I have made a short video showing how I have been managing my open trade position on the EURGBP. I showed you previously how I caught it to the pip.
Finding good entries is one part of the puzzle but managing your open trade is the most important part, as the decisions made in this moment decide how profitable you can become.
I have shown you in the video how I have moved my stop using the 4HR structure to lock in profits along the way. I haven’t scaled out yet as I do think it still has more room to head downwards. The Eurzone is not doing great, the manufacturing numbers from Germany show us they are in a recession. The GBP has an edge slightly as against the Euro they are probably doing slightly better.
My TP is all the way near the previous low around 0.83 but I will be looking to take profits along the way and lock in more as price moves down.
You can watch the short video below.