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How do I read the CityPips signals? |
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S/L = price at which stop loss will be set
T1 = first take profit level goal
T2 = second take profit level goal
B/E = break even or price at which you entered the trade
Sample CityPips Signal:
Buy EUR/USD @ 1.4800
T1 1.4835
T2 1.4890
S/L 1.4720
At T1 close ½ trade and move S/L to B/E
With this example, you would put a buy order in for the EUR/USD pair at a price of 1.4800. Put in the initial stop loss at the price of 1.4720. Once the price reached 1.4835, you would close half of your trade position and adjust your stop loss to the point at which you entered (1.4800). The remainder of the trade will be risk free until you close it for the remainder of your profit at a price of 1.4890.
Typically, when a CityPips signal is sent with multiple take profit levels (T1 and T2), you would plan to close half of your trade at the first take profit level (T1), and move your stop loss to your entry point for the remainder of the trade.
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