Disliked{quote} While the last 3 monthly candles definitely look good for continued downward, those candles equal about 600 pips of movement so it could go up 100,200,300 or more for a retrace and still have a downward bias on the monthly. My point is you better have some big stops or big margin when playing monthly. good luckIgnored
Thank you for your tip on big stop/ big margin. I couldn't agree more.
The trade was started with a M5 chart and H1 for the trend bias (H1 was down trending). SL was previous high. After the trade went well, I took a look at D1, W1 and MN. Amazingly, they are in-line. It's really a very short term trade turned into a long one.
What I'm trying to say is, due to its beginning as a scalping, the SL was iniatially very small.
Thanks again, PipinStein