This week’s (March 17, 2018) Spotlight Trade of the Week will be a Forex trade.
In the Spotlight Power Trader’s private member site, we have several trade plans for the daily chart of the currency pair of EURAUD.
This version has excellent performance report numbers:
- 5.88 profit factor (18.69 pf for longs!),
- 93% win rate over the past 10 years
- Never been more than 2 losses in a row – only one time
- Huge winning streaks of 21, 19 and 17 winning trades in a row as well
As you can see with the equity curve, it continues to reach for new equity highs with very little draw down, achieving the main goal of our trading system, the Spotlight Power Trader.
All of these facts are excellent for confidence and are the reason why I’ve selected this trade for our new Spotlight Trade of the Week – Forex Edition.
The numbers shown in the performance report and equity curve are based on 5 mini lots,with 20% coming off at each of the 4 targets and trailing the rest.
It is important to bookmark this page and check back for the progress of this trade. Updates will appear at the bottom of this post until the trade is complete.
EURAUD TRADE DETAILS
We are taking a long position in the EURAUD.
- Go Long EURAUD at the adjusted entry of 1.6003
- Place Stop Loss at 1.5618
Every one of our trades with our trading systems gives you various target to adjust risk or take profits.
- If the price gets to 1.6145 we will move our stop to eliminate risk or break even
We have several price targets for scale out partial positions and even when to trail your stop for larger profits.
- Target 1; 1.6234; exit 20%
- Target 2; 1.6383; exit 20%
- Target 3; 1.6532
- Target 4; 1.6800; exit 20%
Once we hit the MM level; we will not only eliminate risk but we will begin trailing our stop. It’s possible we will stop out the entire position if the trailing stop gets hit before targets.
3/20/18 Update; EURAUD triggered in yesterday. Check back for updates
3/28/18 Update; EURAUD has moved nicely, hitting its money mgt level. It’s time to move the stop to lock in some profit. Move the stop to 1.6043, which locks in +40 pips.
3/29/18 Update; EURUSD moved back down and stopped out at our protective stop, making 40 pips.
Check back here for updates
Latest posts by CoachTJ (see all)
- 5 Crucial Aspects Of A Winning Trading Plan - August 24, 2018
- Day Trading Blueprint for Success — Crude Oil Inventory Report - August 9, 2018
- Losing Trades Can Be Great For Your Bottom Line - August 2, 2018