Tittle explains quite well what my current position is. I am still holding 66% of my long entry till final target at 1.3500 BRN. My strategy to not move my stop to BE at the FTA 1.3360 paid off. Before entrying my thiniking was that if my trade was triggered on the break of the BUOB H4 and price reversed at 1.3360, this would likely come back to my entry level. If I had placed my stop at BE as soon as that FTA got hit, would have been out of the position by now at BE. Instead I let price do its thing and moving to BE once 1.3420 got hit. This is more advanced and somehow riskier, whole point is sometimes I see potential for price to move higher at hot area where i see strong confluence, but to see the trade work in my favour, some modifications to my actual plan to always move to BE at FTA are necessary. It was a more creative play.
Hey Ivan
ReplyDeleteNice trading and trade management, do you think on the shorter TF's e.g. 1H and 4H signals it is good not to move to B/E at FTA, but go to B/E on the daily and weekly plays at FTA?? just a thought, or is it just a judgement on each individual trade regardless of TF's depending on traffic or if you are trading counter trend or not
Mark G
I always spot areas of congestion from the chart i am trading from ambo. In this case was a h4 signal and eventhough FTA was at 1.3360, i had to be creative to give myself a chance for the trade to work and reach my final target at 1.3500. I certainly give more importance to TA from daily,weekly, the higher the hotter, however TA from lower timeframes cant go ignore; to me the BUOB signal was powerful engough and gave me confidence not to move to BE at 1.3360 but to the next TA above.
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