Good afternoon, dear friends!
After switching to hourly time frame, frequency of deals based on our trading recommendations has slightly dropped. Yet, the average profit has increased. The weekly profit is even higher than before - when the forecasts have been made for M1. Below, we'll sum up the output and calculate the result in points.
June is coming to an end, which means that July demo accounts contest starts next week. Consider taking part in the event, as this is your real chance to win $250 and get other prizes. Just keep trading, and at the end of the month you might find yourself among the lucky ones.
Horizon X strategy suits for both tournaments and everyday trading. We have already started training on the updated Horizon version, but Horizon X strategy is still relevant, and all the learning materials on it are offered for free. Training will take minimum of your time, so that you'll be able to put the strategy into practice in the next demo accounts contest.
Trading recommendations execution
Six forecasts that were placed on the site during the week have brought profits:
- GBPNZD – the signal was generated on Monday. Imbalance retest from below was followed by formation of bearish absorption on H1, which has strengthened the signal. Two take profits have provided the gain of 48 and 163 pips. Stop made up 62 pips. The execution was perfect, the chart made no moves in the direction of stop;
- GBPAUD - the signal was generated on Monday, the execution wasn't perfect, only the Safe rule has worked out. The first take profit has provided 64 pips profit. Stop made up 64 pips as well. The pound was rather weak, so there was no chance of reaching the second take profit located at a distance of 192 pips;
- AUDCHF - another example of an almost perfect reversal pattern execution. Following global imbalance' retest the first take profit has provided 31 pips of profit; the second take profit hasn't been reached. The deal is still in the market, stop is in the profitable zone, so we are taking no risk and waiting for the events to develop;
- CADCHF - on Tuesday franc lost ground relative to the most currencies. At the rebound from imbalance, which was broken through previously, long positions have brought 29 and 87 pips of profit. The forecast execution is 100%;
- CHFJPY - after sell signal has been generated, the chart was moving in a narrow corridor. The first take-profit was reached on an impulsive movement. As a result, profit made up 26 pips; stop-loss at the moment of sales made up 26 pips as well;
- GBPCHF - the signal was executed partially. The entry point for purchase was received at midnight; we've entered with stop of 50 pips. The chart has reacted to support with a moderate growth, and the first take profit was finally reached at a distance of 50 pips from the market entry level.
Deals on M1
At the beginning of the week online trading session with our traders took place. The forecasts were made including the ones for the minute charts. The recording of the event can be found here, and we'll mention a couple of interesting signals on the minute charts:
- GBPUSD - buying on M1 from 1.2745 with targets of 9 and 17 pips was executed perfectly. At the moment of entering the market stop made up about 9-10 pips, so the requirements for stop/take profit ratio were fulfilled. This moment can be seen on the video; entering the market is carried out by a pending order;
- EURJPY - false breakout of support has taken place; reversal construction has been formed. At its maximum' retest long position was opened, which provided 10 pips of profit. Before moving towards take profit took place, stop zone has been tested, but as stop loss was placed with a margin, it managed to stand against.
There was another interesting point - GBPUSD chart was caught between the 2 imbalances.
In fact, there was no ground for sales in such a situation. But entering the market made no sense - the risk of the deal exceeded take profit by 2.5 times. So don't forget to assess the potential of deals before entering the market.
Let's calculate the profit made - from Monday to Thursday one could have earned 498 pips of profit based on our recommendations. In case of aggressive deals it's, enter with a smaller lot; if the volume is brought to the standard size, profits will make up 124.5 pips, which is an excellent result.
Make sure not to miss the signals. On hourly charts there's always a time reserve. Yet, in any case, we’d recommend subscribing to video reviews that can be found on our Youtube channel