DislikedYou're welcome.
I'm not sure I understand your plan here... It seems to me that you want to place some longs, and then if price moves down you will add some more longs, and continue doing so. You are doing this because you believe price will move up from the current area, and will not ever get below 1.25 (or at least not before it goes much higher than the current area.)
That sounds great... but... it begs the question... what if price does go below 1.25?
Perhaps there are some aspects to your plan that I'm not understanding.Ignored
But as 5abi said, maybe its wiser to play the medium term on which I feel comfortable with max 300-400 pips SL levels.
I'm trying to play the market because I have other USD-investments where I would like to hedge the USD-risk and maybe to earn some extra's with shorts at appropreate levels.
But fundamental bias on a weak USD in coming years dominates my descisions and not the pure market play aup or down.
But what I hate is having a good feeling and still losing like last friday with the H&S on the H4, just the recovery well above its break at 1.4100 put me on my wrong foot and I killed the position with loss, while it could have been a nice profit.
So my conclusion is:
1. Long at the expected botom of a medium uptrend (now) if PA downwards get in troubles at those levels
2. Close Long and get Short at the top of the medium uptrend if PA upwards get in troubles at those levels.
3. No positions on negative breaks of medium term uptrend or when medium term trend is descending.
Would that be a proper thing to do within my views?
Don't be a hero. Don't have an ego. Always question yourself