Hi Pip,
I thought about the fib (and the pivot, as well) to protect my SL, but I rarely risk more than 20 pips, ever since I had my two big losses of - 50 each when I first began. The simple truth is, I think, I got in too late, and should have waited for another opportunity. If I had gotten in when I wanted to, my SL would have been placed below those levels and all would have been okay.
I'll look for they JPY announcements. Funny, I am so accustomed to watching for US news, I tend to forget about the rest.
Thanks for your thoughtful reply!
I thought about the fib (and the pivot, as well) to protect my SL, but I rarely risk more than 20 pips, ever since I had my two big losses of - 50 each when I first began. The simple truth is, I think, I got in too late, and should have waited for another opportunity. If I had gotten in when I wanted to, my SL would have been placed below those levels and all would have been okay.
I'll look for they JPY announcements. Funny, I am so accustomed to watching for US news, I tend to forget about the rest.
Thanks for your thoughtful reply!
DislikedK2KV,
I feel your pain. I'm sure others do also. There are really only the 2 choices. You made a sound choice, because you had to leave, just take your lumps and live to trade another day. The other choice is to set a stop you can stomach, maybe at the Fib line just below your A candle, and set a reasonable profit limit of plus 10 or 15 pips and let it play out. In this case, it would have worked out, but you could have also had a greater loss. Its a coin flip. The good news is, you will have many opprotunities to make up for one bad moment. Lots of JPY announcements tonight, if I recall. Should make for some good movement.Ignored
Jeff Singer, K2KV