I know someone who followed it all the way down. not me unfortunately
So Iāve been away from the Forex scene for a little bit due to personal reasons but I traded overnight and I got 40 pips, my buy was triggered and reached TP and then the sell was triggered and reached TP, w00t!
Iām not that great at charting but Iāll post this. Hereās my range for tonight. Already caught some pips in the Asian dip, see the yellow line.
Iām waiting until Iāve seen 1-2 weeks of decent breakouts before using this again. I canāt complain since June and July were stunning but the last half of August and 1st week September not too good - maybe it was the holiday doldrums not sure as cable seems like itās starting to make its early morning moves againā¦
well I went short at the end of the overnight period was up about 20 sometime during the night then it turned around and hit my 50pip stop 
Better buy on upside break to make those pips back!
The question is would you have moved your stop to break even or closed it out earlier?
I would like to think I would have but then made a similar mistake today. I cought about the last half of that down move earlier today, the one R. cashed in on. But Iām at work and while I wasnāt paying attention it reversed on me and I hadnāt moved my stop. I keep making dumb mistakes.
So this all brings up a good question. Letās say you have a 50pip emergency stop loss, in case you loose internet or something. Then suppose price goes in your favor for a little bit but then turns against you and youāre in negative pips, how far do you let it go before you close the trade and take your losses verses hoping it turns around in your favor again?
TALOND
Heres how I do it. 
I donāt set an emergency stop. I set a stop based on the chart. Say just below/ above the last candlstick on the previous high/low. Thats all Iām going to risk period. I treat the stop area of pips as room for the trade to bed in.
When and if my trade goes positive, I move the stop up incrementally in line with price. Say positive by 5 pips move stop up by 5 pips. The idea being to get to break even asap.
If price retraces against my position before my SL is at break even. I manually exit before I go into a loss situation.
If price moves against the way you thought it would. Dont hope for it to turn in your favourā EXIT SHARPISH! 
You run the risk there of closing it out only to have it turn around back in your favour again then donāt you? 
Otherwise why have a stop at all, why not enter a trade and immediately move to breakeven. I guess the art is in knowing if itās really moving against you or just ābreathingā. I look to about +20pips to be breakeven by thenā¦maybe 17 or 18 on the GBPUSD.
SanMiguel
Lets say for the sake of arguement that the trade direction is valid and price will move in the desired direction. If the trade is/was wrong you get stopped out in any event.
Using my way means your not moving your stop inside the trade too early but still guarding against a reversal that will take you in the negative. You could I suppose let price go against you and get hit for the āXā pips from where your manually adjusted SL currently is.
Say price initially goes the expected way but retraces to test top or bottom three times before the trade goes the initially expected way. Using my way you dont get hit for three āXā pip losses. I have the luxury or placing three trades on the same intended trade direction. The the first two trades break even. The third trade makes me lots of pips!
Hope that makes senceā¦ basically I get three goes for the price of one.
Say price goes +5 in your favour and you move your stop from -30 to -25.
But then suddenly price reverses. Are you now leaving it room to breathe or are you just going to stop it out completely and re-enter? Itās a difficult balance to get right.
I donāt have any problems with getting a stop to breakeven within say 15-20 pips but it needs some room and judging whether itās reversing or just going through normal ups and downs is trickyā¦no? I just think itās hard to get right in practice particularly at the beginning of the trade. Or are you suggesting we move it even quickerā¦say after only 10 pips to break even point?
SanMiguel
Just picked up another win on that last GU down on the 5m chart doing exactly this.
SanMiguel
Were into symantics now. :D:D:D
The initial stop is the bed in phase of the trade. In your example, I do indeed move the stop up by 5 pips but were still into the bed in phase really. Say its gone well and Iām up 15 pips (so Iāve moved my stop up by 15 pips) that means if price retraces, I could still get hit for - 15 pips. No thanks, Iāll close out at BE. Reset and re-enter when price has retested the S/R and have another go.
In the last trade, I entered at 1.6505 with a 10 stop (just above the high wick). it went my way by 10 pips then retraced testing support again. At BE I got out. Waited for the candle wicks to turn into a solid candle and re-entered at 1.6504. This time the trade was on (moved my stop by 5 pips incremetally to BE and rode it down to exit at 1.6484. Only a 15 pip trade this time but works on all trades.
so in this example as it went 10 in your favor your moved your stop 10 also in 5pip increments so you moved your top 2 times. so you maintained the 10pip stop as price moved in your favor?
TALOND
Absolutelyā¦ you get a gold star!
decided to try TrevPickās original strategy from page 2, this thread was named Win Ratio after all. So Iāll go back and try what worked originally.
Only on my demo acct though.
Working with the MAs on my real account.
the range is obvious, 6pips above and below. TP10 and SL30
winner tonightā¦ but only 10 pips. What about the rest of you?
The original was trailing by 5 pips
Seriously, anything less than 1:1 - not good. Rule #1 in trading.
Iāll gladly backtest it for you but I already know the answer