Trading EURUSD | Judas Swing Strategy 16/07/2024 - big win!
Last week, we had awesome trading sessions using the Judas swing strategy. We entered 7 positions across 4 major currency pairs: EURUSD, GBPUSD, AUDUSD, and NZDUSD, and secured 5 Big wins! The results we've achieved with this strategy have heightened our anticipation for our trading sessions. As is customary, at 8:25 AM EST, we commenced the day by reviewing the essential items on our Judas Swing strategy checklist, which comprises:
- Setting the timezone to New York time
- Confirming we're on the 5-minute timeframe
- Marking the trading period from 00:00 - 08:30
- Identifying the high and low of the zone
In a few minutes the low of the zone was swept, which meant our focus would be on identifying potential buying opportunities for the trading session.
To increase the likelihood of success of our trades, we wait for a break of structure (BOS) towards the buy side. Once the BOS occurs, we anticipate price to retrace to the initial Fair Value Gap (FVG) created during the formation of the leg that broke the structure.
We patiently waited for price to retrace into the created Fair Value Gap (FVG), and executed our trade upon the closing of the first candle that entered the FVG, as all the conditions on our checklist for trade execution were satisfied. Please note that our stop loss is set at the low of the price leg that broke structure, and we implement a minimum stop loss of 10 pips.
The position underwent minimal drawdown, after 5 minutes we were already in profit. What remains is for us to exercise patience and allow the trade to unfold to our advantage.
We are aware that our strategy does not guarantee a 100% win rate but rather hovers around 50%, indicating that some losses were inevitable. To avoid becoming emotional over the position, we used only 1% of our trading account with the goal of achieving a 2% gain. Upon checking our position later, we observed that the position was a few pips away from hitting TP.
After 4 hours, our Take Profit was triggered, and our patience paid off as we hit our target on EURUSD, resulting in a 2% gain from a 1% risk on the trade.
- Setting the timezone to New York time
- Confirming we're on the 5-minute timeframe
- Marking the trading period from 00:00 - 08:30
- Identifying the high and low of the zone
In a few minutes the low of the zone was swept, which meant our focus would be on identifying potential buying opportunities for the trading session.
To increase the likelihood of success of our trades, we wait for a break of structure (BOS) towards the buy side. Once the BOS occurs, we anticipate price to retrace to the initial Fair Value Gap (FVG) created during the formation of the leg that broke the structure.
We patiently waited for price to retrace into the created Fair Value Gap (FVG), and executed our trade upon the closing of the first candle that entered the FVG, as all the conditions on our checklist for trade execution were satisfied. Please note that our stop loss is set at the low of the price leg that broke structure, and we implement a minimum stop loss of 10 pips.
The position underwent minimal drawdown, after 5 minutes we were already in profit. What remains is for us to exercise patience and allow the trade to unfold to our advantage.
We are aware that our strategy does not guarantee a 100% win rate but rather hovers around 50%, indicating that some losses were inevitable. To avoid becoming emotional over the position, we used only 1% of our trading account with the goal of achieving a 2% gain. Upon checking our position later, we observed that the position was a few pips away from hitting TP.
After 4 hours, our Take Profit was triggered, and our patience paid off as we hit our target on EURUSD, resulting in a 2% gain from a 1% risk on the trade.
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