07-19-2007, 08:14 AM
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Newbie
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Join Date: Jul 2007
Posts: 17
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example please
Quote:
Originally Posted by michaeldunbar
I'm trying out a new idea (borrowed from "Jacko" on another forum) of a kind of "revenge trade". The basic idea is if your stop is hit, as mine was yesterday  , AND if the price continues say 50 pips beyond the stop, to put an order in (in this case buy as that was my original position) at the point where your previous stop was.
By doing this, if the order is activated, you are getting back in the trade where you left it but you're also trading on the trend's momentum. Stopped out again? As long as technically the major trend is still intact (judge by your trendlines) then repeat the process.
In my case, for the GBPCHF I did this and am now back in the trade. There looks to be a cross forming again too. |
Hi Michael,
I prefer explanations via a picture or two. Could you give an example marked out on a chart please.
Many thanks,
Neil  |