Disliked{quote} My trade is running for 27 hours now, and it is 20-25 pips in profit. It got up to 38.5 pips about 4.5 hours ago. I hope my question will not irritate dove but I must ask: While the 40/40 rule is very clear, is there any time frame and/or pips in profit that we can move the stop to entry point ? I do believe in the trade and plan (Could have waited for a Parabolic touch instead of the EMA touch but that is hindsight), but after 27 hours we are not in the moment, and if market will change then getting a -40 pips on a trade that was a pip...Ignored
For one you did not apply the rules for your entry. Another, there is no hindsight with the Paradox. All you need to do is follow the rules. You had a resistance with divergence, the DB, and the SAR; and your entry was short on the pip count to Resistance. So on entry you lost your trade by breaking the rules. If you had waited with patience for the Parabolic hit you would had your trade and the reason is because the Daily is still up.
Your excuse for breaking the 40/40 rule is only an excuse. There is a reason and a purpose for the 40/40 rule. That is to learn discipline in how to make a correct entry. It is a learning process of patience and skill. It does not matter how long it takes for the trade to complete but a learning process of working with your mistakes. Taking a trade before it runs its course is a great mistake. The reason is because what you learn on a demo will run over with you on a live account. Learning to trade properly on a demo will carry with you on a live account and that is how you become a winner.
Making excuses is a short cut to disaster.
OK traders - I have been very busy since the weekend and still very busy. I will catch up later.
The Dove - Forex Trainer
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