Trade of The Day: Great Swing Trade From Price Action Forex Trader
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GBP/JPY: 224 Pips Profit in Just 4 Days
Trade of The Day Swing Position
Kean.S. from Australia is currently trading in our 21K evaluation program.
Kean.S. testify himself as a price action trader.
He has 4 years of trading experience in the Forex market.
Here is a short description of his trading strategy and his trading method:
Kean.S Look for trading opportunities starting from the most liquid currency pair (EUR/USD) and work downwards.
Try to find at least 1 good trade a day.
Aim for 1.5% profit in a week, and Risk 0.25% per trade.
Risk Reward better than 1:1. Ideally at least 1:2.
Don’t have more open trades past 0.35 lots in total without breakeven stop losses which means Max exposure of 0.35 Lot.
Draw the major support & resistance zones using either the daily or weekly charts.
And When price action approaches a zone, watch carefully for an entry signal.
On 02/01/2020 he opens a sell position on GBP/JPY and he held this position four days.
It also seems that he open sell position while the price was in bullish momentum, so it seems like a reversal trade.
During all this time he held the position the price had many technical corrections,
Holding this position during these corrections definitely required patience and tones of discipline.
If we look in the high time frame charts we can see that he chose to sell GBP/JPY when the price just broke out a support zone.
The Max DD for this position was about 35 pips, not so bad for a position that earned 234pips.
Kean.S. close this position on 06/01/2020 with a 224 pips profit.
Compare to the Max DD this position suffered from, it seems like a great Risk-Reward ratio for this position.
Holding position four days definitely required patience and discipline from a swing forex trader.
Definitely wise decision to close a buy position when the price reaches the support zone.
So far, the exit level seems very accurate since the price really got blocked at that support level and start to rise up from there.
Profit: 224.4 pips
DrawDown: 35.1 pips
From Peak Potential: 52.4 pips
Duration: 5D 0H 15M
The 5%ers’ Score: 1109.77
Well done to Kean.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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