Greed is only an enemy if its in charge of your trade decisions, instead of analysis. Where the analysis says go short, and where the analysis says stay in the position, that’s not greed talking. Merely because the price did the less probable of the two things it could do, went up not down, that’s not automatically greed.
But maybe you are right, so what is the basis for exiting before the upturn?
the basis is not to be greedy
which is hard to do sometimes
very hard to see a set up like that with all EMA fanning
and decide to get out
This is exactly why position management is so important. I got stopped out of a few positions, but I had moved my SL into profit already. Phew!
Thanks for this. Yes, that’s my point - correct analysis would say stay short. But maybe there is something else abut this pair’s recent price behaviour?
Going short there is a bit weird anyway. But anyway I think not having a trading plan is the traders worst enemy not greed. I love being greedy but with my profits not my stop loss.
Yep, you should sell much more earlier before the whole trend went downhill, so something must really be done out there for all you try to test here. Are you with me on that or no ? I do want to make it really happen next time for your luck anyway.
I dont get what you’re trying to say. This entry does not correspond with your original post. Keep it consistent otherwise we cant accurately comment.
the entry point is the same here is the 2 pictures
one has the a daily fan
and this one has a weekly fan
my saying was and is go short as soon as the price leaves the fun but do not be greedy
close the trade as soon as you see profit
If you close as soon as you see profit, you will not be able to test it in the long run. There needs to be an objective exit so you can analyse accurately. I guess the stop loss is at the top of the fan.
this is mainly a day trading strategy
as soon as the price leaves the fan we open a trade
and as soon as we see a 15 or 20 pips profit we start thinking about closing
the stop loss is set on one of the trend lines of the daily fan not the weekly one
check this entry below
