Brief Summary
This video explains why the content creator, Solo EV, switched from HankoTrade to GatesFX, focusing on the advantages of GatesFX, particularly for trading US Oil. He details a specific trading strategy involving identifying the New York Open trap, using Fibonacci retracements, and confirming entries with candle behavior. The video also covers setting targets with Fibonacci extensions and highlights the importance of broker choice for trading US Oil effectively.
- Solo EV switched to GatesFX due to glitches and platform limitations with HankoTrade.
- US Oil is favored for its consistent movement compared to gold.
- The strategy involves identifying the NY Open trap, using Fibonacci retracements, and confirming entries with candle behavior.
- GatesFX offers better pricing and the Trade Locker platform, which simplifies risk management.
Why I left HankoTrade for GatesFX
Solo EV explains that he left HankoTrade due to constant glitches in their system, which negatively affected his trading. HankoTrade's platform, Hanko X, imposed limitations on his trading activities. This led him to switch to GatesFX, which offers several advantages.
Broker glitches & platform limitations
The primary reasons for leaving HankoTrade were the frequent glitches in their system and the limitations of their proprietary platform, Hanko X. These issues disrupted his trading and restricted his ability to execute strategies effectively.
GatesFX features & MT5/TradeLocker advantages
GatesFX offers leverage up to 1 to 10,000 and supports both MT5 and Trade Locker platforms. Trade Locker includes a risk calculator that automatically sets stop losses and take profits based on a specified risk percentage, simplifying risk management. This feature is particularly useful for building and scaling accounts.
Why USOIL is one of my top trading markets
US Oil is favored because it can generate 200 to 300 points in one session and is less prone to manipulation compared to gold. While gold can have sudden spikes, US Oil tends to move more consistently in one direction, making it a preferred pair for consistent gains.
Step 1 – Identify the NY Open Trap
The first step in the US Oil trading strategy is to identify the New York Open trap. This involves marking the previous day's highs and lows and watching for a quick spike above or below these levels at the New York open. This spike often represents a liquidity sweep where many traders get trapped.
Step 2 – Measure the pullback with Fibonacci
After identifying the sweep, the next step is to measure the pullback using Fibonacci retracements. Draw fibs from the swing high to the swing low and wait for the price to retrace into the 44% to 61.8% Fibonacci golden zone. Only take entries in line with the sweep direction: short if the high is swept, and long if the low is swept.
Step 3 – Confirm entries with candle behavior
Confirm entries by looking for an engulfing candle (displacement candle) or a strong rejection wick at the Fibonacci zone. The area between the 44% and 61.8% Fibonacci levels is considered a valid key point. Volume spikes provide additional confirmation. Place the stop loss above or below the sweep point, or 7-8 pips above the entry candle for a tighter stop.
Step 4 – Setting targets with Fib extensions
Use Fibonacci extensions to project target points. The first target should align with the -27 Fibonacci level or a 1:2 risk-reward ratio. For US Oil, aiming for a 1:3 risk-reward ratio is often more suitable. The Fibonacci levels help identify valid support and resistance levels for setting take-profit points.
Step 5 – Why broker choice matters for USOIL
GatesFX offers better pricing for US Oil compared to other brokers. The cost per trade is lower, and the availability of Trade Locker allows for precise risk management. The Trade Locker platform is particularly advantageous because it enables traders to risk a specific percentage of their account on each trade.
GatesFX bonus offer & joining my community
GatesFX is offering a sign-up bonus where a $1,000 deposit results in an additional $1,000 to trade with. Viewers can join the TWWs community for free by signing up through GatesFX or opt for a 7-day free trial followed by a monthly subscription. The community provides educational videos and live trading sessions twice a week.
