Quote:
Originally Posted by rykookyr
Just to be clear, as the market stands today with the USD/JPY (for example) the 5ema is well under the 50ema. On 10/21 the candle closed below the 5ema. So on 10/22 you would go short at the open, setting you stop and profit targets the proper distance away and let it go correct? In effect you are looking for another down day in this instance. Yesterday and today (if the trend continues) will also be down days. Are you still holding your original position from 10/22? If not, would you enter short again tonight because we will have another close below the 5ema?
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You only trade 1 position per pair when a signal is given until either the T/P or S/L is hit. Once it's hit for that pair, then you can look for the next setup. What you wrote above is correct.