Went long EUR/USD yesterday @ 1.4194 ...help

Went long EUR/USD yesterday @ 1.4194 …help,

do you think it will come back to this level today or not?

shall i wait or stop losses???

normally id say cut your losses, however i would set a stop loss @ 1.4138 if it goes past there it will be difficult to get back up however im expecting to the price to go above that today

Things don’t look too good on a daily chart

Did you plan your exit strategy when you got into the trade? If not, the baby pips lesson on money management may be a good start Forex Money Management: Rules for Managing Your Forex Trading Money .

Not to sound like a smart ass, but you should always have a clear idea of where your stop loss should be the minute you enter a trade.

Hold on to the trade if you think it will turn around and at least reduce your loss. If you don’t think it will or if you simply don’t know, then get out now and stop trading real money until you gain a better understanding.

If you get on the wrong bus what do you do?

Do you get off at the next stop or wait until the bus turns around?

If price moves against you 10 pips, what more do you want as an indication your trade is a loser this time? It is much easier to make up a couple of 10 pip losses than a 50 or 100 pip loss.

Look at the chart above. Price moves across the lines. How many times does price have to cross a line against you before you consider exiting?

I use the horizontal lines and candle color in the chart above to determine my entry. I will stop out if price moves against me 10 pips. Sometimes I can make up 2 or more losses with one win.

What if the bus crash before it turn around? Or on that particular day for some unknown reason the driver decide to change its route? Would you still stay on?
Cut your losses man, next time plan your trade and trade the plan.