Trade of The Day: Awesome Long Term Reversal Trade on EUR/GBP
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EUR/GBP: 280 Pips Profit in One Month.
Trade of The Day Long Term Reversal Trade
Cheng.P. from the United States is currently trading in our 40K evaluation program.
Cheng.P. testify himself as a long term trader.
He has 4 years of trading experience in the Forex market and the stock market.
Here is a short description of his trading strategy and his trading method:
Cheng.P trading method based on Systematic Multi-Strategy based on seasonality effects cross-sectional momentum and statistical reversals.
On 13/12/2019 he opens a buy position on EUR/GBP and he held this position for one month.
It also seems that he open buy position while the price was in bearish momentum, so it seems like a reversal trade.
He opens this buy position after a significant drop in the price.
You really need a good reason to buy while the price dropping down fast, it seems his reason was a support zone.
During all this time he held the position the price had many technical corrections,
Holding this position during these corrections for an entire month definitely required patience and tones of discipline.
The Max DD for this position was only 26 pips which indicates a very accurate entry-level.
Cheng.P. close this position on 14/01/2020 with a 280 pips profit.
Compare to the Max DD this position suffered from, it seems like a great Risk-Reward ratio for this position.
Holding position for one month definitely required patience and discipline from a long term forex trader.
Definitely wise decision to close a buy position when the price reaches significant resistance.
So far, the exit level seems very accurate since the price really got blocked at that resistance level.
Profit: 280.6 pips
DrawDown: 26.5 pips
From Peak Potential: 12 pips
Duration: 30D 8H 59M
The 5%ers’ Score: 1104.20
Well done to Cheng.P. for his perseverance.
We encourage traders, and we look forward to bringing you some more trader insights and success stories.
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