This AUD USD provided me with a fast Rate of Return of 3.13% in just 4 Hours, as I took advantage of the strong Consolidation Patterns on the Daily and 4 Hour Charts.
The trade showed how we can trade fast Consolidation Breakouts on the 4 Hour Chart that support the formation of a larger Consolidation on the Daily Chart. Most importantly, it also showed the need to accurately set your trade targets, so that we can avoid the losses from the Sharp Market Reversals that take place at major Resistance and Support Areas.
The main factors related to this trade that you’ll seen in the Manual and in the more detailed Video Analysis available only to my subscribers were:
1. Trading Consolidation Breakouts with Single Candlestick Signals.
2. Trading between Resistance and Support Boundaries of Consolidations being formed.
3. The use of Trendlines for Stop Loss Placement to protect trades.
4. Exiting within 3 to 5 Pips of Support Price Points to avoid unexpected reversals.
5. Using Pending Orders to enter at your preferred price.
The other major factors related to this and the previous trades below include:
1. Trading the most accurate Candlestick, Consolidation and Trend Line Patterns of the Daily and 4 Hour Charts.
2. Trading only the setups (Double Tops and Bottoms, Consolidation Breakouts, False Breakout Reversals) that are likely to move the market quickly to Support and Resistance Targets within 24 Hours, without delay.
3. Never using Statistical Indicators or Economic Analysis.
4. Having the discipline to never monitor our trades.
5. Obeying the trading rules and guidelines to ensure trading success every week!