In this previous video, I walked through a setup I had swing trading the GBPUSD. At 3:15 a.m. New York time, the trade went to full target. The interesting thing is and a pure lesson, the ultimate target was actually just above the 4750 level. The 50 levels are a key level in the FX market and commonsense says to put the target below it. Don’t make price have to break the level. Target was adjusted to a few pips below the level. Price actually spikes up…closes the trade and then retraces over 250 pips. Key levels are important.
Total pips on this swing trade. 77 at the scale out. 184 full target. If you are trading a mini account and using two contracts: $261.00
The swing trade was taken off of the UST…Ultimate Swing Trader. You can find more information here or check out the UST blog.
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