Making Money in Forex by Ryan O'Keefe

Author:Ryan O'Keefe
Language: eng
Format: epub
Publisher: Wiley
Published: 8217-02-15T16:00:00+00:00

IDENTIFYING PROFIT TARGETS

Knowing when to take profit on a trade is often a subjective and frustrating process for many discretionary traders. Often a trade will be closed too early or open too long while a trader tries to squeeze every last pip out of it. Without a systemic, repeatable procedure to determine when to take profits, a trader will never feel truly comfortable with his decision to take profit, and volatility will continue to be an issue in his returns.

In this section you will learn two of my favorite tactics to identify profit targets. First, you will learn how to use support and resistance to identify simple profit targets based on price action. Second, you will learn an advanced method of identifying profit targets using Fibonacci retracement and extension ratios.

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