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4 Trades Today 92 Pips Profit.

Just a quick update on the trades we took today.

First trade of the day was EJ short at 10754 down to 10732 for 22 pips profit.
Second trade was a double entry trade. We took Cable long at 10597 and again at 10590. We closed both positions at 10620 for a combined profit of 53 pips.

The reason we take double entry trades is we sometimes see a set up with 2 possible entries. Obviously we would like to get the best entry, but if we wait in this case for the lower target to get filled we may miss out on the trade if the price reverses at the 1st entry point. So we would rather set 2 entries for the same trade. We often do this and our first entry gets filled and the price reverses as expected, but on this occasion the price pushed further down to our second entry and filled our order.

I would just like to add that our second entry at 90 was the daily low for Cable today. This is how accurate our entries can be sometimes. The way we trade always gives us very good entry points. The key to making money in this job is to identify reversal points with accuracy, you are then in the trade at the best possible price, and you can take more pips from the move.

Our final trade of the day which was filled at around the same time as our Cable trades, was an EJ long trade at 10711 up to 10728 for 17 pips.

Total trades for the week 14. Total pips. 398.

Don’t forget, if you want to learn to trade Forex with high probability please consider my Forex training course here.

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