Hi this is a daily chart of AUD/USD i wonder where to put a stop loss and where to take profit ?
[ Hmm…I know you won’t want to hear this but here goes… ]
When you entered the trade, what outcome(s) did you have in mind?
How did you arrive at a trade size of 0.02 lots?
Etc
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Friend, you never enter a trade before planning the trade fully in advance, which includes mapping SL and TPs beforehand.
Your SL determines your trade size ( not the other way around ).
PS: Your trading method ( i.e, your edge ) should define conditions/areas for trade entry and exit. You entered a trade without the other key components; are you sure the system/methody/technique you are applying has an edge?
Specifically for stops, read this, you will be enlightened: FOREX Statistical Research Center/Placing Better Stops
Cheers
If you’re using Fib levels for your entry then it might be a good idea to make sure your stop is located below the farthest Fib. You can also opt to use a volatility stop wherein you’d compute how many pips on average this pair moves for a day or week, depending on how long you plan to hold on to your trade, then set your stop based on that.
Looks like you are adding positions to the losing side. Don’t do this. If market not turned you going to lose all your money. You can consider your R/R to select the appropriate stop loss level.