The market is uncertian about the majors, and this fact could play well on my trade. Anyway, the trade is not secure yet, and I wouldnt like to play games with such a volatile pair. We got as low as 2.1620 - and thats 70 pips in favor of my trade. I think moving stop to entering point is reasonable now. After it was 70 pips in my favor is it acceptoble to take loss on trade if it returns now? of course not. So - stop moved to opening point. Form now on its profit or no loss trade.
Great thread indeed, Rezo. Your ratio approach is interesting. What would be the confirmation in general you wait for, or particularly this time? Why did you change the target lately to 7190 from 7220? (So you prepare to accept lesser profits after a confirmation? )
Hi, OddTrader. My target is changed, as another day passed after I began seeking the entry. That may harm to potential of expected move. I prefer defining real targets which have potential to be reached. At the moment, I see potential is less, so I am targeting lower, but for sure. Trade doesnt neccesary has to be closed at tp. Once the price aproaches my target and I see nothing is indicating the move may return, I may hold the position, but usually I prefer closing on pre-defined level. That's it. Good Trading, Rezo.
Would you usually consider to re-enter (not neccessarily immediately) an order after this kind of stop out?
That's OK. How about stop loss, as I suppose you would use different stops (50-100 pips) for individual pairs?
Obviously your weekly analysis report covering perhaps some correlated pairs, imho. How do you evaluate the correlation of your trades in order to control risks, say 2% per (single?) trade? Otherwise, you overall position could be ending up several times higher than 2% some days.