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Risk Management: How to set a Take Profit (TP) for your trades Hello everyone: Today let's dig into an important topic of setting a Take Profit (TP). While many traders will often have different strategies and methods on a TP, let's take a look on my approach and style on this. ITs important to understand there is no right or wrong when it comes to setting a TP. ITs what you have in your plan and what makes sense to you as a trader. It should align with your strategies and trading style also. Some may take profit quicker and move on, while others hold for longer term. Understand that both methods can have drawbacks, it's what trading is, double edge. So, make sure we follow our plan and executive accordingly to our management. Otherwise we are just making emotional decisions again. Let's look at a few scenarios on how I would set a TP. Directly tie in TP is a SL. I usually will only enter a trade if I have 3:1 RR. Meaning risking 1% to gain 3% or more. Therefore my TP will almost always be 3 times of initial SL amount or room. Few TP scenarios: -Beginning of the the previous correctional structure -Double Bottoms/swings low area, watch for LTF reversal price action and correction When price breaks ATH, monitor the price action on the LTF for bearish reversal. I would want to see a trend change, rather than a pullback. Few things to consider: -Understand you will never enter at the lowest point, and exit at the highest point Make sure you have a plan before so you will not get into an emotional decision. Always know what you plan to do before it happens. No Right or wrong as long as you follow your original plan. You can of course in time modify your plan based on market conditions. Any questions, comments or feedback please let me know :) Thank you
OANDA:XAUUSDEducation
by jojofang0901
27
AUDCHF 4HR TIMEFRAME Market Structure: BULLISH I am looking for buy setups on the 4hr for AUDCHF. Ascending Channel pattern is happening on the 4HR chart. Since market structure is bullish I'm looking for Buy setups. This looks like it may take a while until structure fully breaks towards the upside. However, if it breaks towards the downside of the Ascending Channel, I'm looking for a rejection, and a sell candle closing under the pink line. TPS Are labeled on the blue lines. Always place SL under where price broke structure. REMINDER: Always take profit/partial profit at TP1. Price majority of the time rejects after TP1, goes toward entry, then back to smashing the TPS.
by JOAxAgyeman
Waves is ready for the next wave !Waves is located at the bottom of daily channel and in 4 hours, which is quite characteristic inside a currently oscillating triangle, it has good conditions to go back up. (The failure of the triangle ceiling confirms this movement) The targets in the image are for short, medium and long term. Initial support range $ 6.15 - $ 6.35 We suggest that you monitor this crypto currency and be sure to trade according to your trading strategy. Best Regards.
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by digiincomee
GBPCHF 60 PIP SELL GBPCHF showing great potential for 60 Pip sell. It is currently sitting at the 0.50 fib level as well as 50 EMA providing clear strong resistance structure. We can see that it has clearly broke the 0.50 fib level and coming back in order to retest this level. Furthermore we can also see the clear trend that GBPCHF is now forming with new lower highs and lower lows. I have set TP at a level of key support however still has great potential to go further following the current support trend line. Stop loss on the other hand is set at 35 PIPS !
by tradingonthego