daria.smk
Short

short on re-test 8200

FX:AUDUSD   Australian Dollar/U.S. Dollar
If will be not GAP UP to 8200+ on open stock 12 jan 2015 / i will be short ;
very strong ressitance 8200
entry 2 limit orders
risk reward 1:6
Hi, would you not say that your stop is a little bit to tight in comparison with the highs of the candle on the 31/12/2014 at 01:00?

The highs of that candle were 0.8213's and your stop is the same level?
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daria.smk SmartTradingFX
Ohh I'm sorry ,uncorrect formed graphical position ,of course stop loss must stay for extremum 0,8213 . i suppose 0,8218-8220 optimal :)))
What is your opinion about this ?
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Hi, personally, depending on the position I'm taking I take Two ATR readings from my entry

Eg

ATR reading on a 1H chart is 10 pips, my stop must be 20 pips minimum above entry and also be higher than any previous spike highs/lows to give price enough breathing space if it were to retest any previous structure

Hope this helps

Ric
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