Just like last week, my first setup of the week came from a USDJPY short. I identified a selling opportunity due to a supply zone. The plan was to wait for price to enter the zone before setting a sell stop at 110.602, with stops going above previous highs and I was targeting support below. The risk/reward was decent at 2.
Initially, there was a hopeful reaction with the supply zone as price immediately rejected it but could not sustain its bearish momentum and I was stopped out with a strong bullish move. That makes it 2 out of 2 losses in a row for this pair. Down 20 pips and 1R for the week.
This was a straightforward demand zone setup after the Euro showed lots of bullishness. I identified a buying opportunity at the demand zone and the plan was to wait for price to enter the demand zone before setting a buy stop at 127.381. My stop loss went below the demand zone and the initial risk/reward was 2.
Price reacted with the demand zone as I had hoped and I extended my target to 80 pips. A perfect entry and I was back to winning ways after getting stopped out of the last 4 trades since last week. 80 pips and 3.2R in the bag. In hindsight, I could have held for more as price rallied a further 75 pips, but I’m still happy with this winner!
The third trade came from a harmonic pattern on USDCHF. I identified a selling opportunity due to a bearish Cypher pattern. I had set a sell limit right above D completion for a more conservative entry at 0.98483. The risk/reward was decent at 2.
The setup played out well initially, reacting well with my entry before reversing and almost stopping me out. Price spiked towards my target and almost hit my take profit level but could not sustain its move. This setup will be held over the weekend with my stop loss moved to breakeven.
Afiq, our cryptocurrency trader, killed it this week with 2 crypto setups! The first coming from a ETHUSD short. Price had just broken out of a flag and he was looking for a retest at a supply zone that had formed. His plan was to wait for price to enter the supply zone before setting a sell stop at 295.84. His stop loss went above previous highs and he was targeting 180 pips for a risk/reward of 1.4.
A strong spike up into the supply zone and immediate rejection meant a perfect entry for this setup. 1809 pips and 1.4R in the bag!
Afiq’s second setup of the week was identical to his previous. He was looking for a selling opportunity at a supply zone that had formed after price broke out of a flag pattern. His plan was to wait for price to enter the supply zone before setting a sell stop at 57.99. His stop loss went above previous highs and he was targeting 325 pips for a decent risk/reward of 2.5.
Price rejected the supply zone and triggered his sell stop before moving towards his target. He closed the trade for a profit of 325 pips and 2.5R.
Psst…we’ll even throw in a discount to get you started!