Disliked{quote} I closed the EURUSD H4 and USDCHF H4 trades practically at BE as before the high impact news today. These trades were just stagnating. I have found it can be reasonable to use also a time stop, I think after a certain time elapsed and the trade is not going anywhere scaling out or closing the trade can dampen the risk exposure. My earlier trade this week the AUDUSD H4 produced some profit, reaching the TP1. I moved the SL on the remaining positions to BE which was activated. I have to study he charts to see better the synergy. take care,...Ignored
Hi Thrax,
The market type do not change so quickly. So knowing the market type is very important when we swing trade. Market volatility and price sudden swings is expected when key data release but the longer term trend usually holds well.
Your three trades - AU, EU and UChf are good examples of sideways market types. AU is wide range and both EU and UChf are narrow range. Trading the sudden breakouts of narrow range is not easy to see in lower TF charts. Look at HTF like D chart and follow the longer term direction. You recall my EU post about Day Inside Bar? the LTF chart H1 will show the IB breakout much easier after we decided on the breakout direction. Also when trading breakouts, I use Plan A and Plan B, and a Plan C when both A and B fails.
regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett