[QUOTE=“aujla17;692864”]Update: Trade #2 EURUSD Daily chart short Trade hit my stop loss at break even. I am happy to exit without a loss. One reason I can think of that this trade did not work out is that the bearish engulfing bar did not have a strong close. Other reason is that I moved my stop loss to break even too soon. If trade ends up working out and hitting my target I am fine with that. Moving to break even is a big deal for me as I want to make sure my capital is safe from any unexpected event that could happen at any time. If another signal comes up, I won’t hesitate to enter short on EURUSD again. [/QUOTE]
I hate getting top ticked. I refuse to move to BE anymore unless a new high or low has been established.
Although you may ‘lose’ out on trades cause it hit your Break even stop loss before hitting your target, it does save you from losing trades.
If a trade is good, it usually hits the target fast. If you see its going to the target quickly, you can always remove TP and set it higher because you see momentum in trade.
It depends on your strategy and risk tolerance, I move to break even if a it is near a reversal zone. Because you never know if it will reverse or go through. Forex is just a guessing game. If trades always worked out, there would only be one way to trade and no one would make money cause everyone would trade the same.
Price Action is perfect when you are winning, but can be catastrophic when you are losing. This is perhaps why the best way to use Price action trading is in long term time frames… e.g the weekly charts, rather than the short term periods which can go either way.
I think it depends on how you trade price action on the shorter time frames. If you see a bullish trend on the daily chart and enter a bullish pin bar on the h1, it works out fine. However, if you trade against the daily trend on the lower time frames, then you are going to have issues unless you have tons of experience.
I would like to apologize to the people who are viewing this thread to learn price action. I know I have one loss and two break even trades so far.
I am learning myself. I think maybe moving my stop loss up too fast cost me on both the break even trades as the EURUSD is now well under way to reaching my initial target I had for it.
I will continue to post trades here and I hope the next trade is one where I win.