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The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

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MORE TACTICS FOR TRADE ENTRY AND EXITS

The following is a list of additional methods and indicators that will help you decide when to enter and exit a trade:
 
True Limit Orders: There are times when you should take matters into your own hands. This is when you are trying to play the odds. Remember that forex is a form of fractal geometry. Simply said, there are a lot of repeatable patterns. Using limit orders is a way to try to take profit at the top or bottom of a market based on the patterns that you see repeat often.
Key Reversal Pivots: There are certain pivot points that are usually reversal points for the day’s trading range, such as R2 or S2. When spot or day trading, I always take profit at these levels. Sometimes price blows right through these pivots and never looks back, but I’m playing the numbers, it’s not very common. More often than not, I exit at or near the end of the move.
Fibots: The term “Fibot” is unique to FX Bootcamp. These are key reversal areas that are identified by Fibonacci levels overlapping with pivot points.
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The convergence of these two levels can often be ideal places to take profit. The support or resistance at these levels can be powerful because many traders, often using different strategies, see this reversal area, too. The more traders who see and react to the technical analysis, the more reliable the analysis is.
In Figure 11.1, you ...

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