Disliked{quote} Sorry I meant daily TF do you think this pair over extended it gains? Market getting the wrong concept? What is ur opinion?Ignored
I posted my chart. To me 5725-58+ starts selling zone.Not that it can't reverse at anytime now until 5725+ but its a nice round number which has confluence with previous high.
As a suggestion Don't place all your money at once.Take your usual lot and divide in 4parts or 4mini lots
Now you can start selling from now and 58.Since we don't know exactly what point price will turn you are assured that you have a position open.
You must except that DD will occur but since its 25% of your lot its manageable.Price goes 5725 add another 25% 5750 another 58another then wait.
This requires strong nerves not for everyone.To me DD is part of trading and to me price is a zone hence my spread is part of my trading plan.
Think another way average 20pip SL gets hit just about constantly and this is number 1 account killer..If you get 4x20pip SL then you will psychologically A.Be more afraid of market B. forced to over trade to compensate the losses.In short tight SL is not a good idea.
This is how I trade.I am just sharing for what is worth.
In trading, you have to be defensive and aggressive at the same time