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The below example is to guide you where you should place your SL TP and where is your EP (entry point)
Look on the the example, we get an LH formation and price trade below the MAGICAL MA.
Place:
sell limit order few pips below the LOW
SL few pips above the LH
TP 1 2 3 as shown in chart
I usually took 50-60% profit at TP 1, 20% at TP 2 and let the remaining run until the price goes above the MAGICAL MA or a formation of HL.
(This will varies from trade to trade by considering what is the major trend / what is the HIGHER TF showing)
Last edited by mphpopular; 06-10-2009 at 05:13 PM.
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