Can I do this? What'll happen?

Hi,

Need some help from any expert here. I am new to FX.

If I Long at 121.40 with stop loss @ 121.10 and also set a take profit @ 122.05.

Can I also set a trailing stop of 55?
What will appen if I do?
Will all te setting be trigger when hit?

Thanks advance.

your trailing stop will move your SL up when you get to +55

It would take 85 positive pips to move SL to breakeven, and from my personal point of view trailing stop of 55 pips is way too big if you trade short-term

Look at a daily chart. A 100% retracement is 121.61 and it has already been hit. Bolinger Bands show that the price has gone above 3 deviations and has opened and closed above 2 std. deviations. Also this pair is due for a major reversal. In my opinion I would be looking for the u/j to be going down to around 121.21 and then to 120.60 and perhaps to 119.50.