DislikedOkay, just so you can see my thought process and one of the ways I conduct rescues, here's one of my current trades 100+ pips in the RED. As I mentioned, some of the others won't need rescues, cuz they aren't that much in the red yet to warrant them much attention, and also because I'm in good positions for those to where even my T/P will probably still be hit on the retracement, but this one I'm going to use for an example, because it may need a rescue to get a better Basis price.
The currency pair is the U/Chf.
The first chart is the 8h which gives me a better overall picture. Currently, the PA is heading toward the previous month's high (the top GREEN line on my chart). Will it overshoot it, we don't know.
My Basis is currently right at the middle (RED solid) line at 1.0347.
The RED dashed line is where my 50 pip T/P currently is set at (1.0297)
On a retrace, my Basis is probably still safe to B/E, but if possible, it would be better to be above that middle RED line. Even if the PA overshoots the previous high, the PA has already had a 400 pip run, and should retrace between 100 - 200 pips sometime soon, but the closer you are to the previous high's line the better. But, I do not risk more troops than needed, so I assess the PA and ...Ignored
what u think are exactly same with me,i expect it to retrace some very soon.
besides leighs,will you book loss IF,i mean IF dead in water situation appear?