This is a closed trade that was placed as part of a live forex training.This trade happened a few hours after another successful EUR/USD trade, which I posted on the rapid forex blog yesterday.
This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:
EUR/USD Archive Trade
In this trading session, I’m watching the USD/JPY. On the 5-min charts, there’s an up trendline break. We’re very close to the fibonacci retracement for a short wave: I’ve drawn a picture of what needs to happen on the 1-min charts to enter this trade. Basically, we have to cross the 38.2% retracement line at 86.89, then form a 1-min umbrella handle where we can get in above 86.89 short. If that happens, it’s a decent trade opportunity. To support this trend direction look at the 4-hr chart below which shows a nice umbrella handle: So I’ve entered the trade, I’ll take this as a 1min trendline break down: Here’s the eToro settings: And Here’s the other details: currency pair: USD/JPY timeframe: 5-min short I: 87.08 II: 86.77 III: 86.92 Entry: 86.92 Stop: 87.08 (max loss = 16 pips) Limit: 86.61 (gain = 31 pips) reward/risk = 193.75% Here’s a screenshot of the fibonacci calculator filled out: And a screenshot of the 5-min chart by the numbers (entry price at arrow):
If you were looking at the 1-min chart below during this trade, you might have gotten worried about the small uptrend (red line), but you could take consolation in the fact that a head & shoulders formed (red circles). This is a reversal signal, for the little 1-min uptrend. This is exactly what we want! Of course the trade can still succeed or not work out, but this is the type of stuff you look at…
At 01:28 pm GMT this trade closed for a profit of 31 pips when the limit was hit. I was out riding my moped along the ocean, so this was a smooth surf! This added 1.96% to the $200 forex trading account. That’s almost 2% in under 3 hours!
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