This is my view of how to enter this trade for the upside that's more than likely to come soon.
Anyway, I will enter into a long position even if it will be for short term taking the risk of having a BE trade if it goes for another run to the downside. Eventually it will turn and go up.
If it breaks the trendline and corrects I will be more than happy to enter it for longer term, for at least a few hundred pips up.
Remember: you should not take this trade unless you have a well tested strategy for entering and managing it. Otherwise you will end up loosing money and blaming everybody but yourself of giving you a bad entry idea.
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After an unsuccessful attempt to go upside, I am watching the price action and if it breaks and consolidates, I'll be a buyer. Please, please, do not enter into the trade without confirmation of upside (the consodlidation above the trendline) and without a SL, not mentioning a proper trade management strategy
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piptamil
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Great Koryphaeen!!! worth reading this post.Entered with stop loss of 42 pips earlier at 1.7070 and stops reached.
Not a big deal comparing loosing huge money.
Thanks.
Koryphaeen
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I see what you mean and how your thought was when entering at 1.707, waiting for the breakout. If you had waited for the breakout and then entering the trade, you wouldn't have had a trade and some spared money instead. That is why I am saying that we MUST wait for confirmation. Anyway, I will post an update in the moment I'll take the buy on this one, it will come soon. Good luck!
Bmbk
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Is this still on. Should we hold our position or should we close
Koryphaeen
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Actually you shouldn't be in this trade because it never gave a clear correction, as shown in my chart, to trade the breakout from...neither the short term trade nor the long term (because it never broke out of the structure...yet). If, for any reason you took the short term version, you should have been watching the price action when it touched the trend line and keep the trade if it broke out and put it into BE or close it and take profit if it reverses (as it happened) and breaks the 5m trendline to the downside. But if you missed to do this either, you already should have been stopped out if you set a proper SL. If you do not have a SL set on this one, then it is a sign that you do not have a proper entry strategy and you loose money even in those situations when you guess the short or medium term direction of the price action correctly, but do not know how to manage a trade like this once entered.
Do you have a stop right now? At which price level is it set?
Actually I didn't took the buy on this one (because it never gave me a good entry point), but I took the sell setup when it broke the trendline, where you should have been closed your short term trade
Not a big deal comparing loosing huge money.
Thanks.