Yesterday, I did a video showing you how to scale out of a trade. And then I showed you an example of a trade I took using Strignano’s Forex Signals where I used this scale out strategy. You can check both posts out here:
Scaling Out Of The Trade Video
Scaling Out For 26, 64 and 86 Pips Of Profit
Well, I noticed something today while trading and I wanted to bring it to your attention. It has to do with setting BIGGER price targets using the Trend Reactionary Numbers Tom gives us. If I would have widened my profit targets, I would have easily DOUBLED my profits on yesterday’s GBPJPY trade. Here is a photo of what I am talking about…
Let me explain a little bit more about what I am talking about…
- Where it says “Scale Out Yesterday”, you can see the trade I took yesterday and how I scaled out profits.
- But take a look at the Trend Reactionary Numbers… do you see how price continued down? If I would have set my price target to this level, I would have easily doubled my profits on the same signal! (Hindsight is 20/20, I know).
- From the top TRN, price moved down, took a breath and then continued down to the next TRN. See why traders are calling these “Magic Numbers”?
- There was another signal give to go SHORT again, but I wasn’t trading at the time. This would have brought me down to the TRN.
Today…
- Price was bouncing off the lower Trend Reactionary Number and I got a signal to go LONG
- I scaled out the first part of my position for 57 pips of profit… and moved my stop up to break even
- When price moved up to 80 pips I moved my stop loss up to 60 to lock in profits.
- My next scale out was due right below the 100 pip mark… by just fell shy.
- Price moved against me an the remaining 2 positions was stopped out at 60 pips profit.
ANOTHER WINNER IN MY BOOK!
There are a couple of things I want you to take away from this post…
- Scaling out is a great way to reduce risk and lock in profits, combined with moving your stop loss up.
- The Trend Reactionary Numbers are amazing. Do you see how price moves from one to the other? These levels were calculated weeks ago!
- The Trend Reactionary Numbers not only provide excellent long term price targets… but they bring perspective to the signals. For example, when price is moving down from one TRN to the other and I get a short signal… I feel confident taking it. On the other hand, when price is bouncing off a TRN and I get a LONG signal (like what happened this morning), I feel great about the signal. I can’t imagine trading without these “Magic Numbers” again!
Do you see how Strignano’s Forex Signals are more than just Forex signals? With the Daily Range, Pivots, Support & Resistance and Trend Reactionary Numbers… you can get a feel for where you are in the market when the signals come out. This helps in your trading decisions like where to scale out and move your stop loss. Before you know it, you start to look at the charts like a pro trader.
In my opinion, everything that Tom and Carlos provide is like a SHORTCUT to professional Forex trading… shaving YEARS off the time it would take to learn how to read price action like this!
Click Here To Learn How To Trade Strignano’s Forex Signals
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