Below is a screenshot of a prior GBPJPY trade which I manually closed on with a profit of 8.54. This was ok, however now in hindsight it was a mistake. My R/R ratio is factored into my plan, so I should have allowed it to continue. This error of judgement cost me 2 losses equating to 21.18.
As of now the pair is sitting around 191.520, the SL would have been safe where it was and the PA nearing 70% towards the TP. Mind you the opposite can happen and you could be keeping some profit just before having your SL taken out in which case you'd no doubt be thinking it a close call. It is always easy to make judgements on hindsight. Right?
Overall I think it best to just hang on with the trade and ride its ups and downs. This is the courageous approach. No one really knows which way the trade will eventually go, especially with a temperamental beast such as the GBPJPY on a D1 chart. Whipsaws and fakeouts are just part of its territory, wherein it can make a valid retracement correction with one candle at times. However despite this it has its merits. Not least of which is its impressive high volatility moves.
No comments:
Post a Comment