I was asked why I closed the EUR/GBP trade just ahead of target and so I thought let me post a quick article with the reasons, so you could understand my thinking.
Below is the hourly chart of the EUR/GBP I posted a few days ago on Telegram as a trade signal in the discretionary group:
Although it didn’t hit the intended target, we were lucky enough to have been monitoring price action when it neared the target. I wrote in the group that the trade can be closed because it had stalled just ahead of target. That turned out to be a good decision for otherwise price would have rallied and hit the stop loss.
This is how it looked on Telegram:
BUT if we didn’t close, THIS is what would have happened:
This is why I have named this signals group “Discretionary” as I use my discretion rather than follow a particular system. It also goes to show how active management can work for you sometimes (it doesn’t always, hence why I also have my set-and-forget proprietary strategy signals as well to encourage newer traders to be as objective as possible).