Phew, guys, ladies and gentlement, my forehead is sweating with cold nervous sweat. What should I do, when that thingie is going further down?? Take the loss? Oh, no. Well, I have a basket of long and short positions. I would tell you a secret. I would wait for some more time, and if the market goes below 1.095, I would simply accept the loss for that long position. Nevertheless, I will then automatically jump to the short position that has been opened some time before the long one. And if the market move is strong enough downwards, I would try to COVER UP my losing long position with the short one. Then, when profit/loss=1, I would close down the short position, and would immediately transcend to another long position opened somewhere around 1.102... I would hope I would be lucky with my longer-term perspective for the UPWARD TREND in EURUSD, because I would result on the positive side, no matter of possible mistake that still remains with the status "Trade active". There is always a second chance, especially if we try to find it with cold brains and wise hearts ;-) Enjoy
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We are moving up. Well, then, we are going to Scenario 1. No need to turn on my escape-loss plan ;-)
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The fx market constantly moves from one state to another. From clarity to obscurity. From momentary certainty, when we touch support and resistance levels, to relative uncertainty between our personal and collective psychic coordinate systems. And it does that continuously, at every different time-dynamics, no matter whether we prefer to trade 5M, 15M, 30M, or we would enjoy trading following up our 1H, 4H or 1D market watches ;-) Enjoy life, and never feel afraid to solve confusing challenges! Cheers
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If you want to survive on Forex you try to avoid mistakes. Nevertheless, perfect trade without any mistakes is something impossible in the longer term. Don't feel afraid of mistakes in your trading session. When some trading position starts ringing the red alert on your monitor, try to think of some escape-plan. Mistakes aren't something really so bad, mistakes - like mathematical problems - just challenge your brains to find a practical solution. If you solve your homework fx problems well, you would definitely get the reward ;-) Thanks for following me up, and thank you for your challenging remarks. They help me figure some things out ;-)