That's all nice an well, i am a short term trader myself, but with FX the big banks that exchange money on behalf of the general public will be under pressure from these longer trends much more sustainably. It's simply statistics. So, in my view, and that's just my opinion, it might pay off for you to look at the last 3 months and see the trend and follow it's direction, even for smaller trades. The GBPJPY trade, i like better. I'd put a target at 124.60 and keep it for max 48 hours. Again, just me.
21:00 New York Trade 2 Exit Limit Order to 123.00 --------------------- Trade 1 add volume at 0.9911 new risk = 3,000 USD -------------------------- open trades = 2 maximum possible risk = 50% of account Leverage = super high total risk = 3,000 USD
It has taken me over 34 years of studying and trading, and 25 years of day trading S&P/ES to get my LOSING percentages under 10%, I have a few weeks a year of having no losing trades, but I have NEVER been able to have more that 67% winrate based on trading a one lot in any market. Trading size, averaging down has allowed me to make good profits on breakeven trades. I have people running backtesting 24 hours a day, and unless one is doing HFT going for one penny profits, none of the backtesting proves the average retail trader can get anywhere close. There are tricks to maintain high averages, but only after one learns Price Action, and if you use Indicators as I do, you have to learn when there are abnormal patterns. Some hours a trader runs best with both trend/counter trend methods, depending on how much range in a given day, trend or counter trend methods are stopped, different hours trend methods are best not used. Targets used during some markets and others have a mixture, each instrument, each different contract month, each stock has different personalities, real tough to find one method fits all and fits all hours. You really fooling yourself thinking you can get a consistent rate AND still do a decent number of traders each week in and week out.
Trade 1: my call would have gotten filled at 0.9930 for profit, your stop got hit today? Trade 2 looking good, 123.00 maybe in 3-4 days, good luck.