Wednesday, March 20, 2013

Trading dilemma

1:19 PM    2 comments

What should one do when it comes very very close to our TP?

Please not that the risk was 32 pips, so for a 1:1 RR the TP was 32 pips. Should it be ignored? Take 20 only?

See image, and please comment.


2 comments:

  1. ChrisMarch 24, 2013 at 9:36 AM

    As it's Gold, I would set the TP to 32 and move stop to break-even as soon as you hit 20; then lock in 20 at 30. They say you should aim for at least 1:1, but I think the important thing is to claim a "decent" reward for the risk; and 20 isn't too bad.

    I've noticed with strategy 3 that it doesn't seem to work too well after 2pm UK time (S&P, Brent, Gold), which is annoying as I'm not at the charts in the morning/early afternoon. But at least it's possible to set an alarm to be alerted when there is a possible trade coming up.

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  2. TomasMarch 25, 2013 at 3:28 PM

    Nope, it doesn't work too well during opening and closing hours of Euro- and US-markets.

    I agree, though... 20 isn't too bad. :)

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