I observed up trending movement of GBP/USD 5 min chart with up channel. I opened a sell order at 1.6210 and set the exit target at 1.6201 (minimum). I could earn 9 pips.
Time 7.00 GMT
Please tell me how to set stop-loss this kind of trade?
I’ve always felt that “organic” stop losses were the best.
No two trades will be exactly the same, so, no two stop losses can be exactly the same.
I know there are strategies which use a fixed pip amount for a stop, but, I don’t agree w/ that at all- it doesn’t make sense to me at least.
Stops should be placed logically- the commonly accepted practice is “if the market moves here, I need to get out”. Always think about that (BEFORE YOU OPEN THE TRADE).
Here’s a tip- mostly every single trade I make, the first thing I ask myself, is, “Where do I need to be out of this market, relative to where I can get in”. This is how you gauge risk to reward.
If your stop is 100 pips, but, your logical target is only 50 pips, 9.9 times out of 10 I’d pass on that trade opportunity.
Hope that helps.
Jake
What are the Ctoption replicators? Where can I find them?
