Last week we were looking for longs on EU and price did indeed rally. However with the big gap up in price we turned our focus to shorts instead.
After I posted a supply level on the 2 hour chart one of the members spotted a 5m level from which to trade, following an engulf, and posted it on the forum. This was great as I had noticed the same level and marked it up for a potential short trade too.
Here's the 2 hour chart:
And here's the 5m chart after the engulf:
If you were watching the markets on Friday then you already know what happened. Price hit this supply level, dropped a bit then when the NFP news came out it dropped like a stone! I have always said, I don't consider the news as part of my trading. If the chart says to enter a trade then I enter a trade. It's that simple. If you're right then news like NFP can just move the market faster in your favour. If you're wrong then you'll be out quickly. This time price just moved in our favour. A lot!
The member who spotted the 5m level made a 19:1 return on this single trade. Others made over 100 pips on the fall from the H2 supply level too.
Trades like these happen occasionally so whilst you stick to your plan and do the same thing over and over, sometimes you get a big pay day. There's been some real progress from the members and this is just one example.
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