EURUSD and USDCHF trades have proceeded 50 pips in the ideal direction so I have moved my SL to BE for both trades. Both trades have TP set for 100 pips.
I must have been asleep last time that I posted here. Upon closer inspection of my trading station, my last USDCHF commerce closed out in my set out TP. So...
I'm going to try something a little different with my cash management. I decided to open this commerce with two lots:
lot 1: SL 1.7886, TP 1.8086
lot two: SL 1.7886, TP when I get a trade setup in the opposite direction
I will move SL to BE for both lots once the trade moves 50 pips in the path of my commerce. I decided to do this since I observed how I'd cut my profits shorter than I could have with past trades.
My very first lot attained my TP already, banking 100 pips. I've left another lot going and moved the SL on it to BE. That lot will shut out when there is a set up to brief the GBPUSD on the daily chart, or it reaches SL in BE. Whichever comes first. So here is how it looks so much for me:
I started the two transactions with just two lots, SL for all lots @ -100 pips, TP for 1 lot on each transaction at 100 pips, TP for the other lot on each trade left available. I can move all SL to BE when transactions move 50 pips in the direction of my commerce.
Aomething strange occurred with those trades. Upon waking this morning I noticed they hadn't attained the SL I'd set for them yet they shut out, with USDJPY at -50 pips and USDCHF at 10 pips. Then I realized it was since I had set up a 50 pip trailing stop soon after I placed the trades, and at this stage the price action for both had transferred a tiny bit. If I hadn't done this I would've just transferred my SL to break even (since the price had transferred also 50 pips at the direction of my transactions ) and they would've shut out there. Sigh... another major lesson: DON'T USING A TRAILING STOP! With my system it is completely unnecessary. So:
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