In this setup, I identified a selling opportunity due to a supply zone (red box). The plan was to wait for price to enter the supply zone before setting a sell stop at 1.17247. My stop loss went above the previous highs and I was targeting 60 pips for a decent risk/reward of 2.
I, more or less, had a perfect entry. Once I was alerted that price had crossed the supply zone, I set a sell stop and price immediately triggered my order. A straightforward winner, which was a good way to start the week.
Price had been bearish prior to this, therefore I was looking for a short entry in order to ride the existing trend. The selling opportunity came in the form of a bearish flag. I had set a sell limit at 0.99269, which was the upper band of the flag, where I was expecting a retest. My stop loss went above the highs of the flag and I was targeting 60 pips, with a very good risk/reward of 4.
Unfortunately, price continued it’s consolidation upwards and stopped me out for a 15 pip and 1R loss, while potentially forming a larger flag. In hindsight, it was a setup I would have taken any day due to the risk/reward.
In this setup, I was looking to sell after price recently reacted bearishly with the upper band of a long term channel. I had set a sell stop at 0.68009 , expecting price to continue its bearish move. Stop loss went above the highs and also the upper band of the channel, and I was targeting 50 pips, giving me a decent risk/reward of 2.
Price did as I had expected, triggering my sell stop, and I was up about 30 pips at one point but price unfortunately reversed. In conclusion, I was stopped out for a 25 pip and 1R loss. That’s the nature of this business, we win some, we lose some. Risk management prevents destruction. -1R does nothing to me in the long run. I followed my rules, and that’s what matters.
Another crypto setup by Afiq, this time a long opportunity on LTCUSD. In the first image, you can see that price was ranging in a bullish channel. He was looking to buy at a recent demand zone. The plan was to wait for price to enter the zone before setting a buy stop at 82.42. Stop loss went below the previous low and he was targeting 225 pips for a good risk/reward of 3.
Price went past his demand zone but still triggered his order. He extended his target to the top of the bullish channel and took a grand total of 425 pips and 5.67R from this long.
Our next setup of the week came from EURUSD once again. This time, another harmonic pattern, a bearish Gartley pattern. The reason I’ve taken 2 pattern trades on this pair is because the pair was undergoing consolidation and consolidation breeds patterns.
In this setup, I had set a sell limit a few pips above D completion at 1.17396 for a more conservative entry. My stop loss went above X and my target was 60 pips.
My conservative entry paid off as I had another perfect entry and another winner on this pair. I extended my target to the next level of support for a grand total of 70 pips and 2.8R. 3 perfect entries in a row and 4 winners in a row for EURUSD. I’m really starting to love this pair again. This trade was taken on Thursday and it meant that I could call it a week enjoy an early weekend!
I thought I was going to enjoy an early weekend but I spotted another setup on EURUSD again, right after our harmonic winner. This time another selling opportunity at a similar price as our previous trade. I was looking to sell due to resistance and the plan was to wait for price to hit resistance before setting a sell stop at 1.17307. The risk/reward for this setup was 3.
Price triggered my sell stop after a perfect retest off our resistance, before eventually making its way towards my take profit level where I closed the trade for a profit of 60 pips and 3R. That means we’ve done 5/5 of our last EURUSD trades. Sounds a bit too good to be true but I’m hoping this luck continues!
My last trade of the week was similar to my previous EURUSD winner. Another selling opportunity due to resistance. The plan was to wait for price to go past resistance before setting a sell stop at 82.747 with my stop loss above previous highs and target 60 pips below. This gave me a good risk/reward of 3.
Price shot up way past resistance but eventually my sell stop was triggered and price made its way towards my target where I made a profit of 60 pips and 3R. Not the best entry, could have made more with a more conservative entry but I won’t complain over a winning trade. This result brings us up to 24.85% gains for the month of July. Not too bad I would say. Well done to our Trading Room members and thank you for an amazing month. Here’s hoping for a better August!