DislikedHi all,
I'm still new to this whole thing, but I was wondering what I have done is correct?
As the Daily shows a downtrend forming and the H1 has a pullback to the yellow, so I set a SellStop at the bottom of it and it triggered. After going +25p, I set a SL to almost BE.
Is this done right?
ThanksIgnored
I think you might have the wrong strategy there.
We're looking at the monthly trend using a 5-8 ema. Then trading in the monthly direction on the daily chart. Might want to reread the first several posts again to clarify in your own mind.
Not that you couldn't apply this to other time frames, but your post regarding the s/l treatment isn't what Hugh had suggested initially.
On the monthly G/U we technically have a downtrend based on the ema's but it's really pretty rangy. Moving to the daily its the same thing. Going by the original book I guess you'd have a sell stop below that bullish candle at about 1.5400 with a stop loss of 100 pips or so. TP of 200. I wouldn't take that trade myself as the pair is pretty much ranging, but that's the idea.