DislikedHere's how I managed this Euro trade from last week. Sorry I couldn't post charts at the time. I really don't like posting trades without charts to show the reasons behind it. But this was a very high probability trade.
The Daily Pin Bar of 9-18-08 with the trend entered after the break 1.4270.
Price broke on the next bar , hard and fast which is a great sign that Price will continue.(This is a high qualifier for all PA set-ups).
On my mind is the Support level at 1.4070ish, Weekly Pin Bar (in the opposite direction) and the Daily Trendline.
I then move down to the 4 hour charts and see if any PA formations ( and S/R levels) will give me a hint if this short off the PB will continue. Price runs into the Daily trendline and possible reverse spinning top at that trendline.
I take half off for 83 pips (1.4187) and move my stoploss to break even. Price moves up and stops me out on the other half at break even.
I try to never let a winner turn in to a loser. If Price moved down 60 pips and then started heading back to my entry I would probably have closed the trade at 0 to -10 pips. Even if it goes back in my direction right after I close the trade and it has done this many times. lol. But to has also kept me out a losses that would have run a lot larger.Ignored
do you have any strict rules about this R/R thing?
Well I guess my question is, do you build your equity up by adding little chuncks of less than 1% and rarelly losing?
it's all in my brain but I just can't put it in words. I hope you understand what Im trying to say.