This morning in the coaching sessions we went through quite a few markets but the one that was most interesting was the Aussie trade. We started tracking the trade early and knew exactly where the entry would come in. The spot forex trade was entered in the paper trading environment and the binary options used real account information to identify entry, risk
Notice on the chart above entry was identified around the .6796 area (refined to .6790 later) and the risk would be approximately 16 pips (we did refine this to an even 15 pips later). While we were waiting on the retracement, we reviewed the futures and other forex markets. Then came back to the AUDUSD to see if retracement occurred.
The binary option came in at the dark green arrow. The light green arrow identifies the spot forex entry. The stop on the spot forex was .6775. The
On the spot AUDUSD trade, once price moves above the .6798 area, the trader could move the stop to breakeven. It is critical that price moves through the .6798 area to provide another move upwards.
The AUDUSD trade shows what a difference the coaching makes because traders are learning the predictive qualities of the TradersHelpDesk indicators and their higher time frame support & resistance with the lower time frames. These traders now can identify the trade early, anticipate the risk to reward (on each time frame) and can identify when the trade is in trouble. We knew early that our potential reward on the 15