Or we could be in for a retracement looking at the weekly. Quite a ways up. My long positions could get quite valuable. Of course I would add to the position and take partial profits on spikes.
I get emails of my stops. I do my analysis, max my margin so I have my money working for me as efficiently as possible, then set and forget unless I my phone bleeps. This was a scratch, retest of the trend line. Looking for a better short entry as I said earlier.
Stoploss is now at breakeven. I have a lot of scratch trades. More so than loosers. That perhaps is part of my edge. My loosers are small too. I am hoping I can hold many of my positions over the next week, with adjustments as price develops.
This one has 500 pips to go if I really let it run. Maybe more. Likely it will bounce around a lot and I will end up scalping it but I want to leave at least part of it to see if it can hit 500. Still has upside potential too though but at least it is in the money and I can tighten stops. If it moves higher, just get in again at a better position.
Added a small amount. Don't you hate when it goes in your favor but you cant push the keys fast enough? I saw this head and shoulders pattern and almost got in but had to load charts and missed the spike down and didn't get in at the break. A few pips, but still.
Analyzing bad trade. What to do. It isn't a large position, and so far I plan on just waiting it out. It just broke the trend line meaning bullish. Why did I ever get stuck in this trade to begin with is what I need to contemplate. I knew that it wasn't the best setup so I used a small position size and when it went against me I didn't add to it.
Really, the moral is, even if I do recover from it and even make a little, it is not worth the tied up margin. I could use it for other trades. Only enter when the stop can be tight is what I have been getting better at and working on. This one doesn't even have a stop.
Instead of a stop I put a sell entry at support double the original long size, so it should cancel the previous long and hopefully pick up the pips on a spike if that happens. Does this cost less pips in spread? I still don't understand spread and how it effects the bottom line entirely, gotta do some math. The stop on the entry is only 20 pips so it may get stopped out if I don't check the chart to see what is going on. If it is a spike than great, if not, then perhaps I will tighten the stop. I'll get an email alert when it triggers, so I'll just wait on that.
What to do about spikes there has got to be a better way to protect from them. The loss is small but now my position is a lot smaller and if I wasn't stopped out, it is still falling.
