Following on from my previous post, we have had another entry reason and re-entered the trade. Same rules apply as last time - profit target is the MA, stops are fixed (not trailing).
Trade closed: target reached
⋅
Target has been hit this time. +1.2R
This is a good example of what I mentioned in the previous post. The Stop Loss is static and remains the same but the profit target is moving (obviously because we're targeting the MA). The longer these trades go on the less profit we get because the target is moving towards the price.
That's not a complaint, just stating facts about this strategy. Profit is profit and I'm happy with the trade. It played out exactly as it should have.
The best results however, come from rapid reversals, when price gets overextended and quickly reverts back to "fair value"