DocWonmug

CHFJPY 240 Short – how loose a SL?

Short
OANDA:CHFJPY   Swiss Franc / Japanese Yen
I’m not going to enter a trade since I think I would be getting in too late. But I do want to look at how loose should a SL be? I’m doing this because with my trades it seems common to get stopped out before the trade goes per the analysis.

Looking back at the RSI cross I would have been tempted to enter a trade as marked. Allowing for the small retracement from where I had the trade triggered plus 3 for a spread puts the SL = 111.936.

Of course I could just wait for the PA to break its trend line , but what fun would that be? Besides, even if I had, it still retested the HH at 111.864 so this same SL seems loose enough.

Anybody have any helpful comments on this topic?

Comments

We may get one more pull back sun/mon where you could safely enter (short), more than likely a fill down to your 110.16, since that's most likely true support
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Just_PIP_it Just_PIP_it
@Just_PIP_it, I've got two alerts set for above and below if breaks down.
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DocWonmug Just_PIP_it
@Just_PIP_it, thanks. As far as that SR, I agree, I suppose the diagram shows my more conservative plan, haha.
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