after some significant market movement I pretty much have spent most of my morning defining my new stops and profit targets for each current open trade (#43, 44, 45)
a lot of times I set a long term target for my trade, i use this as my “mental target” which is not fixed. as in previous trades, if I see the market breaking a trend line or a reasonably significant candle + fibonnacci contrarian formation, I would decided then whether to get out of my trade or to move my stop to b/e or so forth
as per some of my rules (which I will be revisiting soon since I am now approaching middle point T#50) I am still facing the difficulty of balancing moving my stop to b/e too soon versus moving it at the right time to avoid letting a profitable trade turning into a losing trade
I am mostly familiar with the GBP/JPY, as per my initial set of rules, I used to mainly trade only the GBP/JPY it was only since Aug ish after the big fall of the pound that I needed to look for other crosses. however, I am not happy still as to which timeframe or method best apply to the other crosses like a/u, u/j, e/u etc so this part of my trading is still in its infancy.
I hope to do more back testing and research to define a much clearer strategy for the near future
I am considering to focus on GBP/JPY using all my basic tools (trend lines, candles, fibonacci) plus some patterns like crown -which has made me the most money by far and add others like flag/triangle/wedge break outs and double tops/bottoms and even rbi divergence. I rather apply the later methods to the cable than trying to master other crosses
I strongly believe that each cross behaves differently and I rather focusing on knowing “one child” than having too many children and not knowing them well enough!
anyway happy trading:)