ForexTrendy Scanner - the best way to enter the market.

ForexTrendy Scanner - the best way to enter the market.

Probably the best way to enter the market is by using “Stop Orders” and “Limit Orders”.

When the orders are placed, they are located on the broker's server, so you can safely leave your trading platform. This brings you freedom from trying to spot the best entry point.

The entry rule is simple:

1. If you trade a pattern in an uptrend, place a Buy Stop just above the upper trend line. Where exactly? You may want to place it 5 pips above the trend line to spot the real breakout. The advanced approach is to reflect the market volatility as we will discuss it later.

2. Place a Stop Loss just below the lower trend line.

3. If you trade a pattern in a downtrend, you do just the opposite – place a Sell Stop order below the lower trend
line and a Stop Loss above the upper trend line. More in the Exercise.

The interesting part is when to Take A Profit. Many traders enter the trade blindly without any idea where to exit! Notice that the Stop Loss below the trend line reflects the current market volatility. It is not (and never should be) a fixed number of pips.

The same should hold for the Take Profit. You cannot just decide that 50 pips is enough and you would exit the position. 50 pips is very different on minute time frame and daily time frame.

Where to get your profit?

There are two great methods to find the Take Profit level:

1. Projection method – easy

2. Fibonacci method – using several Take Profit levels, a little complex, but better Let's focus on the first one;

                              FIND OUT THE DETAILS HOW TO USE THIS SCANNER

Find out more about ForexTrendyScanner - look at this video now:

                              FIND OUT THE DETAILS HOW TO USE THIS SCANNER