Butch Wampler

FOREX TRADES: Todays New Setups

There are 2 new setups this evening. All the other pairs are still in a holding pattern. Some pairs have pushed on further. Move stops accordingly. These pairs are still available to take. It is 12:12am EST.

EUR/CAD:

Direction = SHORT
Pending Price = 1.5840
Stop Price = 1.5942
TP1 = 1.5810
TP2 = 1.5761
TP3 = 1.5722

AUD/USD:

Direction = LONG
Pending Price = 0.8763
Stop Price = 0.8676
TP1 = 0.8800
TP2 = 0.8843
TP3 = 0.8882

HOW WE TRADE THESE SETUPS:

As long as the pair has not hit TP1, then you can still place a trade. Once a pair has hit TP1, then it is not safe to trade as the pair may reverse directions.
Place a PENDING ORDER at the PENDING PRICE.
Place alarm line at the TP1 (take profit) level.
Once the pair hits the TP1:
1. Close off partial or all lots
2. Stop Option Move 1: Move your stop to BE(break even).
3. Stop Optioin Move 2: Leave your stop on its origional position.
If the pair gets to TP2:
1. Close off partial or all lots remaining.
2. Stop Option Move 1: Move your stop to TP1.
3. Stop Option Move 2: Move your stop to BE.
If the pair gets to TP3: Continue closing off lots and moving stop.

NOTE: My members are using a TRADE EA to place our trades. The EA will place two trades when dropped on the chart. The first trade has the 1st TP level and the 2nd trade has the 2nd or 3rd TP level. This allows us to place the trade and leave it alone. The SET AND FORGET METHOD. We also hold live training events on how to manage your trades as well as your account management.