Majority of traders are long expecting a breakout. GBPCHF has been rangy and I expect that to continue. This is a short term trade. Trade is active. I'm short @ 1.21384.
Currently my SL is pretty tight. I have plenty of room to adjust the trade because I am only partially in this trade. The max risk I'm willing to take is 1% on this trade due to limited experience trading this pair. I have room to increase SL and potentially may expand it to 1.2205. That would still allow plenty of flexibility to add to my position if the price goes higher.
This is my opportunity for transparency. The chart below shows my winning trade. However, the chart is not the reality of what occurred. Every active trade always has a SL. I also always map out my TP before entering a trade, but sometimes i like the trade to develop a little before entering the TP with the broker. I do this because if the trade moves strongly in the trade direction, I like to adjust my SL and expand the TP. It backfired in this trade. I wasn't watching the trade. EC moved past my 'planned' TP, but I never took any profits.
KEEPING SCORE: LOSS
Fortunately, it was a very minor loss, since I never got all in on this trade.