i have been trading the cable with little joy....my last trade ,I went short and only minutes later the market went up 50points. Thinking it may come down i still held on to the position and minutes later it went a further 100points.......total near to 150 loss. (present (18723 usd/gbp)
This to all the experts...should I hold on and add funds to protect my margin in the hope that it should come down 185 in the near future and regain my losses. OR close my position.
hope kills!!.......why were you not 'stopped out'?? & how do you know cable won't simply pullback slightly before continuing the upleg?.....it may well retrace & test a prev resistance level first, but who knows??
a lot depends on your set up/entry & trade expectation etc....but then, that's why stops form part of your trading plan - to protect you when your entry goes awol.
the near term trend is bullish from the 8050 kick up, with a test of 8480/500 holding the support for this most recent pop....were you intending 'shorting' on an intraday pitch? or considering a longer term retrace?......much depends on your time frame & r/r scenario Yuva....as for what you do regards this particular trade, only you can determine (according to your account parameters)....but maybe focus on the contingency for future trades (stops/trade expectancy etc...)