DislikedHello fti and other brilliant traders ,
I was trading with as per your teachings and inching up regularly. I got confident and now (due to my lack of nimbleness, I think) , EURUSD snowballed against me.
I am Long 10 mini contract with average price of 1.5667. Just could not book loss in the "hope" that Buck can't be strong for long. Need your help and suggestion.
I had to infuse extra captial to avoid margin calls and now too scared to do any rescue. Lesson's learnt hard way to be nimble.
Any suggestion or advise will be really helpful.
(I think DutchAngel was in similar situation .....any words of advise DutchAngel)
Regards,Ignored
Sorry that you are in a fix.
Let me give you some general advice first.
You may think that you are following my MO .
In fact I believe that you are not, for the following reasons.
1. If you have risked more than 10% on this battle, If you have not and have followed my advice then you will still have sufficient to rescue this situation.
2. You are not dancing the rhythm, if you think you are then something is out of line . as I can see lots of opportunities for good rescues. Moreover it seemed to me that you were trading against trend. ( big NO,No)
I cannot tell where you placed scout a. then rescued, probably more than twice ( just my guess), but the average you gave suggested that you traded against 2 bear impluse waves. Your rescue time window is getting shallow as we move into last leg. ie either 3 impulse or extended 5 wave impulse. Either way the impluse will be shallow and swift.
Otherwise you would have moved into changed trend and the impulse would be going your way, so you would have to re-access for attack instead as a means to recover. This requires lots more capitalisation. At your experience level, I dare not suggest this for you.
If you must.
break your positions into 3 levels, 3,7,10
treat that you have initiated 3 and 7 , so you are waiting for timing to send rescue 10. This must not fail. Time yourself well.
When the 10 is sent for the rescue, do not allow them to over stay.
enter on the turn as best you can, then take them out with whatever profits you can recover confortably, when taking them out take the 7 out as well.
Next attempt. rescue with 7 and take all out as best you can ride.
Calculate your per pip exposure , it is now USD 20 per pip move , so make sure that you can comfoetabily take pain for at least 150 pip.
You may not recover all your lost, probably up to 70% of lost. but this may recover some lost pips for capitalisation for next battles ahead. This seems your best options out. otherwise "bite the bullet" and cut the cancer.
Remember , never trade against day trend or hourly chart trend again.
Not unless you are expert and can maneuver like one.
Do re-read the thread again slowly, if suit, you have missed some critical knowledge and training.
Trade Carefully.
regards
PS If you are cash tight, the you may like to attempt what Lusan suggested.
DislikedThoughts:
You are so far away... and 10 mini-lots!...so you are brave and probably already got a lot of foreign capital...and it is Friday...!!!
So either
1) Many rescues with level 1 and 2 when EMA(12) in 5M is long and away from resistance...
Edit: 2) Close some positions _yes, with a lose_ and use the funds to rescue the left behind...
3) Pull the plug and promise never to go against 15M...See it as a the price to learn a lesson...Ignored