I did Pipsology, traded demo, went live and lost half my account, and went back to demo.
I started Pipsology again, and started reviewing books I already read. I’m paying attention to JannaFx’s strategy and Pipsology’s lessons on trading breakouts. Shout out to Pipsology!!! Bo! Bo! Bo!
I narrowed my pairs to EUR/USD and USD/DKK (for now).
I’m looking for some feedback on these two set-ups. They’re both rectangle breakouts.
In the EUR/USD I made two orders (one long, one short with the same SL and TP):
size: 0.1 lot
SL: 40 pips
TP: 100 pips
I’m basing my TP on the recent swing of 300 pips, and I’m targeting one-third of that…100 pips. Upon nearing TP, I’ll move my SL.
Second trade: USD/DKK
Size: 0.04 lots
SL: 462 pips
TP: 666 pips
TP here is one-third of the most recent swing (same as the above trade). Two orders with same SL and TP: one long, if the breakout is bullish; and one short order, if the breakout is bearish.
I expect both trades to last about 7-10 days.
Please, let me know what I’m doing wrong, or right.
If my information about the trades is incomplete, please let me know.