So trading the 30min breakout trade has been very successful for me this month. I have not added it up yet but I know I am close to 2,000 pips for the month. How is this possible? Well, thanks to TraderCisco showing me this trade, I have been able to trade them very successfully.
Here is a photo of how I played the AUDJPY. As you can see the 3 entries that you could have gotten in on to short, each of those entries where 50-70 pip stops and as you can see they all paid 1:1 and 2:1 return ratios. The way I try to trade these would be by leaving my original entry in and just move my stop to the next resistance area when it is created and then enter again when the breakout continues to happen in my favor. So, lets see how many pips you could be up if you did this.
At the time of writing this the AUDJPY is at 78.98
Entry #1: 81.32 up 234 pips
Entry #2: 80.78 up 180 pips
Entry #3: 79.54 up 56 pips
So you would be up a total of 470 pips all with a 70 pip stop from the original entry. I say only the 70 pip stop because that was Entry #1's stop, and after the first entry paid out, you would be positive on all trades after that. It just takes patience and confidence to stay in the trade. But, when you are going with the direction of the day, these trades tend to move and pay pretty fast.
Do you like that kind of return ratio? I KNOW I DO!!!
Now, what I did wrong was choked my stop on my Entry #1 and got stopped out, profitably of course. I got in on entry #2 around 80.97 and then got in the car to drive to Ohio. I checked my account on my phone and saw I was up 100 pips. With it being Wednesday, the day before Thanksgiving, I decided to close out with 100 pips. It was about a 1.75:1 ratio so I took it, and of course it drops some more. I did not get in on entry #3 that was happening while I am writing this because its Thanksgiving and I don't know what will happen today. Plus, I am suppose to be hanging with friends instead of writing this, but what can you do.
Hope this helps people understand how and what I trade. Feel free to email me if you have any questions, comments or tell me what Im doing wrong at pippin.tee@gmail.com.
