nooooo don't close it now its just rising up to the the top of the trend line and then coming back down... :(
Piet.Hein
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too late friend :( haha, I hope it fall for you, did you already enter this trade?
JonnyLA
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im about 60 pips in the red, but not worried just letting the trade play itself out
Piet.Hein
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Good entry :)
JonnyLA
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I'm about to take this trade short
Piet.Hein
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The best level to take this is now.... My entry was horrible! haha
SimpleChaos
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HI Piet
I'm curious how you manage your risk on a trade like this? Is your SL actually above the 1.6730? If so that's over 600pips. Are you using 50EMA or pivots etc and with the pair trading at 1.6362 would you still say good entry? I personally manage my risk by limiting my SL to 1% of my account on a (Stars Aligned swing trade with a tight stop I'll sometimes do up to 3%) but i'm not trading a big account so I don't have enough margin to enter a trade with that big of a SL. Appreciate any insight you can offer.
Kind regards
SC
Piet.Hein
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Hi mate! Yes its too wide. I dont use EMAs or any indicators, just price. I try always to set my SL protecting me at least from last swing (in this case I didnt, but I could set it after the upper triangle - what for me is enough on this trade). This levels for me looks good, it seems a pullback, if breakouts upwards I recommend not enter anymore! Any question or if I didnt answer what you really want, ask me :) Have a good week!
SimpleChaos
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Okay thanks. Although outside of Forex I have a high risk profile. I operate my trading differently. I come from a conservative mentality. I want to be successful in this for the long term so I try to avoid just getting "Lucky" and enter trades that have my SL on the other side of as many variables as possible(LSH or LSL, sig points, pivots, ema's etc) to reduce my drawdown risk. I'm still new to this and trading a smaller account so I want to be disciplined now while I have little to lose. Over time I suspect i'll find my way for what works and what just adds confusion.
Piet.Hein
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The best way is conservative I guess. For sure you will find what works for you, Ive already tested many ways since I started 3 years ago, for me is just price action. My drawdown is around 20%, most of time lower than this. Good luck on your journey friend.