How to Manage Trades
Every week we show in advance what we are looking to trade and why using our strategies.
At the time of writing my trades are approximately 250 pips in profit.
Update Friday 10th March:
This analysis and video was originally posted in the members area on Thursday morning 9th March. Now 24 hours later I have banked some more profits by scaling out of trades and moving stops closer to price. Later today its NFP so could be a wild ride.
I have taken some profits from the Aud, the Nzd, the Cad. Stops moved to entry or more on the balance. The Euro/Gbp is currently – 25 pips. If the short fails I will be looking to long on Monday as it will be a break of a weekly trend line.
The $/Yen trade I spoke about yesterday also fired and that is currently +80 pips in profit. Because of NFP I have moved the stop to + 24 pips profit. If this is still at least 60 pips in profit I will leave it to run through NFP. If less I will close it.
Original Post: 9th March
How to Manage Trades & Bank Profits
Short bonus post and video this morning. A lot of members ask about managing open trades and when to take profits so in this short video I show my thinking and plan with this weeks trades. They are currently over 250 pips in profit so time to move stops on some and take some profits too!
I also show a trade that is setting up right now on the $/Yen. (update: this is currently +80 pips Friday 10.30 am London time)
Nzd +90 pips but could go a lot further
Aud + 85 pips, could go a lot further but i need to bank some profits and the Aud & Nzd are correlated.
Cad + 75 pips (+300 from previous weeks entry)!
Euro/Gbp + 5 pips but BIG ECB news later so I have moved stop closer to entry and unless it gets into at least a 50 pip profit before the ECB news I will close the trade as it will be simply too risky. Trying to guess what the ECB are going to say or do is a fools game, walk away. (Update: I got taken out for a -20 pips loss on this trade. Opened it again after the ECB news).
If this Euro/Gbp fails, it and the $/Yen could still be very big trades next week with their possible triangle break outs (explained earlier in the week).
New members please note: If I am looking to take a trade long, at for example 1.5000 , I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads. We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
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