Back at it again with the Mexican Peso.
On Friday the Peso came in offered at the 100 Moving Average.
Based off of the strong Bid today I'm once again in this LONG trade.
Stop is placed at the 50% retracement.
Trade is targeting the 21.5000 & 22.0000 area (Prev. ATH)
What to do if I get stopped out:
Sit aside with orders ready to buy at the 200 Moving Average with stops placed below previous support.
Trade smart and with a plan.
Cheers =)
On Friday the Peso came in offered at the 100 Moving Average.
Based off of the strong Bid today I'm once again in this LONG trade.
Stop is placed at the 50% retracement.
Trade is targeting the 21.5000 & 22.0000 area (Prev. ATH)
What to do if I get stopped out:
Sit aside with orders ready to buy at the 200 Moving Average with stops placed below previous support.
Trade smart and with a plan.
Cheers =)
Trade closed manually:
After getting stopped out at the 50% retracement I had re-entered the trade at the 200 MA. Price has now closed decisively below the 200 MA so I have closed the trade manually for less then a 1R loss (Spent less then 2 weeks in the second attempt so although there is a negative carry the loss is below my 1R maximum). Most traders focus on profits, seasoned traders obsess about managing risk.
Trade smart, and with a plan. =)
Trade smart, and with a plan. =)
