DislikedHi,
I just saw a long on the USDJPY when the price found support on the 21MA heading up to the 89MA. The 4hr bar just opened about 15 mins or so. I did not take this trade as the SL and the R:R did not seem good to me. The SL at the arrow, about 71 pips and the target is the 89MA about 57 pips.
[size=2][font=Arial]My question is the position of my SL, is it the correct place to put it, I was thinking about putting it just bellow the 21 MA which would make the SL about 50 pips...Ignored
Why guess? Best choice was to enter with half of the usual lot size and set the SL below the long green candle. Good trades do not come around very often.
Good luck
nabil