So yesterday I took 114 pips from GBPAUD. There was a nice open space and the pair had been bouncing along the white resistance line (detected by SignalTrader Trading System).
The order was entered at 1.84500 but Signaltrader Trading System moved it with the market until it turned up at 1.84308. The target set in below 1.85545 was reached in around 4 hours and TP’ed at which point it bounced off the white dotted target line – but that was fine as I was already closed.
So here is a sample trade setup.
Note that I’m looking for a wide trade target, I don’t put orders on pairs with no space to the white lotted line.
Note that the Daily/weekly trends are bullish so this move is against the overall trend that has put the pair down on the support line, SIgnalTrader Trading System will manage the entry price until such time as the pair does actually reverse, then it will manage the trade till either the Trader removes it or it achieves profit or stops out. If it stops out then it can stop out in profit as SignalTrader Trading System will move the stop loss behind the trade is it moves up. This means that you are only at risk for as long as it takes for the pair to get a safe distance into profit.
Find out more about this system:- http://www.iwanttobeaforextrader.com