FX:AUDUSD   Australian Dollar / U.S. Dollar
59 6 0
But just look at this scenario: had your stops been reasonably placed above the recent top of 0.7937, you would be still in the game with some pips on your side. But of course I understand your approach too. For me the tight stops never really worked though....
sodiumcan PipsHunter
Which also gives me a risk reward of lower than 1.14. This is what it wouldve looked like if i had set a stop at the top there. I have a lot of trades with this setup and I can tell you its roughly a 50% win rate so far. if I were to set stops similar to the one you suggested, my average risk reward would be 1.5. Usually for these trades I risk roughly 5% of my portfolio. This gives me a risk of ruin of 13.82% using this calcuator http://2ndskiesforex.com/risk-of-ruin-calculator/. That goes far beyond my tolerances. I prefer setups with a risk of ruin close to 0%. Setting stops higher would increase my win rate, but the goal isn't to be right; its to make money. Thats why I like my stops tight; it puts the math in my favor so im more likely to make money than to lose it
i see, that is an interesting approach:)
sodiumcan PipsHunter
Lol, the reason why my stops are tight is because I try to set my entries on breakout lvls. If it fails I dont lose much but if it works out, my wins usually cover my losses and then some
Your stop is very tight.
sodiumcan PipsHunter
I like my stops like how I like pussy. Tight
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