76 PIP CHF JPY TRADE 100 RETURN BECKONS ~ forex binary options trading system omni11
This trade took advantage of the False Breakout on the Pennant of the Daily Chart, following a short-lived Bullish breakout. It provided a gain of 76 Pips over 4 Days as the pair returned inside of the large Consolidation on its way to the Support boundary. This latest trade was added confirmation of the accuracy of my Methodology which continues to produce above average trading gains. A Demo Account, which was opened in October (up 4%), now tracks my Live Account and will demonstrate how a 100% return is possible by January 2015 with only a small number of trades.
There was an initial breakout long above the Resistance of the CHF JPY Pennant that pointed to the start of sharp gains for the Swiss Franc. It was expected to mirror the gains for the US Dollar against the Japanese Yen, following a Range breakout of 700 Pips.
There was an initial breakout long above the Resistance of the CHF JPY Pennant that pointed to the start of sharp gains for the Swiss Franc. It was expected to mirror the gains for the US Dollar against the Japanese Yen, following a Range breakout of 700 Pips.
DAILY CHART- USD JPY BREAKOUT
The Pennant setup on the CHF JPY was much larger in comparison and was also in an Uptrend. As such, when the Bull Candle breakout signal appeared above its Resistance, the distance of the breakout was expected to be much greater.
DAILY CHART- CHF JPY PENNANT
DAILY CHART- CHF JPY BREAKOUT
As tempting as this appeared to be, there were two important Technical Factors that mitigated against entry;
- The Breakout Signal was a Large Candle
- (Weekly Technical Notes - August 25-29, 2014 & October 13-17, 2014)
- The Weekly Range was hit
- (Section 4 - Trading Manual)
Given these reasons, a pullback was expected and we needed to wait on another signal to resume the breakout. Instead of this, however, the pair became volatile and eventually reversed to start the False Breakout back inside of the Pennant.
DAILY CHART - CHF JPY FALSE BREAKOUT
DAILY CHART - CHF JPY FALSE BREAKOUT
With this turn and the Bearish signal given, the pair was expected to decline towards the Support once more. Entry then took place at a Counter Trend Line break signal on the 4 Hour Chart, with the Stop Loss placed above the high and the Limit set to the Near-End Value of the Pennant (Section 6 - Trading Manual).
ENTRY SHEET SETUP (As Sent to Subscribers)
ENTRY DATE | TODAY, OCTOBER 6, 2014 |
ENTRY TIME | NOW |
ENTRY PRICE (LOWEST PRICE) | 113,20 |
STOP LOSS | 114,07 |
LIMIT ORDER | 112,20 |
HOLDING PERIOD / FINAL DAY | 4 DAYS- FRIDAY OCT.10, 2014 |
DAILY TIME CHECK | 21 00 GMT |
At the end of the established Holding Period, the trade had not yet reached the Near End Value and thus had to be closed for 76 Pips instead of the targeted 100 Pips.
DAILY CHART- CHF JPY TRADE EXIT
DAILY CHART- CHF JPY TRADE EXIT
DAILY CHART - LIVE ACCOUNT RESULT
 |
| 9-Pip Loss due to initial uncertainty about Trade Setup vis-a-vis Methodology |
With this result, the Demo Account generated its first win of just handful of trades needed for a 100% over the next few months.
PROJECTED RETURN
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