This trade was closed at break-even. The price went as high as 0.86951 (more than 25 pips higher) before the reversal. As previously noted, my stops are automatically moved to break-even after a 25 pip move in my favor, or when the currency has already moved more than 25 pip without triggering my buy/sell order first (meaning the price came 2 to 3 pips near entry point and then moved in the expected direction without me).
Bought EUR/NZD at 1.5863, 52 pip stop. This is a double-risk trade, meaning each pip is now worth 2 pips, win or lose. In other words, if the stop is triggered for example, then real loss = 104 pips (2 times 52)
No, it should not be double-risk. Why do you not focus on risk per trade, rather than pips per trade?
Not sure I quite understand your comment, Boskop. All I am saying is that I am buying 2 units of EUR/NZD, instead of the usual 1 unit.
..which exposes you to roughly twice the risk, right? What I mean is, that as far I understood your strategy, is that each trade should expose you to the same amount of risk (i.e. capital to lose). If you go for twice the pips in EUR/NZD to risk, then you risk more capital than you should
Yes, but I double the potential reward too, it works both way. Anyway, EUR/NZD position has now been closed at the same price as entry price (no loss, no gain). Waiting for more confirmation to re-enter long position...
I left my long EUR/NZD and long AUD/CHF positions open for almost 3 hours (on purpose) and yet nobody said : "Yo, Xelite777, do you know how stupid your 2 positions are? You initiated two long positions on 2 negatively correlated pairs, you fool!" Come on guys, you are sleeping or what? (anyway, one of the position has been closed, of course)
Trade has been abandoned at 8820, 15 pip loss. Buy EUR/NZD at 1.5865 on a limit, this a re-entry order.