NZDJPY M5 PASR Trend Trading
You are improving with every trade, Terry - good to see.
For me though, a 20+ stop loss on M5 would make me find a better trend but I accept you have to start somewhere to get your feet wet.
Also, for me, I don't like setting targets on M5 because I want to ride the trend whether it be short or long. A "target" for me in a trend would cause me to "hold" my trade until the target was reached or the stop loss hit which is not my style. I watch PASR as if I was a "Big Boy" with $millions on each trade. Had I been in your trade, the big green candle from 76.48 would have me exit with a profit.
The next point is to "know" your pairs. NZDJPY is not a big mover so that 26 pip move down from your entry would have been a "smash and grab" for me.
Your next Post 8838 is ""the way to do it"" - good job, Terry
DislikedNew short on NZDJPY on M5 just after NY open. Entry 76.75 Stop 77.00 Target 76.25 RR 1:2 NY seems to be resuming London direction. Expecting wobble/bounce at 76.50. Update: Took 50% profit at 76.50 and move stop to BE. Stopped out final position at BE. The .50 level was obviously more than a wobble area. {image} {image}Ignored
For me though, a 20+ stop loss on M5 would make me find a better trend but I accept you have to start somewhere to get your feet wet.
Also, for me, I don't like setting targets on M5 because I want to ride the trend whether it be short or long. A "target" for me in a trend would cause me to "hold" my trade until the target was reached or the stop loss hit which is not my style. I watch PASR as if I was a "Big Boy" with $millions on each trade. Had I been in your trade, the big green candle from 76.48 would have me exit with a profit.
The next point is to "know" your pairs. NZDJPY is not a big mover so that 26 pip move down from your entry would have been a "smash and grab" for me.
Your next Post 8838 is ""the way to do it"" - good job, Terry
15 YEARS OF PASR ON FOREX FACTORY!
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