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The Bounce Trade in a nutshell..
This is the easiest FXMoneyMap Trading Pattern that is regularly traded by many Traders with a reported a success rate of as much as 83.6% from a recent survey. This type of trade carries less than 10% risk and is guaranteed to give you 10 pips of profit. These types of setups occur most days, and occurs several times for you to capitalise on the trade.
What you need?
For this Trade you will need a Grid, 1 Min Chart and 60 Min Chart.
The Criteria is a 4 Column Support with at least 1x 60 Min MA Green Box (L1 or L2) if not 2x Boxes (L1 & L2), close to a 20 point Gap between the point at which the price came from and is going from (difference between entry and exit), with a set 10 pip stop loss and 10 pip take profit. See the illustrated example below.
Bounce Trade Sell Example on EUR/USD
|Figure 1 - Setup identified||Figure 2 - Two mins later Setup is at Entry point|
|Figure 3 - Seven mins later and price level at Target Exit|
EUR/USD Bounce Trade Explained
The EUR/USD Grid in Figure 1 identifies a Bounce Trade Sell Pattern. If you look Figure 4, It is showing that the 1 min chart shows a long move up from 1.3183 and is continuing with a strong movement upwards most likely reaching 1.3225+... so why is this a sell grid?
There is no doubt that the price will reach a peak and there will no doubt be a retracement (price coming back down - before possibly continuing to go up again)
Identifying the Setup
So how do we find this point? Using the EUR/USD Grid in Figure 1 you can identify a clear level of resistance level across 4 time lanes - 3 Fibonacci color band overlays in the 1, 5 and 15 min time lanes (shown by the numbers and different shades of blue) and it also has one 60min L1 MA Red Box where the price is likely to bounce from. You can see that this is likely to re-occur as it has happened earlier in Figure 5 (price bounced off the L1 MA (Green Box).
Using the Grid and the 1 and 60min charts in conjunction we have identified a sell grid. Now to check off the criteria...
Figure 4 - EUR/USD 1 min Price action
Figure 5 - EUR/USD 60 Min Price Action
Yes, it meets all the Criteria:
Price Action Approaching Entry Point
Just two minutes after the Screenshot from Figure 1 was taken, Figure 2 Shows that the price is hitting the 60min L1 MA Red Box and is likely to bounce off this level. You should Sell EUR/USD as it seems way overbought and the price action undoubtedly respects this identified level of resistance and starts to move back down for a retracement. The retracement is likely to continue back to the 1min L1 MA Green Box.
Price Action Approaching Exit Point
Another Seven minutes after the Screenshot from Figure 2 was taken, Figure 3 Shows that the price has passed the 1min L1 MA Red Box because our set target was the 1.3207 L1 MA Green Box shown on the Grid in Figure 1. Therefore now as we have approached 1.3207 and come further down now it is good time to exit as there is now also a 5min L1 MA Green Box approaching and it can act as a Support where the price may bounce off this before it continues to retrace anymore (therefore to lock in guaranteed profits you will exit at this level).
This Trade was taken live by An FXMM Trader, who achieved the following outcome...
Entry: Sold EUR/USD @ 1.3225
Exit:: Bought Back @ 1.3206
Size: 2x Standard Lots
Profit /Loss in Pips: +18 pips on 2x Std Lots (effectively 36 pips)
Profit /Loss in Monetary Value: $360
Trade Duration: 9 Minutes 04 seconds
See For yourself this trade and other examples available below in video format. Results from more trades using the FXMM trading Patterns really work. We publish live updating Trading History via Trading Statements and Trading Log Links below...
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