in the big picture price really has not moved much, as far as when to cut your losses that is one of those decisions that should be made before you take the trade. Either a stop order or a mental stop then let the trade play out, you will have losing trades so don’t let one trade ruin your year
My paper trade SL was 100 pips. I think this was far too narrow for a TF trade. I probably should have had a technical stop - above 34MA on a daily chart, for example.
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too many traders use a 100 pip stop with no regard to price action or were support/resistance is. They are taunting the market to come take their money
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I agree. Longer term trades need time to develop.
However, with wider stops, risk management is paramount.
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I often find that when I am behind my entry point - it acts as support/resistance unto itself. That and the stop loss magnet is an inspiration to read more on price action.
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True! Risk management depends on trading style and personality.
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GBP moves into a tie for #1 making EURGBP* our newest Top Trade, this is not a strong signal as we are less than a 2% spread and the chart shows a lot of choppy price action. I will track it but not one I am taking myself
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i am taking the short off of the rankings, and the price action of the daily candle. stop is .8930
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All Yen pairs are up today showing a continuation in medium-term trends, Top Trade EURGBP* is in the money
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We may have seen a reversal and if so newest Top Trade GBPJPY would be a good one to ride the trend
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Hi Dennis
I understand you don’t like having SL in place on your positions.
How do you determine your position size without at least having a notional SL in mind?
I took GBPJPY at 143.17 and, for position size purposes, had a notional SL at 34MA (D) level (approx. 141.00).
GBPJPY is the most volatile of the Yen pairs, daily trading ranges of more than 200 pips are common, which has earned it the nickname " riding the dragon" it is considered a pair note for beginners. It is also a good example of how a 100 pip stop might work for USDJPY but not for GBPJPY. Rather you have a live stop order or a mental stop, know in advance of the trade when you will call it quits if it goes against you as well as a take profit target. Have a plan and trade your plan
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Yen weak again with US Dollar leading the way
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First month of 2021 is in the books and a lot to digest.
Top Trade GBPJPY up almost 100 pips in its first full day as Top Trade
USD gains strength as US stocks tumble
We live in a world controlled by elitist politicians, Wall St. and Tech Giants and they are not our friends, think of the movie Hunger Games, if you are trading in this market, be careful
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Markets look overall bearish to me, but will wait for better opportunities.
Bitcoin was a nice short last time.
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Nice recovery day for stocks but the currencies are still calling this a risk off-market,
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two strong days for stocks but the Yen pairs are contracting, not normal but what is anymore
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