Back in November, I had pointed out a setup on the NZD/USD in our trading room here at Elliott Wave Trader in which I laid out a very clean long setup to the upside on the NZD/USD.
This setup called for a long entry at the 0.6832 level with stops just under the 0.6779 low or just 53 pips below the price at that time. As of today, this pair is trading at the 0.7384 level or 538 pips of the 0.6832 level. In other words over a 10 to 1 risk to reward ratio at current levels.
If one were to risk just 3% of their Forex portfolio on this trade, then this trade would have resulted in a portfolio gain of over 30% on just one single trade.
This is the second huge winning setup that we have pointed out in the last several months here in the Forex Room at ElliottWave Trader.
Earlier in 2017 we had a USD/CAD trade setup that had an over 20 to 1 risk to reward setup and follow-through. This would have resulted in a 60% portfolio gain with that same 3% risk put into place.
These Forex trades are often what we can call lazy river swing trades. Trades where there is not much but set stops and float down the river for the ride. So while they may not take much work and constant management, when these trades hit, one or two big winners can make the entire year.
The USD/CAD and NZD/USD trades are perfect examples of this phenomenon. Having taken just these two trades and risking just 3% of total account value would have resulted in a portfolio gain of more than 100%.
So if you are interested in making more money with less work come check out some of the setups that we lay out over in the Forex Room at Elliott Wave Trader.
We cover all of the major currency pairs along with regular coverage on many of the higher volume minor and cross pairs. I also host an interactive weekly live video where I will cover all of the major pairs along withe DXY Index.
We offer a 15 day free trial with no credit card required so you have nothing to lose. Come on over and give us a try to see what trading Forex can do for you...
About Mike: Michael Golembesky is a featured analyst at ElliottWaveTrader.net, focusing on Forex and the VIX. Mike is a renowned practitioner and educator in applying Elliott Wave analysis to trading forex and volatility instruments. He is a popular speaker at financial forums and conferences in the U.S., including The Traders Expo and The Money Show, and widely syndicated on sites including MarketWatch, Seeking Alpha, and Nasdaq.com.
About our Forex Service: Co-hosted with Arkady Yakhnis, the service features chart analysis and alerts on trading opportunities in both the major and minor forex pairs, posted live in the Trading Room and available by email alerts. The six majors are EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, and AUDUSD.
See a recent Webinar by Mike on applying Elliott Wave analysis to Forex trading.
About our VIX Service: This service features Mike's day and swing trade alerts on the VXX and XIV as well as options on those ETFs. The alerts are posted live in the ElliottWaveTrader room and available by email.
About Avi: Avi is founder of ElliottWaveTrader.net, a live trading room and member forum focusing on Elliott Wave market analysis. Avi emphasizes a comprehensive reading of charts and wave counts that is free of personal bias or predisposition. A lawyer and accountant by training, he is also managing member of Gilburt Financial Services, LLC, which provides financial markets analysis and consulting. His Elliott Wave analysis appears frequently on sites such as MarketWatch, Minyanville, and SeekingAlpha, where he is a certified contributor.
About Avi's Market Alerts Service: Our flagship service covering U.S. equity indices, bonds, precious metals, energy & US dollar, plus market sentiment analysis & cycles/internals, hosted by Avi Gilburt and our analyst team.
