I intend to leave this transaction for quite some time. Once it goes perhaps around 300pips in my favor I'll go BE with stop loss and begin shoving it down from there and maybe adding more positions.
This will be a trade I will attempt to post an update on once a week. Since I'm on the topic of adding into an open position yet I think I'll touch on a topic here which has consistently kept me from doing such:
The plogy behind adding into the position.
A large element that prevents us from adding to some position is the truth that we are putting even more money at stake if a move might be near completion.
Perhaps if I attracted the very first position to BE I'd feel much better about it except today that very first position was only a waste of energy if it gets stopped out and the new position is just salt on my wounds.
The only solution I have to this is to see each transaction as a single one. It is not as much adding to the existing position as it is coming to the market from a totally new angle and viewing if you'd like to enter another transaction. It's just like trading within a totally different pair, except if you're incorrect, your are automatically wrong twice.
Eur/usd short doing pretty well this time. Up 50ish pips at the moment.
Also Brief gbp/chf at the moment.
These Two trades I plan to hold for a while. Sometime next week I'll set them to BE and move my stop forwards out there till they stop out themselves. Hopefully I get some nice powerful moves and strong returns .
I have a pending long on eur/cad buuut that's been there some time. If US session hits and no dice it is probably gont be outta there.
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