DislikedHi Paul,
I finally exited my EUR/CAD short with less than I had wanted but a profit nonetheless.
I had two positions that remained open (indicated on my chart by the red arrows).
Once price came up and pierced the 1.3250 S/R level (on the 14th Jan) I moved my stop to the high of that bar. Price then dropped the following day and I figured the tend would resume... but I was wrong!
[color=black][font=Verdana]On...Ignored
Have you ever considered buying options( or selling them to create a credit type spread) to offset your position when it retraces. We cant hedge in the US, so this is a way to offset pullbacks and such till the market figures out its direction. In the above example you would have bought a Eur$ Call or a Cad$ Put depending which was offering the best price ( I think i have the direction right on the Options, early for me) option on the commodity market to offset the decrease in pips on your current position . Something to consider.
Take Care
Always Learning