Cheng.P. from the USA is currently trading in our 40K evaluation program.
Cheng.P. testify himself as a swing trader who mostly trades reversal positions.
He has 5 years of trading experience in Forex and the Stock markets.
On 13/12/2019 he opens a sell position on GBP/AUD and he held this position for six days which defined it as a reversal position.
If we look in the high time frame charts we can see that he chose to sell GBP/AUD on a price record of the last three and half years.
Last time the price has been at that level was in June 2016, so it’s a wise decision to sell high.
If we look at the Weekly chart, we can see that this level is also a significant supply.
Although the price has fly upward very fast he chose to open a sell position as a reversal position
You must have a good reason to sell when the price rally up so fast.
The Max DD for this position was about 87 pips, not so bad for a position that earned 537 pips.
Cheng.P. close this position on 19/12/2019 after six trading days with a 537 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 forex trader.
As we can see in the picture attached, the exit level was also very accurate and we can see how the price supported on that level before it keeps moving down.
Definitely wise decision to close a sell position when the price reaches the support level.
Profit: 537.5 pips
DrawDown: 87.8 pips
From Peak Potential: 7.8 pips
Duration: 6D 20H 59M
The 5%ers’ Score: 2658.36
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.
Supply & Demand Order flow week ahead analysis live session. Weekly Supply & Demand Forex Analysis | December 16, 2019 video
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