Forex Blog Articles

99.8 Pips Profit Using Price Charts and Technical Analysis

April 21, 2020 | 11:47 am | Forex Blog Articles
April 21, 2020 | 11:47 am
Forex Blog Articles
99.8 Pips Profit Using Price Charts and Technical Analysis (1)

Excellent Trade of The Day Using Price Charts and Technical Analysis

99.8 pips profit in only One and a Half Hours. That’s Great.

Roedet.S  from the Netherlands is currently trading in our 40K evaluation program.
Roedet.S testify himself as a short term and swing forex trader.
He has 5 years of trading experience in the Forex market.

Here is a short description of his trading strategy and his trading method:
– Intra-day strategy
– Research what is the market sentiment/mood.
– Fundamentals/base
– Price charts and technical analysis: Support & Resistance.
– Entries are done on 4H timeframe at SR and SR of the channels.
– Stoploss above/below support/resistance

Open Position
On 20/04/2020 he opens a buy position on EUR/AUD and he held this position for only five hours.
It also seems that he open a buy position just after the price retest a significant support zone that created before.
The price created new support in the last few days and he chooses to buy after a technical correction of the price, it seems clear on the H1 chart.
We can see how the price creates a double bottom after he opens the buy position.
Holding this position during these corrections definitely required patience and tones of discipline.
The Max DD for this position was only 17.1 pips which indicates a very accurate entry-level for an intraday position.

Price Charts and Technical Analysis

Close Position
Roedet.S close this position on 20/04/2020 with a 96.8 pips profit after five hours.
Compare to the Max DD this position suffered from, it seems like a great Risk-Reward ratio for this position, the DD is only 17.7% of the profit.
Holding a position and wait for 96.8 pips definitely required patience and discipline from a short term forex trader, many traders would run away before.
Definitely wise decision to close a buy position after 99 pips profit in five hours and when the price just reaches into the resistance zone.
Great position from a great intraday forex trader, very accurate enter and exit, it seems Roedet.S on his way to pass the evaluation and become a funded trader.

Currency: EUR/AUD

Position: Long

Profit: 96.8

DrawDown: 17.1 pips

From Peak Potential: 9.9 pips

Duration: 0D 5H 21M

Well done to Roedet.S for his perseverance.
We encourage traders, and we look forward to bringing you some more trader insights and success stories.

 

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