Where to Put Your TP and SL | Learn in 10 Minutes
Hey Rich Friends,
This quick video will explain how I easily find my TP and SL for my Forex Trades. I've noticed how many new traders struggle with this, so hopefully this video will help. Here is what I do:
1. Identify the overall trend of the market.
It is important to understand that a Selling market will look like a roller coaster going up, have more red candles and it will continue to create Lower Highs and Lower Lows. A Buying market will look like a roller coaster going down, have more green candles, and continue to create Higher Highs and Higher Lows. This is very important.
2. Collect my confirmations for the potential trade. Here are some questions I ask myself:
- What color is the current candle?
- Are the candles above or below my EMAs?
- Have the EMAs crossed?
- Is my Momentum indicator facing up or down? Is it positive or negative?
- Is my Stochastic facing up or down? Is the Indicator's financial value above 50?
These are the answers you should get:
- Bullish/Buying: Green, Above, Up, Over, Higher, and Positive
- Bearish/Selling: Red, Below, Down, Under, Lower and Negative
3. Enter the market at Market Execution or set a Pending Order.
4. Choose my TP and SL using the Long position tool for buying and the Short position tool for selling.
Buys: Place TP above previous high and SL below the previous low
Sells: Place TP below previous low and SL above the previous high
- Peace and Profits, Cha
This quick video will explain how I easily find my TP and SL for my Forex Trades. I've noticed how many new traders struggle with this, so hopefully this video will help. Here is what I do:
1. Identify the overall trend of the market.
It is important to understand that a Selling market will look like a roller coaster going up, have more red candles and it will continue to create Lower Highs and Lower Lows. A Buying market will look like a roller coaster going down, have more green candles, and continue to create Higher Highs and Higher Lows. This is very important.
2. Collect my confirmations for the potential trade. Here are some questions I ask myself:
- What color is the current candle?
- Are the candles above or below my EMAs?
- Have the EMAs crossed?
- Is my Momentum indicator facing up or down? Is it positive or negative?
- Is my Stochastic facing up or down? Is the Indicator's financial value above 50?
These are the answers you should get:
- Bullish/Buying: Green, Above, Up, Over, Higher, and Positive
- Bearish/Selling: Red, Below, Down, Under, Lower and Negative
3. Enter the market at Market Execution or set a Pending Order.
4. Choose my TP and SL using the Long position tool for buying and the Short position tool for selling.
Buys: Place TP above previous high and SL below the previous low
Sells: Place TP below previous low and SL above the previous high
- Peace and Profits, Cha
Comment:
A selling market will look like a roller coaster going down .
A buying market will look like a roller coaster going up.