Disliked{quote} Strange cos with that much projection, the depth seems quite deep for the bulls. Guess it is really losing steam. {image}Ignored
Attached Image (click to enlarge)
Ratios & Harmonics: a Different Way to Trade
- #29,409
- Jun 26, 2017 7:35am Jun 26, 2017 7:35am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
USDJPY long
When I saw the bears breaking a small level that was already tested (see arrow) and that I thought should be defended by the bulls, I moved my SL to -2 pips, just below the last immediate swing. Thinking that area really must be defended by the bulls, otherwise I'm expecting a possible move further down and I want to exit the trade. I can always re-enter at a better price if there's an opportunity.
Then the bulls produced a nice volume candle. when reaching the small structure to the left, I set my stop to BE, thinking if the bulls allow to correct that deep, they're probably too weak to take price higher and I'm better off exiting the trade.
Still in the trade though :-)
It may or may not be good trade management but I didn't feel good about the continuation of the trade and my number one priority now is to preserve capital.
- #29,410
- Jun 26, 2017 7:35am Jun 26, 2017 7:35am
{quote} But the bulls look very weak from a bar by bar, point of view...
current position is on the sidelines
