A little late, but nevertheless, here’s a review of last week. The first trade we took in our Trading Room was a long opportunity on EURUSD. We were looking to looking slightly below support in hopes of price finding liquidity in that area before potentially reversing. However, that was not the case as price continued lower before hitting our stop loss.
In hindsight, price had formed several tops on the higher timeframe, which meant that there was a reversal going on and we should have been looking for shorting opportunities instead.
The next setup was a long opportunity on USDCHF. We especially enjoyed this setup as price had been bearish prior to this, and we were trading against the trend. However, we have good reason to believe that a reversal was imminent. In the first chart, you’ll see that right before our demand zone, price had formed a double bottom before breaking higher. A demand zone after a double bottom gives us the perception that buyers have taken over the market.
As you can see from the second chart, price reacted beautifully with our demand zone, respecting it right to the pip. We had our stop loss below the double bottom and our target up at resistance. Overall, it was a well worked trade where we took 50 pips and 2.5R in profit.
Our last trade of the week was a short on AUDJPY, one which was posted as a free setup on our Telegram channel.
Price was in a downtrend, therefore we were looking for an opportunity to short. This came after we saw price break a mini level of support (the red line). After price broke that level, we would expect price to retrace before reversing once more. That’s how we picked out our entry; and what an entry it was.
Price triggered our order to the pip before reversing towards our target. Our stop loss had been place above previous highs while our target was back down at support. In hindsight, we could have taken more from this but with a perfect entry, 40 pips and +2R, we’re not complaining, and neither are our Telegram members.
Psst…we’ll even throw in a discount to get you started!