Protecting profits…..PERIOD!

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When formulating our overall trade plan, at Currency Traders Club discussing about Protecting profits…..PERIOD! we always consider what price levels need to be surpassed to justify moving a stop loss.  If it happens in the market, we`ll be ready and know exactly what to do. We like to focus on hourly and daily trend-line levels, highs/lows, and breaks of Fibonacci retracement levels.  When these technical support/resistance points are exceeded, it`s an indication that the market has seen fit to move prices into a new level in the overall direction of the trade. When that happens, we consider moving our stop-loss order to levels just inside the broken technical level. If the market  has second thoughts about sustaining the break, our adjusted stop will then take us out of the trade.

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