03
May
Author: BeatWallStreetNow.com
Posted: May 3rd, 2010 at 7:08 pm EST
Posted: May 3rd, 2010 at 7:08 pm EST
In my last post I showed you a simple but powerful technique known as an inside candle breakout. I hope you went on to use that technique to make some money for yourselves.
Today I am going to show you how I used this technique to make an easy 40 pips trading the Eur/Usd intraday. I hope by seeing the trades I took you will see how easy it is to profit in any market if you have the right tools.
Here is a chart of the 15min Eur/Usd from Friday, April 30, 2010:
1. At this point we see a breakout of the previously established inside candle. I immediately went short here and got in at about 1.3314.
2. Here we see that price continued to move down even further but couldn’t sustain the movement as it quickly shot back up and left the candle with a long wick. Now this could have signaled a reversal and would cause many traders to get out of the trader for fear of taking a loss, but since at this point I had already taken partial profit and trailed my stop forward I had nothing to lose so I decided to let the position run.
3. After a brief pause price continued its downward movement however I knew there was a possible area of support at around1.3265 as evidenced by the blue line. So I decided that this area was where I would closed out my trade. I ended up taking profit at 1.3266 for a total of 48 pips in profit which made me about $4,000 dollars.
Do you see how easy it is to trade these candles? I really hope that you take this technique and use it to profit in any market you choose, but before you do make sure you demo trade with it first. So that you can test it out in a risk free environment. Until next time.
Happy Trading,
Jason Madison
If you would like to learn about more patterns like these and how you can discover how you can learn the secrets to trading for a living then visit BeatWallStreetNow.com.
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2 Responses to “How I Made $4,000 In One Day With The Eur/Usd And How You Can Do It Too”
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May 3rd, 2010 at 8:57 pm
If you post a trade like this you should also post 1) the full size of the account you are trading, 2) what percentage of your account was at risk, and 3) any other trading plan elements necessary to discourage the unitiated from believing that trading ten full lots is something feasible with anything less than a rather sizable account!
Please don’t make it sound like it is such a trivial matter to make $4K without disclosing what the risk involved was and how it relates to the overall account.
May 4th, 2010 at 3:21 pm
Thanks for the feedback Rick, I will pass that along to the author.