A question from....Briand Liong

How do you close the trade? 

Well,  I look for previous Support and Resistance levels, and I look to what price action does when it reaches these levels. Much in the same way as i do when I open a new trade.

See the current chart of AUD/CAD below...

See the white support lines I have plotted!   These are previous S/R levels for this pair, and they are areas where we must watch price action.  If price breaks through and continues to drop, I will keep the trade open.  However,  if price stalls around one of these areas and price action presents me with a bullish pattern (e.g a pin bar or engulfing bar) Then I will use this as a signal to close the trade.

Its also worth noting that i ALWAYS move my stop loss to break even when my trade reaches 505 profit of my initial risk. In this case £1,000

In short,  I don't have a set level at which I know I will exit a trade.  I wait for the charts to tell me when the down move appears to be up.  Price action is the only indicator I use.