DislikedI really like this hedging system and I would like to start my demo using it. Being very new to the FOREX market I find it is pretty easy to understand and follow but I still have a question regarding stop loss.... "once you are in profit with your GBP/JPY pair for about 100 PIPS, put your stop/loss at 1 pip profit, only use stop with GBP/JPY pair...."
Lets use the example: I bought 1 lot of GBP/JPY for 241.22. In a time price went up to 242.23, so now should I enter a stop loss for 242.24 or 242.22? Can't I just enter Take profit at the time when I'm buying my pair (using above example : set Take profit for 242.23 ) or I'm missing the point. Please help me understand.
Thanks in advanceIgnored
Based on your entry of 241.22 once price moves up to 242.22 (1.00 or 100 pips) set stop loss to 241.23. This will allow room for a retracement and gives you +1 pips for GBPJPY. Once GBPJPY closes out due to price retracing back to 241.23 close all positions and start over again.
TimeFreedom