The Butterfly, the reversal date, the divergence and the Gann clusters all gave us a low risk trade, but lets keep a close watch on the action....just in case
Morning All
Bit of an over night tussle between Bulls and Bears
Hopefully the Bulls have won
Bound to happen when you are looking at a reversal after 900 odd pips
Hope everyone survived unscathed[B)]
yes any stop i might have put in would have been hit as well Dazza thats why I try and avoid using them, tho of course this has its own risks.... GBP is quite volatile thus increasing the risk you are stopped out without the trend actually changing.
As I said , I use my platforms SMS alerts to notify me of levels being broached , then in my sleepy stupor I make a decision myself rather than have a spike take my position out. Last nite I decided to hang in even at the -40 level.
anyone got suggestions on how to handle this trade now that I actually have a +ve buffer in place?
I will set a fixed stop at breakeven - theres no way I want this trade to go negative now.
But, I'm wondering if I should set a large trailing stop eg 60-100 (note how volatile this pair is - it seems to me anything less than a 60 pip stop will be gobbled up through normal oscillation) and just let it run with the worst case scenario being no profit or loss but also allowing for the possibility that if we do have a major trend reversal I will capitalise to the max
Reply With Quote
Bookmarks