Hi, lots to get through today with a particular focus on where to place stops.
We can teach anyone to pick a decent entry but the stop is even more important.
Without it you can not calculate the risk-reward and therefore the lot size.
Pierre was on his roof trying to sort his internet! so he arrived late and if you just want his analysis its approximately 40 minutes into the video
I showed why many pairs that had recent breakouts are not of interest to me as I do not have enough (some do not have any) reasons to place a stop,
You should be able to skim through your charts on a weekend and spot 4 or 5 decent setups that SCREAM at you and are worth investigating further.
Then go to daily and look for multiple reasons for where to place the stop.
I show examples of all of this and why for example I chose one yen trade over another because? You guessed it 🙂 the stop
I also showed examples of scaling into and out of trades.
A summary of last weeks Euro/Aud live trade that went over 250 pips and how I am still managing the Aud Yen short from which I have already banked 100+ pips.
Both of these I showed in the previous weeks live training session in real-time.
If you have any questions join in the forum discussions where Pierre and senior members will help you. If you need more help please submit a ticket via the helpdesk
New members, please note: If I am looking to take a trade long, 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.
For more up to the minute, updates do not forget to drop by the forum in Pierre’s corner.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
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Where to Place Stops Trading Forex