How to Use a Trailing Stop Loss Forex Strategy — Transcript

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1. 0:00okay so after I ended the stream I ended
2. 0:04up entering a trade uh
3. 0:08horrible risk to reward but with the
4. 0:12potential to go to a fib retracement
5. 0:13level so I went for it
6. 0:16um as I ended the stream I said that it
7. 0:18broke this area and the only thing I
8. 0:21could do was wait for let me
9. 0:25clean this up a little bit uh wait for a
10. 0:28break and a retest and then you have a
11. 0:31swing low to get your stop loss at and
12. 0:34then we got this big long Wick fat
13. 0:36engulfing [ __ ] and
14. 0:39um So I entered
15. 0:42on the close of this that was
16. 0:44essentially my entry price and my stop
17. 0:46loss was there it immediately started to
18. 0:48go against me
19. 0:50and then when it rejected this point
20. 0:52what I did was I moved my stop loss to
21. 0:56here and so it came really really close
22. 0:58and then started to go up and
23. 1:01essentially I
24. 1:04I tried to mitigate the risk as much as
25. 1:06I could so what I did
26. 1:10was every time it went up and created a
27. 1:13low I moved my stop loss to just below
28. 1:17that like a couple of points not one
29. 1:20point but a couple of points and then it
30. 1:22went up again into profit and then swung
31. 1:25down and then started going up so again
32. 1:28I moved my stop loss to a few points you
33. 1:32know below that swing it came down got
34. 1:36really close to my stop loss again
35. 1:39and then swung down and then once this
36. 1:42big engulfing thing happened then I
37. 1:44moved my stop loss again a couple of
38. 1:47points and then it came down again
39. 1:50swooped up into profit again and so I
40. 1:54moved my stop loss this is essentially a
41. 1:56trailing stop loss and so it went up
42. 2:00again swung down and at this point I was
43. 2:04I moved my stop loss
44. 2:07to in profit at this point I was it was
45. 2:12a risk-free trade and then I got this
46. 2:15big engulfing thing so what I did was I
47. 2:19even moved my take profit because as you
48. 2:21guys know from the live stream this is
49. 2:23the 382 retracement level of that bigger
50. 2:27down move that happened
51. 2:28so
52. 2:30I had moved my take profit up to
53. 2:34thirty thousand five hundred which would
54. 2:37have been closer to the FIB gold Zone
55. 2:41and as it started to go up I kept moving
56. 2:47um especially once this thing happened I
57. 2:49moved my stop loss to 50 of that candle
58. 2:53and then at this point I was already in
59. 2:56profit uh the stop loss would have been
60. 3:0033.86 and then another big one and then
61. 3:04another big one and at that point
62. 3:07because I had already moved my stop loss
63. 3:10to in profit it was a risk-free trade so
64. 3:13I was just trying to get whatever I
65. 3:14could especially since the fact that I'd
66. 3:16missed the entire move
67. 3:19um so I moved it to essentially 50 of
68. 3:23each subsequent candle so when this one
69. 3:26printed my stop loss was still here and
70. 3:29then once this one printed I moved my
71. 3:30stop loss to 50 of this one and then
72. 3:34once this one printed I moved my stop
73. 3:36loss to 50 of this one once it got to
74. 3:4034.29 it rejected and started to come
75. 3:43down so my stop loss got hit here
76. 3:46above my 382 level retracement goal of
77. 3:503400 and it closed at
78. 3:5434.03 so let me show you my osprey
79. 4:01um
80. 4:02entry price
81. 4:043346 and it hits my trailing stop loss
82. 4:08at 34.04 I had moved my take profit
83. 4:11closer to 3 500 and the total trade on
84. 4:15that was 336 which is kind of cool
85. 4:18because it finally brought my uh funded
86. 4:22account into profit I'm a whopping 38
87. 4:25dollars in profit now on my funded
88. 4:27challenge so as you can see right now we
89. 4:30are getting close to the 21 on the one
90. 4:32minute time frame and it seems to have
91. 4:36not liked that 382 level and may
92. 4:38continue down from this point so
93. 4:42um sorry I didn't do that on stream but
94. 4:44you know it happened right afterwards
95. 4:46stream had already ended and uh that's
96. 4:49essentially how that trade played out so
97. 4:51thanks