Sunday, September 30, 2012

#1 Rocket Trade

Was planning what pairs to look out for next week. Saw the list from spotthe1234 but wasn't really interested. Was initially tempted to take a gbpjpy trade in h4 but I felt it did not meet my rocket trade criteria - price is very close to a strong support.

Yet, I found another trade that fits my criteria perfectly and I would like to share it with you today. In fact, all you need is ONE BIG winning trade a week :) why make so many decisions and analyze so much when you can earn just as much from ONE trade.

This week, I would be looking at #audjpy

This trade would be an excellent one because it is with the flow and there is a head and shoulders. Head and shoulders tend to be very accurate in day charts.

This is a ROCKET trade because I am willing to sell any rallies at each of the green levels shown above (including at Fib 8 level). This means that I am confident enough to risk 5-7% a trade at EACH of the green levels, should price go against me. In fact, I could even put in limit orders at the various levels and just forget all about it.

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