This is surely the epitome of trying to catch a falling knife. Let me know how doing this works out over a large sample size. ✌🏻
JamesSpindler
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@StewySongs, it did OK in the end, we had to re enter after it tested fibonacci but after that it fell for most the evening. The strategy is using main support / resistance fibonacci zones which allows for tight RR, obviously locking into profit pretty quickly when trading reversals :p
JamesSpindler
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We re entered the trade when the price tested fibonacci resistance. Managed to take profit this morning just bellow 50SMA. Did anyone else jump back in? :D
Helena_FX
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Of course always the problem with losing trades when using a SL and especially a tight one. You could have extended it to at least 1.35150. I don't use SL, but if I was using one, I would have thought that the 1.35 is a round figure and the GBP was aiming for that and it did reach it, why putting a SL below it is something I cannot understand.
JamesSpindler
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@Helena_FX, whilst I understand your thought process here to secure a higher amount of wins, your account is susceptible to market crashes which happen rarely but will blow accounts. A stop loss completely controls your risk and allows you to implement a risk reward ratio. Otherwise, human nature is to excessively hold losing trades and take winning ones too early, hence not being able to obtain regular profit. Happy trading :)