The trades have a tp of 150 pips and a statistical sl of 375 pips.
Statistically, iifi it goes 375 pips against the trade then the following move will continue in that direction and keeping the trade would result in a bigger loss.
That’s the value which I’ve found to be perfect, same as with the tp.
All trades I’ve analysed have moved at least 150 pips but from that value on, the numbers differ: 164, 178, 153, 210.
I couldn’t find anything in common except the 150 pips value for the take profit, but anyway that can be further exploited with a trailing stop if necessary.
Regarding the trades, we start with the last of 0.01 which is surely not a significant trade, but I was called and questioned if everything is alright with the account, because there was no trading activity on it.
So, I wanted to prove that I’m alive and that I’m monitoring the market, I just put a 0.01 trade and closed it rapidly, but on a account of 50k its obvious that can’t be considered a trade.
The rest of the trades from there on, had a target of 1.1141. Both of them were trailed.
Two trades were closed earlier (a mistake from my part) because I considered the market exposure too high, but the next time I won’t be doing that mistake again and I will respect the tp.
Moreover, even if there’s a single pattern ocurring , it can generate multiple trades.
Because it’s position trading, many times the market will be going against the trade for a while, and the closer it gets to the sl, the more I permit myself to take another trade or two.
In conclusion, the first trade shows the mathematical pattern. From there on, I can leave it with a single trade or I can build the position if the market permits it. In the current case, I’ve been pyramiding.
Regarding “it could have gone wrong”. Yes, it could but it didn’t. Many say that if it would have gone higher, I would have been rich, but it went lower and I lost. If you put it that way, anything can happen, there is always the other side. But I am certain on the final outcome.
The pattern appeared at the price of 1.0990 with a target at 1.1141. But i’ve seen that there’s a pattern forming since 23 February so I took a trade from there with low volume and waited for it to be complete, which the pattern did in 6 March.
Actually, I am very fine with the market going against me for a while. The more it goes against me, the more I buy and such a pattern can bring huge profit.