Hello everyone, This time I will writing how to set Stop Loss and Target Point. It’s simple and classic when there is words “Something going higher can be dropped lower and something doing down lower can going higher” Forex is all about Wave and Trend. Your JOB in here is to predicted the movement.
I don’t recommended you to set SL and TP cause it much risky, but if you hate to waiting and looking on chart *lol* set your SL and TP might be the best condition for yourself.
Look on this sample images I give explanation:
See this trend line, I set it with green line color. You have to wait 6 hour – 2 days and see the movement to read the trend. Once you got it then it’s time to set SL and TP. Set yours SL out from trend area, TP is must inside area. Simple Right? he he he… not that simple pal, There is time frame chart you have to look to predicted also. Once you can read the movement I guarantee you will earn money easy daily ^^
Beside that you can read the chart using Fibonacci retrace:
100 is the stable area, This is the bad position to open any position because it can bouncing really bad. When tick cross the 100 UP possibilities to going UP is 68% when it cross 100 DOWN possibilities to going DOWN is 68% read all time frame chart can help you to predict next movement.
That’s all for today, Good luck
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