In this article, we will look at the setups we traded in our trading room this week from 19th-23rd February (Week 8). We had a total of 11 setups with only one becoming invalid. The setups were classic Elliott wave patterns with some trend following and others trend reversal patterns. Let’s look at them one after the other.
Set 1: AUDUSD short
In the last article on AUDUSD, we discussed how we followed the price pattern of the Aussie until we had a clear wave pattern we could bank on. The chart below shows our final setup. This setup was shared in our free Telegram channel.
Price went to our entry price exactly and dropped. We took only 65 pips risking only 27 Pips. Price went further downside but the job was well done. The R/R was about 1:2.5. This is often our target – to be involved in a trade that gives us much more than we risk. For example, if 2% was risked on this trade, the profit would have been 5%. That’s not bad.
Setup 2: NZDUSD short, Head and Shoulder pattern
On 19th February, we had a classic head and Shoulder pattern completing at a good level. We didn’t just pick the pattern but the wave structure of the preceding swings showed a completing zigzag pattern. The setup/signal was to sell at breakout. Though we didn’t give any exact trade parameters in the room but our smart traders picked it and price has since moved 90 pips downside. Since no parameters was given, the R/R couldn’t be confirmed. This setup was shared in our free Telegram channel.
Setup 3: EURAUD long
Have you seen a Flat pattern ending with a diagonal? They can be quite profitable. That was exactly what we had in EURAUD. The chart shared
The diagonal that ended this pattern was not quite sharp. The rally was good. We didn’t wait for the breakout and bought at the dip as shown above. The result was good with more than 80 Pips with 32 pips risk. Price was just some pips from our final target at 130 Pips. The result was between 1:2 and 1:3 R/R. Another good result.
Setup 4: AUDCAD short
A diagonal/wedge pattern. We waited for price to break below and sold the pullback. Our first target was hit for +61 pips while the risk was 44 Pips. More than 1:1 R/R already. Trade still open till next week for our final target which is more than 1:3 R/R.
Setup 5: EURGBP short
This one was quick. Risk was 20 Pips and profit 30 Pips. 1:1.5 R/R. Target was hit in about 1 hour.
Setup 6: GBPCAD Long.
We were looking at a contrasting triangle pattern but price didn’t complete the pattern before returning upside. So this setup was invalid. This setup was shared in our free Telegram channel.
Setup 7: NZDCHF short
NZDCHF was forecast to complete wave (iv) with a Flat pattern. Price didn’t break out of the diagonal but rallied slightly upside. An expending triangle completed and price dropped. We sold the pullback. Patience is very important. With 68 Pips already taken, 1:2 R/R profit already secured.
Setup 8: EURGBP Long
This was the continuation of signal 5 where we expected a double zigzag to complete. Price dropped a bit close to the SL level before we were triggered at 0.8840. The rally continued but couldn’t be sustained. We cut our stop loss by half and held on. Eventually price hit us and went downside.
Setup 9: GBPCHF short
We wouldn’t have shared this in the room since we had EURGBP LONG running ( I hope you know the reason). That would mean doubling the risk, so old members were advised not to take this. We shared this for new subscribers who joined us later in the week. Price triggered us in and rallied strongly back. In loss now, buT anything can still happen. So we hold till next week. This setup was shared in our free Telegram channel.
Setup 10: Gold.
Trade triggered and in profit. Still in the early stages.
Setup 11: EURCAD
Check your chart, EURCAD is falling just as expected. Price has dropped below the ideal entry price but we have not shared trading parameter in the room. This could be a trade for next week and we get a good entry price for big R/R. This setup was shared in our free Telegram channel.
And that’s all our activities in the premium trading room this week. The following is the summary.
If 1-2% was risked per trade, that would be about 10-20% returns in one week and this can be done consistently week in week out. Risking a fixed % of the account balance/equity on each trade and aiming R/R from 1:2 with a %winning of more than 60% is very profitable. That’s what we offer in our Premium Telegram Channel.
What Subscribers get?
- Subscribers get trade setups with clear charts. This is good for educational purpose and also gives a sense of understanding of what they are about to do. This will also help them keep a good journal of trades.
- Not just trade setups but trade parameters. Exact entry, exit and target prices.
- Trade/Risk management clues.
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