DislikedHi TAH,
For this, what would be you Entry, SL, and TP ?
It is a bit late for me to get in. Also I am going out soon, so cannot monitor.
This above trade, my risk would still be around 90-pips when I put SL at either of the two recent highs.
Cheers,
FB.Ignored
Regarding SL placement, if you intend to let the trade run thru the LO - US sessions, then there is no choice but to set the SL so the trade can "breathe". This is because the US traders could whip PA backwards for their own opportunity to enter at more favorable prices. On the other hand, if you can consider the trade only thru the London to US Open part of the day, and get out before the US traders might whip the price, then you can have a very tight SL once the London traders start to make their run. To demonstrate this, I have put a tighter SL on the chart in darker red. But keep in mind, you have to exit BEFORE the US traders might go to work, whether they end up whipping it or not, and no matter what pips gain you have at that point.
Obviously, once a trade starts to run, the SL can be moved to BE+, regardless of how long you intend to let the trade run. And so, by doing this, a SL setting that involves too many pips can be changed to one that involves no pips loss at all (second chart).
Edit: Example trade closed for 60 pips profit (third chart).