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Target Trading

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Target Trading

This was interesting when I first found out about it. Basically, the banks have a certain target that they want to get to, and for the most part they get there. It's very hard for me to explain because I just learned it.

You're looking at the Day chart to see the overarching trend you're in.
Then you move down to the 4 hours chart, this is where things get a bit complicated.
Check to see if the has reversed, meaning if it was a downtrend it's going into an uptrend.
What you do next is look for the most recent "leg", the last intermediate tread.
From there, you put a resistance line and a support line boxing the trend in.
Now let's say you're on an uptrend with the current price, find a previous uptrend that has the same price cycle or better and mark the supports throughout that trend. You would do the same for a downtrend but this time you would look for resistances.
After that, return to your most recent intermediate trend and put a fib from the top/bottom to the bottom/top. Now you have your targets.
What you want to do from here is trade the wide-open spaces.
If you're close to the line you risk the chance of the trade reversing on you.
Note if the market has broken through a line that line is now "imaginary". Meaning that the market will push through it the second time it touches it, or at least try to. There's nothing certain in the market.
When placing a trade make sure your target is about 35 pips or more away, and that you place your stop loss at the last support or resistance plus 5 to 7.
That's pretty much it. Just practice it in one of your lower accounts and have fun making a profit.
I know I probably didn't explain it too well but here's a video on it. Hope it helps:

Mon, 08/19/2019 - 7:05am