I have been taking 2/3rds off some trades at the same pioint which gives me a small profit and a risk free trade without having to move the SL to protect myself. Price often retests the break point and often lower after the break and so i like to leave my stop where i originally set it untill price has given me reason to move it,i.e price has broken a PPZ or made a new reaction h/l. The only problem with this approach is that price then needs to run a while to make it all worth while, and in todays ranging markets that is prooving difficult! Although i find it a safe way to manage my trades i am wondering how much i would benefit by letting it all run to a hard target?? i havent done any back checking on my trades yet and was wondering how you have found this method and if you have any thoughts on it??
Your us/yen trade is a perfect example,i was stopped out cos i moved my stop,albeit at a small profit.
cheers
jon
PATIENCE... DISCIPLINE