– You don’t know where to take profits? If you often close short or the price hasn’t touched the TP and has returned to the buy zone, this article is to help you have a more effective profit-taking strategy. – BENEFITS: Improves psychology when pressing orders, achieving the most optimal profit, especially always being safe and I temporarily call this a way to take profits according to the trend. – To enter an order, we have many ways such as: Using PTCB to determine the price, using PTKT to find an entry, buy according to a friend, buy according to KOL, pray to ancestors :)) But taking profits, in my opinion, closing according to the trend is the most optimal way to take profits. – How to identify the trend: As shown in Figure 2 below, you can see yourself using a Dow Theory to determine the main trend of the market. And use Stoploss to take profit – For example, if you buy at the beginning of the C1 span, when the price breaks the old peak, then we will raise the Stoploss to C2 and each time the price breaks the top, we are allowed to raise the Stoploss (take profit) to the nearest bottom. So whenever the price breaks through our STL point, that’s when the market starts to reverse to the downtrend and we will take profits at the trend reversal point. – By identifying the trend, we will be able to maximize profits and only take profits when the price changes trend. And you won’t be under psychological pressure anymore because you already have STL to take profits. NOTE: If you are a Trader, you should leave the stl at the bottom a bit. If it is a Holder, it is better to use the D, 3D, and W timeframes. (If the price meets expectations, you can view the D frame to close because the W frame has a very large fluctuation range). And Holder should not place an order but wait when the candle closes and breaks through the Stl area with a large volume, then we will set a sell order to avoid the situation of short closing in the sell-out spans. – Hope this tip will help everyone have a more effective profit taking strategy
Source: Collector
