I like to keep these trade ideas simple, here are the areas of entry, where I want to take profit. If you want to know mow about how I came to this conclusion, leave a comment below.
I'm looking for two areas to short GBPUSD:
ENTRY: sell retracement at 1.2530-70 area OR sell break of low at 1.2365
STOPS: if the lower entry gets filled, my stops will be above 1.2500, if upper gets filled, stops above 1.2750
TARGET: 1.2200/1.2165
BOOM! Let's make some money!
Trade active
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next support to watch is at 1.2300, we saw a little bounce there, I plan on holding onto this trade for a bit longer, I don't want to see it go negative by too much, a few pips is OK but we don't want to risk excessive amounts of pips here. If you got taken out then look for previous entries as points of reentry. The target remains unchanged.
Great plan. May I ask for the rational behind the TP level? Thanks for sharing!
JaredJJohnson
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@ananora23, sure, good question. The TP level is purely symmetry. Meaning I'm measuring the last movement and projecting it into the next move, if you're not familiar with symmetry price projection it's one of the most powerful ways to predict profit taking areas. If you want more on that, let me know.