Thank you for this idea. One thing i'm curious about, if you have the time:
What would have to happen for you to decide not to go all the way through to T2 and take profits early? When I see the price bend upward, sweat and nerves can break my confidence. Best regards,
I flip couple of time frames to see if whether there can be some resistance established (since its a short position) then I watch price whether price has momentum to break that resistance. If it break the resistances with momentum filled candle then I encash most of my position leaving only tiny lot just incase if it drops again. This tiny piece I never close manually, instead I let it get stopped out to breakeven. Example
Also sometimes its about target in itself, there are some structures which will attract price towards them, in those case till price reach those structural point, I dont close trades, no matter what. This is not those kind of trade, its not about target in this trade. But there are some trades of mine which I aim very very big moves since I know price will be pulled towards those structure.... I m attaching couple of pattern & charts where I aimed at targets.
Wow. That first screenshot is actually a trade that I wouldn't even think about considering it's a move that can take about a month or more to complete. I'll happily follow your ideas and keep a close eye on your updates. Thank you very much FxSaint for the details!
Hi @FxSaint, thanks for the reply. I actually get it. So that tiny lot is there to just see it through as a test of sorts and if price then reverses in your favor again, you're still able to add to the short?