Ideas For Taking Profit With The Fozzy Forex Trading System
Forex Trading System
Taking profit has been discussed quite a lot on the Fozzy thread at Forex Factory but my favourite way is to place two seperate trades at the same time. I set the first trade to take profit at the daily ATR(20) value. I then move my second trade to break even and trail with a stop again equivalent to the daily ATR(20). At the end of the day as a new bar/candle opens I move my stop accordingly if the trade has gone in my favour. If it has not the I leave it where it is.
This is just my own preference on taking profit. I know others just settle for a set amount of pips, some use a trailing stop. But I think this way you get the best of both.
Labels: forex, forex factory, fozzy
posted by Willf @ 22:39
2 Comments
2 Comments:
forex
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