSD pair.
EURUSD Trading Plan
This is how we entered the ECB (European Central Bank) interest rate decision. However, we made one change: we moved the take profit for the shorts to 1.0820.
Because the trade came from the more significant time frames, the price needed to retrace more than 61.8% (which was 1.0826). Moreover, it was mandatory to make a new low when compared with the previous one at 1.0824.
So you see, it was not much of room for the market to go, no matter what the ECB did or did not.
Other Trades to Complement the Forex Profit
These were not our only shorts! We shorted the pair aggressively all week and the previous one from 1.1030 area, with multiple full positions. Why not, if we cornered the market?
1.0820 did not come. 1.0821 was the low of the day.
As such, we exited all our shorts at 1.0826. +945 pips profit that day and watched the Euro surging.
By the time 1.1206 was hit we already had more than 161.8% extension for the elongated flat to follow. According to our trading plan, we shorted half a position, only to close it early Friday morning, completing the thousand pips profit week.
Of course, you don't have to believe me. But at least, if you're a trader and struggling, you can try to see if the above is true. Our three months packages are the most valuable ones.
Come and join us. Technical analysis at its best.
Capital Properties FX
March 12, 2016