With the introduction of the Candle Pro upgrades ....especially the email alerts service.... anybody can now trade successfully & have a life also..... Being sat in front of the screens all day is not everybody’s cup of tea..... I know because I’m a professional trader & that’s what I do. I use Candle Pro along with my own techniques & yesterdays email signals netted more pips than I managed, using my years of experience! There are lots of ways to trade the signals, for example moving down to the smaller time frames to take entries once a support bounce has been signaled but this chart is of the 1h set-ups for yesterday.
I personally trade on various time frames using different money management but with this time 1h frame, I use 3 lots using targets 15, 30 & 45 with stop starting at 1:1 & managed as targets hit but everybody has different money management methods. Normally I would favor trades in the direction of the trend but as price is consolidating & there is no definite trend at the minute, (Very slight bias to Bears in my opinion) I will take trades in both directions.
I trade between 6am London & 4pm London normally & very rarely trade anything but Doubles or triples (on any time frame) so the alerts for that period showing doubles or better.
Point 1: BUE (Bullish Engulfing) Double with profit factor of 1.63. Although the Profit factor is not that great I consider this a valid trade because it is a Double. The trade hit target 1 for +15 & the other 2 lots stopped at break even.
Point 2: A very nice SS (Shooting Star) Double with profit factor of 4.44. This looked like a very good trade because Candle Pro had sent an email alert indicating resistance bounce, which indeed it did. Price hit target 1 for +15 & then CP emailed a support bounce warning so the remaining lots were closed out at +5 each above the high of the Harami that rejected support. (I took the long above the Harami but as CP doesn’t signal Haramis will not include it in the breakdown)
Point 3: CP signaled a 3IU (3 Inside Up) Double with profit factor 2.65 after the support bounce. Price shot up & hit target 1 & target 2 at which point CP signaled a support break. This was not sustained & the 3rd lot was stopped out at break even.
Point 4: CP signaled BEE (Bearish Engulfing) Double with profit factor 1.98. This was confirmed by Double Bear divergence & price hit all 3 targets.
Point 5: CP signaled 3OD (3 Outside Down) Double PF 1.93. Price hit target 1 & 2.
That was the end of day for me so CP’s pip count on this pair, if traded using my money management was +210 less spreads = 200 pips profit. Very nice!