November was the first month of testing additional Swing Trading Strategies that are the more aggressive versions of the current Methodology I now use/shown in this thread. Combined, the trades made provided a Return of 19% from just 5 trades with most coming from Consolidation Setups. All follow a certain set of rules based on the setup seen and were not random trades made.
These strategies target 150 Pips per trade on average (100 to 200 Pips) as they take advantage of Weekly Range movements across the currency market each week. On average, there are 8 of these moves that take place every month. So if you aimed to capture just 2 of these each week, you will be able to generate Large Rates of Return on your Account each month.
[B]STRATEGY 1 - Trading Strong Consolidation Breakouts and Trends
STRATEGY 2 - Trading Slow Consolidation Breakouts
STRATEGY 3 - Trading Within Consolidations Using Daily Chart Signals
STRATEGY 4 - Trading Within Consolidations Using only Support & Resistance for Entry
STRATEGY 5 - Trading Within Consolidations Using 4 Hour Signals
FXCM Charts are used to identify Candlestick Signals as FXCM uses the New York Close of the Daily Candle.
[B]TRADE 1 - GBP CAD - STRATEGY 4[/B]
This pair began to move sideways for a few days and eventually formed a small Range Setup on the 4 Hour Chart
On November 2, having determined that the setup and signals on the Daily and 4 Hour Charts were in sync with the criteria for this strategy, a short position was opened just below Resistance.
The target was set to the Support boundary for a planned gain of 120 Pips but was exited for a gain of 102 Pips as the market had not yet hit that target by the end of the established holding period.
As can be seen in the Video, the decision to exit instead holding out for the extra 20 Pips was the correct one.
With this Swing Trading Methodology, you have to obey the rules related to the length of time that we remain in a trade. This helps to keep your trading objective so that your temptation to capture additional Pips does not compromise your success and long-term profitability.