Before going to bed last night, I had to decide whether to close my fiber short trade or not, since it had arrived at the daily/weekly ppz of around 1.3740. Ordinarily, I would have closed (part of) the trade at the ppz @ around 1.3740, but given the bearish momentum yesterday on everything ***USD and ***JPY, I decided to move my stop loss on both positions to 1.3857, which at that time was just above the 38 fib retracement of the swing down from 1.40 (unfortunately, my attachment space is full at the moment due to the newbie restrictions of FF, so I cannot add a chart without deleting others).
Well, the retracement did not (yet) take place, and fiber is still going down. Don't know what NFP will bring this afternoon and where price will close by the end of the day, but in my view, the next target for fiber could well be the daily/weekly ppz @ around 1.3470, which coincides with the 61 fib retracement on the weekly chart.
My trade, in which my initial risk was 1%, and to which I later added another position, risking again 1% (but which would not let the trade as a whole turn negative if it would have been stopped out) is now up approximately 30%. Even though I had anticipated a move down from 1.40 since last week already, I definitely did not expect it to drop through so much high timeframe support and confluence. Maybe in a few years we can all trade Deutsche Mark again.
Well, the retracement did not (yet) take place, and fiber is still going down. Don't know what NFP will bring this afternoon and where price will close by the end of the day, but in my view, the next target for fiber could well be the daily/weekly ppz @ around 1.3470, which coincides with the 61 fib retracement on the weekly chart.
My trade, in which my initial risk was 1%, and to which I later added another position, risking again 1% (but which would not let the trade as a whole turn negative if it would have been stopped out) is now up approximately 30%. Even though I had anticipated a move down from 1.40 since last week already, I definitely did not expect it to drop through so much high timeframe support and confluence. Maybe in a few years we can all trade Deutsche Mark again.
It's not about how much you make, it's about how much you don't lose.