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Yesterday we got an amazing move in Cable, just from the very beginning of the European Opening. Unfortunately yesterday I was not in the screen at that moment because of my schedule at FxForaliving but the entry was very clear for all of you that are following me. I may review the session as educational proposal because it deserves an article.
Let’s see today’s trade:
1. Channel at 5 and 1m chart at the end of the Asian session.
2. Channel broken to the down side. We got a second chance for all of you that missed it.
3. Partial profit taking at + 20, just in case the price reverses.
4 Price rejected at previous 60m swing low. Time to close rest of the position.
5.
have you done your analysis of why price was rejected at the 4480 level? if you do a fib from the recent high/low, you will see that price reached the 62% retracement TO THE PIP, could’t you foretell this?? do you have any clue about trading? I notice you target 20 pips and take ‘partial profits’ without having a clue about the higher level timeframes, why waste people’s time on this? cheers
Hi Tomaz,
Thanks for your comments. As I mentioned in the chart, the 4470 level was the previous swing Low in the 60 min. chart, so it was a price level to watch.
The way it was rejected let us know that the bulls were in control at that level.
We use special money management techniques to increase our percentage of success, and one of them is taking partial profit. If the rally keeps going on our favor we may increase the lots (pyramiding) but we have to measure the total risk in advance and calculate the lots to add to the position and where to move the stops.
On that way we protect the trade and we are able to be more consistent on our stats.
The secret of trading is the consistency.
Regards,