Another crazy week on the markets but, as traders, we like crazy markets. We've had some terrific RR trades already this week and it's only Wednesday morning. There was a more than 30R opportunity on DAX M1 this morning but, sadly (and due to poor SL management on my part), the max gained was just short of 10R - still not bad.
Just in case you have no idea what an 'R' is: it's an abbreviation for Risk:Reward. A 10R trade is 1 risk for 10 reward, which could be 1% risk for 10% gain; or 2% risk for 20% gain.
Yesterday morning gave us a very simple, set-and-forget, 15R trade:, as you can see in the above picture. As I often get questions about how I do higher timeframe analysis and find the low risk trades, I made a video that talks about this trade in particular, looking at the pre-market analysis and the news events that were driving price up; along with how I identified the entry. This is available for viewing in the Trader Training Course.
eWavesHarmonics has had a simple, but important, upgrade this week, to allow for colour-coding and shading of the Fibonacci retrace levels. There is also an option to shade the TZ1 / TZ2 levels as well.
I've made a 4 minute video to show some examples of how you could have traded the 50/62 level just this week, on #EURUSD #GBPUSD and a super example of a trade taken on #DAX, just this morning, in our Skype trading group - nearly everyone had a fantastic morning with this most simple of trades.
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