Disliked{quote} I totally agree with you that taking a hit on the spread cost would be well worth it to bank those profits and then open a new lot. That is...if...you were just replacing the lot you had closed. What I'm trying to do is move my stop on my order up and the add another lot on top of it. I move my stops up to make the trade risk free in case of a retracement. But if the market moves my way then I keep that original lot and add another. My goal is to get to the end of the trend (however you want to define that) with as many positions/lots as...Ignored
I just try to strike a balance, increasing lots as I trade, but also paying myself as I go. So I might not have as many lots running as someone who is pyramiding all of their profits, but if it all suddenly reverses I'll still walk away with a nice profit. So, a 5-lot trade with 200 pip stops set to BE looks like this:
This EU short bounced hard up off 1.05 area and looks like it might take a long while to break it, if it even can.
Forex Crunch says:
EUR/USD fell from around 1.12 to 1.0511 as a low. And below, we have some support at 1.0360: this was the low point in January 2003.
Further down, 1.0170 worked as resistance back in November 2012. It is close to the swing high of 1.0208 seen in July of that year.
I say, don't count your pips before they are banked.