Trade of The Day: Excellent Sell Position on EUR/NZD.
The 5%ers' Blog > Trade Of The Day
EUR/NZD: 220Pips Profit in Just 6 Days
Nicholas.C. from Canada is currently trading in our 40K evaluation program.
Nicholas.C. testify himself as a swing trader who mostly trades reversal positions.
He has 5 years of trading experience in the Forex market.
Here is a short description of his trading strategy and his trading method:
I currently use two strategies that have been working for me.
One is a continuation pattern and one is a reversal pattern, both using the 4h time-frame to determine market direction and the 15m time-frame for entries.
I use 4 moving averages to gauge my patterns and also an oscillator, however, price action comes primarily for me to place my trades.
I align well with this time-frame so I’ve been sticking with it.
Both strategies work on a number of pairs – not on everyone – but a good number of them.
For each trade, I usually split positions separately into 2 profit targets, one to lock in profits and the second one for capturing higher profits.
Stop losses are usually moved closer to entry depending on price action.
On 17/12/2019 he opens a sell position on EUR/NZD and he held this position for six days which defined it as a swing position.
It also seems that he open sell position while the price was in bearish momentum, so it seems like a continuation trade.
During these six days, the price had many technical corrections, holding this position during these corrections really required patience and tones of discipline.
If we look in the high time frame charts we can see that he chose to sell EUR/NZD when the price just reach a supply level.
Selling at the supply level is definitely a wise decision.
The Max DD for this position was about 32 pips, not so bad for a position that earned 220 pips.
Nicholas.C. close this position on 23/12/2019 after six trading days with a 220 pips profit.
Compare to the Max DD this position suffered from, it seems like a great Risk-Reward ratio for this position.
Holding the position for 6 trading days definitely required patience and discipline from a swing forex trader.
In the D1 chart, we can see that the position closed when the price just gets close to the demand level.
Definitely wise decision to close a sell position when the price reaches the demand level.
Profit: 220 pips
DrawDown: 32.1 pips
From Peak Potential: 10.9 pips
Duration: 6D 18H 39M
The 5%ers’ Score: 1075.29
Well done to Nicholas.C. for his perseverance.
We encourage traders, and we look forward to bringing you some more trader insights and success stories.
Supply & Demand Order flow week ahead analysis live session. Weekly Supply & Demand Forex Analysis | December 23, 2019 video
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