Hello Successful Forex Traders. we are sstill waiting for the previous trade to pan out. However, I found another trade in the euro that has reached T1-Target 1 or 1st profit target. Here is the picture:
The chart is self explanatory.
The set up we are looking for is, price must be at least 110 pips away from the 144. Stochastics, MACD and RSI must be in the buy zone.
Also, look for price to may be stay down towards the end of the trading day because the retracement will surely come the next trading day.
Here is the aftermath of this trade, good for 64 pips to T1.
This trade still has some life left. This is where trade management comes in . If you were in for 10 lots, you might want to take 8 off and trail profits on 2.
For me 10 lots x 64 pips = $640 for the day. I'm out and will wait for the next trade set up.
If you are patient, you can get at least 3 trades like this per week.
I am going to write about using market internals soon, especially, how to find out what a market's strength is based on price.
In the mean time, read this book:
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