SuperTramp
Short

USDJPY SHORT POSITION

FX:USDJPY   U.S. Dollar / Japanese Yen
83 4 3
GARTLEY PATTERN for USDJPY            
#SELL - 120.267
#STOP - 120.566
#TARGET - 119.683
why did you decide to put the stop loss at 120.566 instead of just right above X?
Reply
SuperTramp riskmode
market could make long wick which may cross the X and I don't want to lose the trade for just few pips .
But you can put your stop right above X .
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riskmode SuperTramp
how do you decide how far above X to put your stop? A long wick could be almost any distance. Seems like a slippery slope to me.
Reply
SuperTramp riskmode
Nobody knows how long the wick could be or the candle.
Previously I lose some trades for 10-12 pips. Market made a wick, It touched my stop.
That's why i do this and still I got a nice risk reward ration.
I call this safety of prediction. Its my methodology.
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