When you can Increase the Profit Target (and earn more!)

When you can Increase the Profit Target (and earn more!)

When you can Increase the Profit Target (and earn more!) 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Every time you open a new trade you need to set two levels: the Stop Loss and the Profit Target (or Take Profit).

Generally speaking, once you set those two levels, you have to stick to them until one gets hit.

And, hopefully, the Profit Target level will get hit more frequently than the Stop Loss.

However, there are circumstances like in the trade that we discuss below, in which you can increase your Profit Target and earn more, without touching the risk!

After performing a quick technical analysis using our indicators for TradingView, we identify a very clear and safe trading setup which is supported by a major level displayed by the Levels and Zones indicator.

So, we decide to get into this trade.

Trade setup – 29 Mar 2019

When to get an even larger profit Setup 1

Bitcoin is in a general uptrend and we see a recent impulse followed by a very nice consolidation.

If the price can break the major resistance which is displayed just above by the Levels and Zones, and all our indicators will confirm the setup, then we might have a very great trading opportunity.

Trade update – 29 Mar 2019

When to get an even larger profit Setup 2

The price moved impulsively but gave us the perfect setup because:

    1. The price broke up the consolidation
    2. The breakup candle colored by the Breakout Pivotal Bars is blue (ideally we want it green, but even blue could be ok)
    3. The Sentiment Index broke up its trendline at the same time

As a reinforcing condition, the price is now above a major support indicated by the Levels and Zones.

This will play a huge role in pushing the price higher.

Trade update – 31 Mar 2019

When to get an even larger profit Setup 3

After a few days, the price is still far from reaching the target because it is currently below a major resistance that has formed.

However, if we look closely the price action, we see a clear buy pattern that the price is making and the Sentiment Index confirms the same outlook.

Let’s just stay rational and wait for the next upward movement because everything tells it should come.

Trade update – 1 Apr 2019

When to get an even larger profit Setup 4

The movement in the price and the Sentiment Index tells us that the pair clearly wants to go higher.

This analysis allows us to move the Profit Target a bit higher and round the potential profit to 3x.

Of course, to balance the risk out, and since we’re now above a new major support, we move the Stop Loss to breakeven so that, regardless of what happens next, we will not lose any money in this trade.

Our trading account is now well protected since we are in a risk-free trade.

Trade closed – 2 Apr 2019

When to get an even larger profit Setup 5

Well, the price just skyrocketed within one candle and hit our target level.

While the trade was open, our Trading Indicators and the whole price action were clearly suggesting that the price wanted to move higher and quite impulsively so we exceptionally moved the Profit Target a bit higher.

To balance the risk out we moved the Stop Loss to breakeven as well.

On the last candle of this crypto trade, the price made a very impulsive but rarely predictable movement to the upside, which allowed us to close the trade with a 3x profit, an even higher return than what we initially expected.

Have you ever closed a trade with a higher profit than you initially expected?

If yes, how did you do that?

Feel free to share your experience with fellow traders by leaving a comment on the YouTube video above.