00:00hi welcome back so next we're going to be learning how to use support and
00:04resistance to set our targets after having to open a position so in case
00:10there's no support and resistance we're going to be using the Fibonacci levels
00:14so for an example so as you can see on the 9th of Feb we had an up movement
00:22okay so after this up movement we wanted to a trade this down down movement so
00:31what happens now using the strategy and having few failures they I'd say I'd put
00:38my my block box there and then take take a cell so what I would go into I would
00:50use this area for my take profits I will use the previous lowest day lowest low
01:00to say sorry to save it to set my target so normally if for this strategy normally
01:07we don't use supporting resistance unless it's necessary unless there is also a
01:13rejection at a certain area that's where we use resistance let me show you an
01:18example right there so this is an area this is a resistance you can see that we
01:23didn't even use this resistance for for this take profit didn't even reach there
01:29that's what I'm saying we don't use support and resistance most of the times
01:33we just use and pull backs and then we use previous days lows and highs so if I
01:40open a position here I take profit right there so normally trading this strategy it
01:48means you have to have patience so meaning if you open a position up there and you
01:54want to take profit right there you need to be able to hold until it takes profit
01:59unless the strategy gets breached but I doubt so for example how to trail our
02:06stop-loss so if I open a position right there okay sorry for that so if I open a
02:12sell right there so I'm going to put my stop-loss way above my my week I'm going
02:23to put my stop-loss day and then immediately after getting into some profit
02:28this is what I'm going to this is my TP sorry this is my take profit so this is
02:36stop-loss entry entry and then this is my this is my stop-loss stop-loss let me just
02:53say SL for stop-loss and this is my take profit so this is how we trail our stop-loss
03:00and add more positions take TP take profit so this is what I go let me just
03:09unselect everything so if you know the unselect in the select tool just utilize
03:15it so if I put my stop-loss day and then I start getting into profit let's say the
03:21market is moving to this area what I go I go and I move my stop-loss and put it
03:29above just right above where I can be satisfied with that profit meaning that
03:35should the market come back up I'm safe I can secure I can secure that profit they
03:43can secure some pips so in this case I'm going to trail my stop-loss and put it
03:49right there and look for a pullback here's our first pullback the market went up a
03:54bit and then here's our first bearish our so we put a signal box and then we take
04:01another sale so we're adding more positions and then we move it closer to secure more
04:09profit so that whenever we are away or busy with our day we don't get knocked out and away so we're
04:17moving closer to our TPS so another signal is here this is a good one because this
04:25candle is a signal of a down movement so I would take another sale so I'll take
04:32another sale right there so and then immediately after getting into profit take
04:38profits take profits so normally to guard your account after opening that
04:44position right there put your stop loss where you put your previous trail stop
04:49so isn't it we were trailing the stop loss that was above here we trail it to here
04:55so if you open a position here just put it right there on top so that you can
05:01actually hit oh wow one berry to what I meant to say is that you can hit what are two
05:11pairs with one stone so make sure that you put your stop loss right there so I'll see
05:17you in the next chapter
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