$10,141 In Less That 24 HoursDec 19, 2020
I pray that everyone reading this is feeling well, but most importantly, thinking even better!
In today’s blog post, we will be examining a trade that I took this past week, which profited me $10,141 in less that 24 hours.
The optimal trading opportunities for each foreign exchange currency occurs at the maximum weekly range and ideally in the middle of the week. This particular currency pair, GBPUSD, spent the majority of the trading week rising; given the fact that it had cleared well over 350 pips, I expected some sort of reversal to end the week back within an acceptable range from the Sunday opening.
Thus, when I saw the “M” structure that formed Thursday morning with the parameters that we teach in TTM Education, I executed a short with the stop loss above the daily high and expected a 90-130 pip drop before the Friday close. Once this short was executed, we experienced zero drawdown, and the price continued to fall through the afternoon and bottomed at the 130 pip target before reversing Friday morning to close the week off.
The secret to this trade making $10,141 though, was not the set up alone, which is only 5% of the trading plan. The secret to this trade was the fact the risk to reward ratio was 3.89:1. This meant that for every $1 that I risked I was expecting to make $3.89; with the small fixed percentage of my account that was allocated to this trade, that is what actually produced the profit.
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