Disliked[i]Yesterday, I had talked about averaging. I had said that averaging should be done only in the direction of the trend. While the trend is still intact, you can extend your SL to the maximum extent that is possible for you. Lets take GBPJPY as an example. It is in an uptrend right now. Lets say that it has met with some resistance and so you have taken a short. Having a SL of 300 pips for your short when it is against the trend is foolish.[color=Red] So if you want to trade against the trend, have your SL at a safe place where you know that it...Ignored
thanks for asking....maybe i was not too clear in what i was trying to say....when u trade against the trend, u either keep small SLs or very large SLs (which i dont prefer).....if u have a SL of say 75 pips when u trade against the trend, if ur SL is hit, u know that the retrace is over and the trend has resumed....so in such cases, when u trade against the trend, always keep an SL at a place, if when hit, confirms that the retrace is complete and the original trend has resumed...
i would not advocate any standard SLs for any trade...always find the nearest support/resistance and keep the SL beyond these, however small or large this SL might be....
hope this is clear...if not, pls feel free to ask...