Hello Everyone,
This is my first message here, I like this site very much and want to thanks everyone who made it so good.
My problem is a good one to have.
I’m initiating a trade with a stop lost and target profit that is supported by my system, giving me a nice gain/lose ratio, however as the trade going my way the gain/lose ratio is shrinking.
I dont have a specific strategy for moving the stop lost.
An example I had today is as following, I sold the EUR/USD the initial stop was just above a strong resistance, and the pair moved very well and was just few pips from my target, what I was trying to do is find another lower resistance and move my stop just above it, but I couldnt find anything that looked good enough.
The solution I found was very succesful and I wonder if this is something you normally do. I reanalysed the trade and decided its not worth it anymore from a gain/lose precpective and just closed it.
Will be happy to hear your opinion about this.
thanks in advance
Sharon Guy