I’m new to forex as well as the pip community and had a couple of questions with regards to support, resistance and hedging positions.
I’ve read that in Forex only certain exchanges allow you to do this, open both a BUY and SELL position. I’m currently practicing on a demo account on Forex that doesn’t allow hedging, was curious which exchanges (if any) do?
When the charts are approaching areas of support or resistance, do traders assume there will be X amount of approaches before a breakthrough occurs? I’m interested to hear other peoples experiences regarding this
when taking support and resistance into account, how many pips either above or below an area of support or resistance would you put an order if you’re objective is to hedge your current position.
Enter a long-position with USD/CNH @ 6.45123
Support is at 6.45000
I want to put a short order just below resistance incase things don’t go as planned