Forex trading - 417 PIPs in one trading DAY! on a Monday!

"This bat pattern would look like this. X to A, A to B, did not touch the 618. If it would have, we would have assumed this was going to be a Gartly pattern, we would have looked for another 618 retracement back down. But instead, since we did not clip the 618, we only have to have a 382. And back up here at 8.86 is the completion of our bat pattern."

"This trade was a 786 strategy trade, which is also a strategy that I came up with. Well, I don't like saying that I came up with it. I'm sure other people have used the same strategy that understand trend continuation and just not uploaded YouTube videos about it, but it's a strategy I use during trend continuation to capitalize on very good risk-to-reward and being with the underlying trend."

"As you can see, starting from this X leg here, we go down our impulse leg up to a 618. Do not hit 786. So that tells us this is going to be a Gartly pattern. If a couple of more rules are met, we then come down more than 61.8%. And then back up to a 127 extension right in there."

"This cipher pattern came from this leg down here. This is the impulse leg x to a 382 retracement up to a 127 extension and ending down here at the 786 retracement."

"This specific bat pattern came in from here. This leg here is the X. This is the impulse leg. X to A, A up to B, 50% retracement. B down to C at least at 382 and C to D at the 8.86."

"138 pips. So we were at 103. We are now at 241 pips for Monday. Also on this same chart, as I said before, there is a Gartly pattern. If you're not familiar with the Gartley pattern, then make sure to subscribe to my channel because I'm coming out with a video explaining how I trade the Gartly pattern within the next couple of days. I'll put a link to subscribe in the bottom lefthand corner of your screen. And let's bring in a Fibonacci retracement to find this Gartly here."

"Around 84 or 85 pips. So if we add that to our 333, that equals 417 pips in a single day."

"So that puts us at 333 pips for Monday so far. with one more trade to look at on the Euro pound."

"So that accounted for 35 more pips. So that's up to 103 so far."

"Somewhere around 25 pips up to the 382."

"And as I said before, there's another advanced pattern here on the chart. I'll give you a second to find it as well. And it's a cipher pattern. So, on the bottom left hand of your screen, there will be a link to the tutorial I did on the cipher pattern not too long ago. So, if that's something you're not familiar with, then head over there and check it out and get a little more familiar with the cipher pattern. This cipher pattern came from this leg down here. This is the impulse leg x to a 382 retracement up to a 127 extension and ending down here at the 786 retracement. Again, we'll bring the fibs in to see how close I was on the entry. just a tad high. And now we will bring in another Fibonacci to see about targets and to count the pips on this trade. Somewhere around 25 pips up to the 382."

"From our entry down to the 382, which is where I take targets on my advanced patterns, is 42 pips."

"This Monday, I managed to bring in 417 pips in a single day."

"This is what I wanted my stops to get under just in case we pushed down a little further and tested this area. I had a long bias in this market because of the trend we've been in for a while now. Nothing but up. So I assumed that if I could get stops under this level here that we would probably see a continuation of that upward trend. Now we will measure for our targets at the 382. So that accounted for 35 more pips. So that's up to 103 so far."

"It looks like that was around 90 pips."

"So, what we look for is a break and close above a previous resistance or support level. As you can see here, we get a break and close above this previous resistance level. And then all we do is go from the swing low down here to the swing high. And we would, in this case, with the market breaking above and going up, we would buy the 786 retracement, which is what we did. And we look for targets. Specifically me, I look for targets. You will have to test this yourself if you ever plan to trade it and figure out where the best place for targets is for you, but I look for targets back up at previous structure, which would be here. Normally, I would go with the bodies of these candles here, but I chose to go a little lower just to make sure I hit targets on this specific trade. Now with that there, let's check and see what our pip count was to targets. Around 84 or 85 pips."

"That accounted for 138 pips."

"The reason there are so many people that give up and either blow an account because they didn't back test their strategy and did not have confidence in what they were doing or they completely give up on trading. The reason is because all those hours that you put in back testing, there's no promise that they will ever pay."

"In order to use these strategies effectively, you must go back through the markets and stare at charts. You must go back five, 10, 15 years, sometimes on higher time frames and look for these kind of trades. Look for advanced patterns and any other kind of strategy that you plan to test. And you have to find these trades over and over to see how many won, how many lost, what was your stop, what was your target. So you can understand the risk-to-reward on every trade on average what you'll have."

"For me, that's not enough just because I'm don't feel very confident only having a 100 trades to go by. So, when I've tested all of my strategies, I've always tested 200 trades."

"And the reason we have to do all this testing is because without it, you have no clue what your risk management should be."

"So by the end of it, you will probably have hundreds of hours in back testing."

"Well, I'm going to tell you guys that's the life of a successful trader. That's the kind of thing you go through every day. You can test strategies that may or may not be profitable in the end."

"And the reason is because all those hours that you put in back testing, there's no promise that they will ever pay. You can go through the pound, dollar, or any other currency. Just using this as an example, you can go through any currency on a 1 hour to 4 hour, 15 minute, doesn't matter the time frame. Go through on the chart for maybe the 4 hour chart and you can look for as many butterflies as you can find within a period of 10 years on the 4 hour chart. And maybe you find somewhere near 300 trades. You test them. you you crunch numbers in a spreadsheet for all 300 of those trades using different stop- losses, different targets, trying to figure out which one would be most profitable. And at the end, you've got around 200 or 300 hours just on that one pair, one strategy."

"So you can understand the risk-to-reward on every trade on average what you'll have. You may want to test for multiple targets and multiple different ways to put in stops."

"As long as you've tested the right the correct amount of trades, and no one can tell you what that is. there's a number that floats around that says you can get a pretty good idea of how a strategy will work off of 100 trades."

"Once you have those trades set in a spreadsheet with your stop- losses, your profit targets, the amount of trades that won and lost, then you can start to set up a risk management plan."

"And you'll be able to base a money management and a riskmanagement plan around that. Now, I plan to do a risk management video eventually. So, leave a comment down below if that's something you think you'd be interested in."

"If you do all this testing and you test every strategy you plan to put in your trade plan, put it in a spreadsheet, as long as you've tested the right the correct amount of trades, and no one can tell you what that is. there's a number that floats around that says you can get a pretty good idea of how a strategy will work off of 100 trades. For me, that's not enough just because I'm don't feel very confident only having a 100 trades to go by. So, when I've tested all of my strategies, I've always tested 200 trades. And once you have those trades set in a spreadsheet with your stop- losses, your profit targets, the amount of trades that won and lost, then you can start to set up a risk management plan. Then you can see, okay, this strategy is going to come with a 20% draw down. This strategy is going to come with 10 losers in a row. Well, if I'm trading on a $10,000 account and I know it could have 10 losers in a row, I know for sure I don't want to be risking a very high amount of money per trade. You could not risk $1,000 per trade if you knew your strategy has produced 10 losers in a row at one time."

"So once you've tested it, you'll know the max number of losses. You'll know what your average draw down is, what your max draw down is, and you'll be able to base a money management and a riskmanagement plan around that."

"At this point, psychology comes in to play. At this point, it's up to you to have the discipline to place that trade on that specific strategy that you have just tested. Place it every single time. You just had 10 losers in a row, place the trade. You just had 10 winners in a row, place the trade. market's in a downtrend and your strategy shows that you're buying, place the trade."

"So by the end of it, you will probably have hundreds of hours in back testing. And the reason there are so many people that give up and either blow an account because they didn't back test their strategy and did not have confidence in what they were doing or they completely give up on trading."

"And I will show you exactly how I came up with those 417 pips. But first, I want to explain how important it is for you guys to test any strategies that you want to use in the market."

"Well, I'm going to tell you guys that's the life of a successful trader. That's the kind of thing you go through every day. You can test strategies that may or may not be profitable in the end. And that's not even the hard part. Once you're done doing that, at this point, you have to have the confidence and the discipline. Once you've tested to see that whatever you're testing is profitable and has a positive expectancy."

"So, this Monday was the best day of trading that I've had since I started trading with a live account a little over a year ago. This Monday, I managed to bring in 417 pips in a single day."

"And I normally do not come out with videos on a Tuesday, but with the Monday that I had, I felt obligated to share it with you guys. And not to brag or to say how good of a trader I am, but only for educational purposes, only to show you that if you have a trade plan with only a few strategies in it and you master those strategies and have the discipline to execute those strategies every single time they happen in the market, then that will increase your chances of becoming a successful trader."

"And the reason we have to do all this testing is because without it, you have no clue what your risk management should be. If you do all this testing and you test every strategy you plan to put in your trade plan, put it in a spreadsheet, as long as you've tested the right the correct amount of trades, and no one can tell you what that is."

"So, by the end of it, you will probably have hundreds of hours in back testing. And the reason there are so many people that give up and either blow an account because they didn't back test their strategy and did not have confidence in what they were doing or they completely give up on trading."

"So you can understand the risk-to-reward on every trade on average what you'll have. You may want to test for multiple targets and multiple different ways to put in stops. So by the end of it, you will probably have hundreds of hours in back testing."

"And that's not even the hard part. Once you're done doing that, at this point, you have to have the confidence and the discipline. Once you've tested to see that whatever you're testing is profitable and has a positive expectancy."

"And I will show you exactly how I came up with those 417 pips. But first, I want to explain how important it is for you guys to test any strategies that you want to use in the market. Because, see, this is where most people give up. In order to use these strategies effectively, you must go back through the markets and stare at charts. You must go back five, 10, 15 years, sometimes on higher time frames and look for these kind of trades. Look for advanced patterns and any other kind of strategy that you plan to test. And you have to find these trades over and over to see how many won, how many lost, what was your stop, what was your target. So you can understand the risk-to-reward on every trade on average what you'll have. You may want to test for multiple targets and multiple different ways to put in stops. So by the end of it, you will probably have hundreds of hours in back testing."

"And I will show you exactly how I came up with those 417 pips. But first, I want to explain how important it is for you guys to test any strategies that you want to use in the market. Because, see, this is where most people give up. In order to use these strategies effectively, you must go back through the markets and stare at charts. You must go back five, 10, 15 years, sometimes on higher time frames and look for these kind of trades. Look for advanced patterns and any other kind of strategy that you plan to test. And you have to find these trades over and over to see how many won, how many lost, what was your stop, what was your target. So you can understand the risk-to-reward on every trade on average what you'll have. You may want to test for multiple targets and multiple different ways to put in stops. So by the end of it, you will probably have hundreds of hours in back testing."

"So, go ahead and subscribe to my channel so that you get updates whenever I come out with any new videos about Forex trading. Now, with all that said about hard work, back testing, creating a risk management plan, creating a money management plan, and creating an entire trading plan."

"And I will show you exactly how I came up with those 417 pips. But first, I want to explain how important it is for you guys to test any strategies that you want to use in the market. Because, see, this is where most people give up."

"So, this Monday was the best day of trading that I've had since I started trading with a live account a little over a year ago. This Monday, I managed to bring in 417 pips in a single day."

"And not to brag or to say how good of a trader I am, but only for educational purposes, only to show you that if you have a trade plan with only a few strategies in it and you master those strategies and have the discipline to execute those strategies every single time they happen in the market, then that will increase your chances of becoming a successful trader."