We need to remember that long term the pair has been moving lower. Still, in this case we are in a situation where we’ve locked in about 170 PIPS. Aggressive targets could be as much as 330 or 450 PIPS based on the drawing on this 4 Hour Chart.
This pair is currently up about 300 pips from entry.
It was an idea from a friend in my Trading Network. I hadn’t been checking on this chart.
So far there is a stop at breakeven. Will monitor.
The trade lasted about 10 days. That is roughly $3,500 per Standard Lot.
Something to think about though, is how you would manage the trade if you were over-leveraged. The candle highlighted in red was after the entry, and you’d see profits vanishing. What would you do?
If you were in still in the trade would you exit half the position where I closed it in full? Everyone is in a unique situation and we must have some sort of trade plan.
We started with a weekly view so moving up a stop loss based on a much lower time frame probably doesn’t make much sense in general.