I have been losing money consistently, but I think I'm approaching things correctly. Here is a trade for your comments
UDS/JPY
Longterm ( Daily, 1hr) and middle term (15 min)
down
Entry Sell .1 on approach to down
trend line 5 min trendline
93.27
Exit Stop 93.41
P1 Exit : 92.87
(Reverse trade Analysis)
Reverse MKT buy .2 at 93.41, stop at 93.26
P1 : 93.81
39ip forward
(risk 16.05)
40pip reverse
(risk 16.05+16.05)
2.66:1 0r 1.25:1
Therefore -- don't reverse
--------------------------------
Trade Management
Entered 93.26 at 0231
Moved stop to 93.38 at 0248
Stopped out at 0301
-$12.85
The Market then went and hit my profit target of 92.87 at 0325 or so, so I'm wondering... what should I do here to stop being left holding the bag?
What should I be considering while managing a trade? Also I do have snapshots of the chart, but I kept getting errors when attaching them.
UDS/JPY
Longterm ( Daily, 1hr) and middle term (15 min)
down
Entry Sell .1 on approach to down
trend line 5 min trendline
93.27
Exit Stop 93.41
P1 Exit : 92.87
(Reverse trade Analysis)
Reverse MKT buy .2 at 93.41, stop at 93.26
P1 : 93.81
39ip forward
(risk 16.05)
40pip reverse
(risk 16.05+16.05)
2.66:1 0r 1.25:1
Therefore -- don't reverse
--------------------------------
Trade Management
Entered 93.26 at 0231
Moved stop to 93.38 at 0248
Stopped out at 0301
-$12.85
The Market then went and hit my profit target of 92.87 at 0325 or so, so I'm wondering... what should I do here to stop being left holding the bag?
What should I be considering while managing a trade? Also I do have snapshots of the chart, but I kept getting errors when attaching them.