I have asked this on another chart but I d like to ask you too..
this is a question to learn,
Ok it broke down the channel, everything goes awesome..
but how about if the market turns against the chart? where do you put your SL after this break out?
For instance today my SL was 160.40 and I entered short gbpjpy
I will not wait until price reaches 160.40 of course, to me, if it get 160. it will definetely hit 160.40 and no need to wait. so rather than let my stop at 160.4 i better put on 160.
or likewise, if price falls to154.0 this weeks I could move my SL to 155.5
so how do you decide/update your SL point after huge break outs?