DislikedI have small partial positions from all three PBs on each pair. (Cad, Eur/Jpy and Aud/Jpy). I take a long term mind set when I hold my last postiton. Meaning I tend to leave this position at break even until I'm stopped out or when a PPZ level on the Weekly or Daily shows a clear sign of strength for me to hide behind. The mind set requires you to endure huge pip swings of 200 to 400 pips or more. Bottom line is that you don't lose money.
Take the Cad. 75/80% of my position was banked at the obvious profit Targets in green. My current stop loss...Ignored
it was a good eye opener to see your stop so far away!! i think this has been the predominent issue for me... i studied charts for a long time on the 15min tf. its not so easy watching price move 200 pips against you eh !!?? im gonna follow your example with my gb/chf trade. i now have profits banked of course and i am comfortable with the size of the possition i have running....
i tend to see floating profits as profit lost if price goes against me. i think this is probably a very bad habit to form, it can only make things harder for holding possitions over longer term!!?? i have remain (psycologically)with the profits banked,and only play the charts any thoughts anyone?
one question, do you look to add to your positions or trade the pair afresh at each set-up??does this make sense??e.g. i am testing using the dibs method to add to trades.
cheers
jon
PATIENCE... DISCIPLINE