AUDUSD broke the moving average, suggesting a potential trend change. This in tandem with October's monthly bear candle gives me enough reason to believe a down trend is about to begin.
My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0.
Each order contains a 30 pip stop loss and no take profit target.
These trades are designed to have 3 different exit strategies: 1) Stop out. 2) Manual closure. 3) End of month manual closure. * End of month manual closure means that the month is over and trade parameters are no longer valid, therefore I will close the trades manually
Hello, I'm just new to trading and I'm trying to learn. so if I'm to understand you correctly you will leave your trade open for an entire month and just deal with the draw down until you see the collection of pips you like? What if you set it to sell and it doesn't come back up for months? do you just ride it out?
BACapitalManagement
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@moneymoves, hello! I have 30 pip stops set for each trade. If price does not stop me out but keeps me in draw down during the month, then yes, I will deal with the small draw down. It is most likely the case that I will not sit in draw down for a significant amount of time. Price will either stop me out or move in my favor. I will hold these trades until I hit a 100% equity increase or until the end of the month. If I haven't reached my desired equity increase and the last day of the month posts, then I close all of my trades and take what I get.
moneymoves
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@a.FX, thanks for explaining that so thoroughly I appreciate it. have a good day