With the trade only being around a 12 Pip SL.
Normally we would enter in with a much bigger Lot Size.
However this time I do want to Hedge my risk with both Sells and Buys.
So I will not be using a SL for these trade as I will hedge the risk of the buy with a Sell.
Traditional Hedging occurs across different asset classes. But since we are scalpers. We will apply it on one pair.
First Position will be a Buy, IF we run and close below our SL of 12 Pips I will look to enter a sell to capture that original run.
When we are fairly below. I will look to enter in another buy after tapping a level of support or an order block.
This way I capitalize on the Sell while the buy is in Drawdown.
Hopefully the second buy will hedge the risk on the first one.
IF not, rinse and repeat until we get that original risk Hedged out. I am still experimenting position sizing the second buy to be bigger than the first. But we will get there. For now equal lot sizes for all trades.
Normally we would enter in with a much bigger Lot Size.
However this time I do want to Hedge my risk with both Sells and Buys.
So I will not be using a SL for these trade as I will hedge the risk of the buy with a Sell.
Traditional Hedging occurs across different asset classes. But since we are scalpers. We will apply it on one pair.
First Position will be a Buy, IF we run and close below our SL of 12 Pips I will look to enter a sell to capture that original run.
When we are fairly below. I will look to enter in another buy after tapping a level of support or an order block.
This way I capitalize on the Sell while the buy is in Drawdown.
Hopefully the second buy will hedge the risk on the first one.
IF not, rinse and repeat until we get that original risk Hedged out. I am still experimenting position sizing the second buy to be bigger than the first. But we will get there. For now equal lot sizes for all trades.
Trade active:
We are still in the buy. Will wait for the break and close below SL before the hedge sell.
Comment:
Looking at a buy at around Price Region 0.63150
Trade closed manually:
The Buy is running profit at the moment. However I have closed at break-even.
Which was the Sell in drawdown and the buy in profit.
Reason is because the original buy trade hit our SL.
And the opportunity was there to close break-even
I could've held a bit longer but today was "supposed" to be a losing a day
Closing break-even is more than enough for me. (Especially on a Pilot setup.)
AUD/USD and Gold made my bag
So we head back tomorrow in the AM to hit the charts once again.
Which was the Sell in drawdown and the buy in profit.
Reason is because the original buy trade hit our SL.
And the opportunity was there to close break-even
I could've held a bit longer but today was "supposed" to be a losing a day
Closing break-even is more than enough for me. (Especially on a Pilot setup.)
AUD/USD and Gold made my bag
So we head back tomorrow in the AM to hit the charts once again.