A visual lesson in trading safe.
This guy ( and this truck ) went off the road up in the far right corner of the photo – where the people are standing around.Travelling from left to right he flipped “end over end” across the culvert, then up onto the other side – where you see the truck now.
Let’s apply this to a “newbie” trader moving too fast with blatant disregard for his surroundings – oblivious to the potential dangers.
Now have a peak at the picture below.
Fantastic entries here this morning some 40 – 50 pips into profit at the push of a button . Playing safe on some smaller short USD’s with nice moves in GBP. If you miss some of the real time stuff – I generally post via twitter.
on your gbp/aud trade where is your stop at? It formed a nice daily pin bar today and I am thinking about going long at a 50% retracement of todays candle with stop below days candle and profit at top. what do you think?
Tough for me to suggest how you take the trade “specifically” Mark.
These pairs move like “bulls in the china shop” with swings of 100’s of pips in any given 24 hr period so…..there needs to be respect for that.
I don’t generally enter trades without an idea in mind of “large gains” so any stop in this pair ( as I’m not particularily fond of stops at all ) needs to be wide.
At least under the last hourly dip there around 1.6985, but I can’t say that works with your postions size and money management.
Hope it helps. Please let me know how it goes.