On the 4 hour it was a fairly obvious trade set up.
This was my biggest trade of the day. I posted on twitter as it was happening. “A brave trader would consider shorting euro gbp NOW. it has just rejected at 0.8990 area for 4th time. risky but small stop, good risk/reward.” I had a few on twitter thought i was mad. it looks obvious now, but at the time there was a lot going on that suggested it was going to go UP not down.
So. I went to the 15 minute chart;
Price rejected on 4 hour then 15 minute asian range high
Price had spiked above the overnight range, but the candle did not close above. I shorted at start of red candle after the spike at 0.8985 with a stop just the other side of psych level at 0.9005. Thus a 20 pip stop loss for a potential gain of 70 + pips. It was a bit risky (hey this forex), but great risk reward.
I took 20 pips off the 1st lot +20 pips
2nd target 200 ema 15 minute + 60 pips
From this mornings analysis I took from cable long and euro/gbp short;
gbp 1st part + 30 pips
euro/gbp +20
both 2nd lots got stopped out at entry.
Therefore total for 23rd april + 130 pips
Thank for email , I was able to get 51 pips from G/U, still holding E/G with 20 pips locked
congratulations.
Marc –
In addition to using aweber to manage your emails, you might want to think about using a screencasting software such as screenflow (mac) or camtasia (pc). That way you could just speak and record some of your thoughts while your charts are on the screen instead of sitting down and having to write your thoughts out. Our company has actually moved to this format in providing some reports to clients and it has saved me a lot of time.
Just a thought…
Marc, if you turn $2,000 USD into $1,000,000 USD in 2 yrs (audited account) I will pay you $100,000 but you pay me $100,000 if you don’t. BET?
jose. please read my latest article on risk and reward. i am risking $2000 to win a million. This is very good good risk reward ratio. Giving you a $100.000 if i get it wrong is NOT a good risk reward !!