The idea behind this style of trading is that the trade will either be stopped out or make a profit. In this video we are looking at a GBPJPY john stapleton forex candlestick chart and a price action reversal setup off the 147. 00 level that alerted us to the trading opportunity in this market. I placed a sell on limit at 146.
00, a stop loss just above 147. 20, so say a 130 pip stop loss. The set and forget strategy places a conditional order to take profit at a minimum of 2 times risk, so a 260 pip profit target in the case of this setup. This idea of walking away from the market and letting it do its own thing can be one of the best things you can do to improve the bottom line of your trading account. Removing yourself from the market and from looking at your trades is one of the best ways to eliminate emotion from your trading. Use my set and forget price action forex trading strategy to improve your forex trading.
I find your notes on candlestick chart very easy to understand, yet in the beginning it was very confusing to understand it meaning. Thanks Nial for this fire and forget style so I can keep my daily life normal. This is good stuff you are doing nial. I will be definitely giving this a go next week.