MaxFaulkner

Huge Gains From Simple Setup I Posted A Few Days Ago

Education
FX:GBPUSD   British Pound / U.S. Dollar
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The other day I posted this trade idea. It didn't get too many views or people agreeing but I stuck with it and it payed off. as you can see my analysis for the pair is very simple and isn't very hard to understand. I have an upwards trendline that the price had already bounced off of with a long wick showing bearish bias. Price then consolidated for a little bit and formed this very steep upwards trendline. Finally, I had an area between 1.33817 and 1.33172 where price frequently struggled to break past. This meant I could take 2 short trades with a conservative risk and a nice take profit, one target gave a 1:3 ratio and the other a 1:4.5 so I entered both trades as close to my targeted entry point as I could with a 2% risk on both. My analysis was correct and price tumbled down from the area hitting both my targets within a few candles. Due to the high risk:reward ratio I achieved with good stop loss and take profit placement, this 2% risk meant I was rewarded with 15% account growth in a few days. It just shows that simple trend analysis can really play out well and things should never be over complicated.