Tip:
Highlight text to annotate it
X
Where do we place our targets? Well, I usually
Hello folks.
Welcome to a new video.
As promised, in this video,
we are going to be blending the round numbers
and the average daily range in order – well,
in order to just combine them
to get the ultimate profit-taking strategy. OK?
As far as intraday trading goes.
As we’ve already established on the previous two videos,
round numbers and the average daily range
are two unique and, well, fantastic tools
in order to pinpoint,
in order to map the intraday trading price action. Right?
Well, we are now going to blend them again
in order to designate our ideal profit-taking levels. OK?
Here’s how we are going to do it.
All right. Well, let’s assume we are trading the euro
against the American dollar. Well,
I have placed some hypothetical round numbers here
for the euro against the American dollar, 1.4500,
1.4550, 1.4600, 1.4650, 1.4700, et cetera, et cetera. OK?
And well, let’s assume the day starts in there, right?
Price is moving just as usual.
We break the 1.4500, 1.4550
and we find right there a – well,
our system triggers a buy entry at that level. OK?
At that [Indiscernible] of the chart
as the 1.4650 price breaks just above the 1.4550.
Let’s assume our system gives us a buy entry.
Well, now we are obviously to locate our stop-loss
and our profit-taking levels.
I’m not going to get into the stop-loss placement
because either I’m going to get into the entry
on how to actually trigger the entry
that’s going to come for a future video
but I’m going to be talking especially
about the profit-taking strategy.
So again, we take our entry right there.
Where do we place our targets? Well, I usually