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cwn6161 wrote:Still watching my trade on USDCAD. CC hasn't closed above support, so I'm still holding on. The red line represents my SL, which is the same % risk as what I had with my initial position.
I recall MO saying he has a 4.5% dd limit for the week. Assuming he starts with 4.5% risk, he must move his SL in accordance with the additional positions he places on a trade. Is that correct?
If price doesn't close over a line in the direction of loss then I am not getting out (assuming I haven't decided to exit at an extreme).
4.5% applies to the the first trade heading in a certain direction.
If I were trading short and made a 60% return then I would (possibly) use those profits to resume trading short.
It is when I decide to trade in the opposite direction that I will revert back to extreme caution.
newark18 wrote:You think I got out a little too early? I should have listened to MO and waited for a large bodied candle.
Didn't you get out at a new high for your TF? If you feel that it's still going to rise, why not enter in on a retrace?
The new long CC presents a potential short opportunity if signs of resistance are shown.
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