FOREX – GBPUSD reaches its first Profit Target

FOREX – GBPUSD (on this Daily Chart) reaches its first Profit Target

As you can see form the chart to the right, the TS3 long (from the March 11 low) has just reached the first projected profit target, where a potential +4.2R Profit was available. Yes this was an Advanced Trade because the TS3 long was taken against a red STF..........

But the reason I liked this trade is that the TS3 (ABC correction) came off the initial correction, to the initial rally, off an important low. For those of you who have read and studied the Trading Course will know that this is my favourite trade setup.

Thanks

Steve

And for the Advanced Traders ............

And for the Advanced Traders ............ following up on the 3min ES short shown in the post below.

The trade management for the Advanced Traders among you would have been more aggressive as the ES 3min short declined into the Extended Wave 3 WPT. Very few Wave 3's go past this, so you knew the decline was nearing an end.Combine this with the position at the same time on the YM, that had reached the DP support zone, as it was a good idea to move stops closer and as such to lock in nearer +5R Profit on this short...........

A very nice result As you cam see, the more experienced Advanced Traders could use the more advanced tools in MTP to increase their profit on this trade..........

But either way, a nice day yesterday

Steve

Yesterday was a brill day...................

Hi Everybody,

Yesterday was a brill day................... we had the 15min ES giving a TS4 sell, so that set the day for shorts, so then move to the lower time frame, the 3min, and look for sells. Here we had the high of the day unfolding on Stochastic divergence and right at the DP. So short from the high of the day, nice !!

Then for the Standard Traders the trade management would have been using the ATRStop, as the STF (not shown on the chart) band was exceeded................... the result, a nice +3.4R Profit

To me anyway, this all fell into place rather nicely, and is what I have taught many times before...

Thanks

Steve

Nice TS3 buy on the 3min Dax has just unfolded.

Hi Everybody,

A nice TS3 buy on the 3min Dax has just unfolded.

But for me, the main point of interest was the high volume (VSA) spike at the DP (from the wave b high), this was the signal to start to protect your profits on this long trade.

The result, a nice +3.9R Profit as a high came in...

Thanks,
Steve