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It is a real thrill when you pick up a really big FOREX Price Pattern Trade. Yesterday, August 13, 2008, the British Pound/US Dollar (GBP/USD) the pair continued the steep drop; See the video below.

It turned out to be a 300 or so PIPs profit day in just a couple of hours. It was an easy trade to spot. The daily chart, and the weekly, for that matter, shows a definite down move. So how do you take advantage of that? Simple! Go to the intraday, in this case the 15 minute, charts and find a tradable forex price pattern.

I was a price pattern trader, make that I am once again an active trader that looks for forex price patterns that have strong support from a couple of indicators that I like. These kind of trades don’t come along every day; But when they do show up, grab them.

A Side NOTE: I’m looking at a new “FOREX Trend Trading System”. I’ll dissect it over the next week or so and let you know what I think of it. Some of them can be really good. But, some can be questionable at best.

I’ve said it a number of times here but here it is again. Trading FOREX Price Patterns work. There is a FREE ebook in the right hand column I wrote about 10 years ago that cover the price patterns I used with some pretty good success.

I highly recommend the “Market Club” for those traders that need and crave a solid trading system; there are a couple of commercials at the top of this page that will give you an idea on what and how they do things.

The video above illustrates how I used a 1-2-3 Down FOREX price pattern to grab a 300 pip trade.