If the hourly chart is signaling an up-trending market, vis-à-vis the 50 and 200 EMAs, set a stop-entry order, or place a market order at the price equilibrium (or consolidation) stage. At the same time, or immediately thereafter, set a stop-loss 30 pips away from the event that caused you to go long (at that level). Set a hard limit order for half of your position 20 pips above your entry point. If the limit half portion of your order is executed, move your stop-loss up to the break-even point. Use the uptrend continuation pattern method of price projection to determine the exit point for the remainder of your position. Set a mental or hard limit of taking profit within five to 10 pips of the price projection target, or use your own discretion to get out of the trade by monitoring price action.
Peter R. Bain
http://www.forexmentor.com
Licensed Brokers
Linear Mode
