How I made $500 on EURJPY

Now that I have your attention. I made that title simply to draw your attention. It is true but that's not really the point. Most YouTubers are now using these ClickBaity catchy titles to draw more attention but the fact of the matter is that Dollar Figures, although attractive, are deceptive.

The question is, did you make $500 while trading a $50,000 account, a $5,000 account, or something else? What was your risk on the trade. Did you risk $2,000 to make $500 dollar or did you do it correctly by risking $250 dollars to make $500.

Risk Management is something that will keep you in the game for long and it is "THE MOST IMPORTANT" factor in terms of Successful Trading.

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The Setup 1 on EUR/JPY that was Waltz Signal on D1

Lets explore this setup 1. In the chart below you see I have marked the chart with Days and Numbers. This particular setup took 4 days to get ready/form. And then it took 2 days to complete.

Note that I will talk only from the perspective of looking at the chart at the end of the day. So right at the dotted vertical lines. These are called "Period Separators". Since this is an hourly chart it shows NY Close which is 10pm uk and 5pm NY. And since Forex is 24hrs Market Monday to Friday, the market opens as soon as it closes. 

Day 1: There was nothing great about this day. It did not give you any information. Only that market stayed sideways during these 24hrs. 

Day 2.: This day is the big day. You received some good information of this pair. Market has dropped considerably on this day and closed in the right area too. You can see price pulled back up towards the close of the day but still the pullback was well within the limits. What is the limit? well to put it simply it did not go on the other side of purple. (Purple is a concept explained in the AIMS The Setup eBook) [Free Download available]

Day 3: This is the day you waited for. You waited if price will create a boxed market. Now Gator is sleeping, price is inside the tight AIMS Box and Purple is correct. 

Day 4: You had your orders setup for sell orders based on Day 3's Box Range. You were expecting it to be taken and the sell trade triggered but it did not do so. Setup was still valid so you left the orders in. 

Day 5: Today the market has taken your Sell Order in. The market pulls back up violently but does not hit your SL which is above the high of Day 4. 

Day 6: Today your Take Profit Level was hit and you've banked a good 2R Profit. (if 1R was your Stop Loss i.e .RIsk then multiply that by 2 to get 2R Profit). You risked $250 dollars and set your Take Profit level just above THE TARGET ZONE 1. This is an amazing concept which is part of AIMS The Setup 1. Happy Days. 

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Here is a Picture of Setup 1 on LON: IAG Stock. International Consolidated Airlns Grp
Don't care what happened to this stock, suffice to say, something bad must be happening. Its dropped and dropped again.

Check out this Setup 1 on Vodafone Stock.

A Max $8 Risk (would have exited at $4 Loss)
Profit of $14 (Take Profit Level at TZ1)

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The Mindset Required for Trading Currencies

When we say we trade FX, The Currency Markets, what are we doing? 

We are Trading the following currencies

• Aussie Dollar
• Kiwi Dollar
• Canadian Dollar
• Euros
• British Pound
• The Yens and
• The Mighty US Dollar.

... So one more thing I'd like to talk about when trading the currency markets/pairs on the Daily charts Whether you're using AIMS The Setup, The Fruit or specially the AIMS The  WALTZ (New Strategy) or anything else.

I try to see the pairs as groups. Let me give an analogy from the Stock Trading World.
so e.g. when you trend trade stocks, you try to see where is the price for this particular stock and you also want to see, where is the "industry" heading for that stock and then you also want to know where is the overall market heading.
e.g Apple Stock Going down, is that industry going down? yes, is the overall market pulling down? yes. That would make it a great candidate for selling that stock and letting it run as long as it drops.

Oh, before you go into "fundamental vs technical" debate, I'd like to clear that too. All I meant by that was to check the relevant charts for "industry" and the "index". See if the trends are all down. E.g. a company could have bad news or reports and that made its charts pointing downwards but its possible that the industry is still going up or sideways and it could be an overall bullish market.

Now let's go back to FX Markets. For Currencies, you look at the various combination of the currency in question. e.g. To Trade Aussie dollar I would look at these 4 pairs ,

•  AUDJPY,  (Australian Dollar vs Japanese Yen)
• AUDNZD, (Australian Dollar vs New Zealand Dollar)
• AUDCAD, (Australian Dollar vs Canadian Dollar)
• AUDUSD. (Australian Dollar vs US Dollar)

I look at AU from these 4 dimensions. Now suppose I get a signal on AU, I want to know that the entire lot is generally pointing down. Suppose AJ , AN and AC are looking bullish and AU is giving me a Sell signal, perhaps its NOT Aussie move, rather aussie is weak against US dollar but strong against yen, cad and kiwi. This won't be very interesting.

I hope I have clarified that now, when you trade a signal on say Aussie vs xyz currency, if you caught "a" signal on either of the 4 available. you've done the trick. You've traded the Aussie Dollar. You don't need to have signals on all 4 pairs.

As you guys know, since I have traded AUD/NZD and took profits, but missed other move on AUDUSD, due to lack of signal or otherwise, its fine. I've traded  Aussie dollar one way or the other.

Trade Taken on the Aussie against Kiwi Dollar. A Good Trade overall. 

So what upsets me today is that looking at GBP it's clearly heading down. and I have not managed to catch anything. That was bad decision making or too strict on my rules.

Had I taken EUR/GBP long, or GBP/JPY short or GBP/CAD short, Had I taken either one or all, that would have done the trick. That would have counted as , "I traded the British Pound". But I did not take any trades despite good signals. Now this is not forgivable. I must take action to ensure I am able to take good signals.

So look at GBP/AUD, sell signal, it did not really move. but I  won't be shorting it anyway, since I knew Aussie Dollar is heading down while British Pound is selling off as well. Don't confuse this with correlation.

500 Dollars within 2 Hours of Trading

Its a Bank Holiday in the UK. Sitting relaxed doing nothing? Yes, Indeed. But Germany i.e Europe is not having holiday, they are open. Sat down, laptop literally in my lap. Saw the setup. I had actually not looked at the London Open time. But when I opened and saw market was moving I took the trade.

You can catch a trade like this few times a week. Risk 1% on 25K account and you catch $500 within 2 hrs. Not bad for a bank holiday Monday is it?

DAX 30 Setup 1. Simple Does it.