Take Profit Areas in Forex!

Good morning everyone.

I hope you are all well, healthy and wealthy after a good week trading here at Forex Mentor Pro.

On Tuesday morning I posted my analysis for my Earth and Sky system in the blog for Forex Mentor Pro. In this I mentioned to look at the Euro/GBP pair as it was setting up for a counter long trade at that moment.

 

Let’s have a look at some of my notes I posted Tuesday morning:

Euro/GBP on the 4 hour chart:

Difference between last week’s open/close: Min 132 pips

GAP TRADING:

Did we open with a gap this week? No

Did the gap close? N/A

If the gap didn’t close, pop over to the education tab – Look under Marc`s name for his “Gap Trading Strategy” and how to trade it.

Earth and Sky Trading Zone for the week:

Remember, if price don’t give us the pull back but instead makes new lows/highs, follow price with your fib to get the “adjusted” Earth and Sky Trading Zones for the week.

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short

Potential:

  • Trading zone: Between the 0.8549 and 0.8597 levels
  • Area to look for reaction: At the 0.8527( 38.2 fib) and the 0.8549 and 0.8569 levels.
  • Profit take areas: At the 0.8454 levels
MACDEE Divergence: YES !!!!!!!!!!!!!!!!!!!!!!!!!
Stochastic: Oversold

Counter Trades:

 

Potential Counter Trades: At the 0.8454 pivot and 200 EMA levels.

 

Potential Profit take areas: At the 0.0.8527 levels

 

Warning: Counter trades are always more riskier than trading with the main trend so change your lot size accordingly if you want to counter trade !!!

 

Notes:

 

I need solid support here this morning at the daily 200 EMA and WS1 pivot followed by confirmation to long this pair.

Take Profit Areas in Forex!

Fridays notes:

From the above analysis we can see that I was looking for a counter long, as we had multiple reasons at the time of writing Tuesday morning to look for that long set up.

1) We had MACD divergence showing up on the 4 hour chart

2) Stochastic was oversold

3) We had the daily 200 EMA at 0.8454 and a weekly pivot at 0.8453.

3) If we look to the left of the chart……we can see it was previous support/resistance on the 26th of January 2017

So how did we get into this long trade……..and most importantly where did we get out this week with this counter long ?

 

Today I will show you why its so important to identify possible profit take areas even before you get into a trade !!

Let’s have a look at the video clip

Regards

Pierre

Take Profit Video

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