Perse's Forex Trading Log

[perse]

Trade #2 - Okay... I've changed tactics a bit here. I'm in the midst of doing some tweaking for exit strategies. I know there is are a lot out there.

I believe strongly in both locking in and letting trades run. I know my TP points thus far don't really reflect that. It's a bit of a work in progress.

If I had more than 1 microlot, I would probably sell 1/2 my position and let the rest run. However, I don't here (since buying more than 1K would have broken my rule on risking a maximum of 5%)... so, this is what I've decided...

First, I removed my TP point entirely. Second, I moved my SL point to the high of the 4AM CST bar (1.5392) and set the SL to trail dynamically. This works out to a 'lock in' of 46.3 pips and growing. If this pair can move below that support level at around 1.53307 and close a candle, we might see a bit of a fall. Only time will tell.

I'll stay in the trade until I get stopped out.

Let's see how this plays out!