Trade setups and other nonsense from Rob Booker, Currency Trader...
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Support and Resistance Trading DVD series by Rob Booker and Dave Murphy.
Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
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An update for you on how our Harry Dollar trade is doing. According to how I played the trade, it closed at break even, but there are some of you who have kept the trade open until now and it’s got about 60 pips so far. The stop should definitely be at break even now, and the profit target is still the top of the channel, which is right now at 99.10.
Yesterday we gathered around the pensieve and looked into the thoughts of the NZD/JPY on the 4 hour chart. We talked about the fact that we’d like to buy the pair if it broke above resistance in the ascending channel. And that’s what we did.
Harry’s wand is covering up the price a bit, but the trade would have opened near 96.85 and would now have about 20-25 pips. The target is the top of the ascending channel. Moving the stop to break even after 30-40 pips is not a bad idea at all.
