Last night, at 7:49 pm EST I posted on Twitter that the GBPUSD has a multiple time frame day/swing support at 1.5497. Here is the twitter feed:
This was a day/swing trade so the goal was to put the order on the 30m with low risk since we did not have a multiple time frame match on the long term time frames. It was an aggressive trade.
Here is the chart setup:
In the forex world, everyone thinks you have to stay up all hours. We don’t believe that at all! This is a perfect example. We setup the trade and we waited for the market to meet our conditions. Once it did, we entered the trade with money management already in place while we were sleeping. This risk was soo low that we didn’t need to move our stop at all. This is why we can put this chart setup on and then go to sleep.
Here are the results:
Notice, with one contract, the risk was $15 to make $60. This trade was taken in our “student account” to illustrate to everyone you don’t need much capital in order to trade the Forex/Currency market. If you don’t have much money, do one contract with a good reward/risk ratio. This will build your account slowly to a point, you can do multiple contracts.
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results