actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven.
this covers 3 areas.
1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.
2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.
3. BREAKEVEN LEVEL ALERT - a conservative area where im as certain as possible where price will reach and give me the CHOICE/CHANCE at a free trade and a possible runner.
As i have told you guys many times in the past breakevens in my world are wins.
this covers 3 areas.
1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.
2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.
3. BREAKEVEN LEVEL ALERT - a conservative area where im as certain as possible where price will reach and give me the CHOICE/CHANCE at a free trade and a possible runner.
As i have told you guys many times in the past breakevens in my world are wins.
DislikedHey Jim,
got a question to that chart and your trade in the USD/CAD.
If I got it right you traded it like this:
- You went long at a break of the high of the pinbar and set your SL below the pinbar. You had then an inital risk of around 15k.
- Trade came back quickly you couldn't move to breakeven or take profits
- You took a 30 pip SL, or 3k as you said because as you say you couldn't take more risk/drawdown/losses which I understand because 3k is already a lot of money.
Now my question is why don't you set your stoploss at those 30 pips...Ignored