DislikedI was just thinking about adding to my position then I read this. You say you wouldn't be entering now, is that because it has moved so much with little retrace? If price has a shot at the 1.92 level, we are talking almost 2500 pips from where we are now. For me, I'd risk a few hundred pips for a few thousand. I'll keep watching the charts and see if there is pull back and with some PA signals long. Unless there is a blaring reason not to, or I'm making an obvious mistake, anyone please feel free to comment. Here to learn and grow.Ignored
Even though price might eventually hit 1.74, it might also reverse 500ps or so, taking out all the little guys like us. That's why you always need to have a plan to scale in and out, and follow it.
Below is an example of two of my plans for scaling in, once I determine short/long term trend.
1. add on break outs (more aggressive-red arrows)
2. add on after breakouts and retest (conservative-red arrows in squares)
As you probably noticed on the chart, using conservative approach, I'd only add once and by using breakout method (whatever tf you like), I'd have 4 positions running.
Different styles suit different personalities, but you still must have a plan. Without it, it would be chaos trading..
Hope this helps..