GBDUSD

[expiated]

The Pound-US Dollar appears to be bouncing off my second most extreme statistical support level. However GBPJPY is at the same time bouncing of my MOST extreme level, so assuming the two Cable pairs will more than likely behave similarly, I went ahead and entered a GBPUSD long position based on structure alone, without waiting for confirmation from my trigger signal, even though the asset is technically extremely bearish.

 

[Maverick1]

Thanks for sharing. Where's your stop, below the low at 1.25069?

 

[expiated]

Thanks for sharing. Where's your stop, below the low at 1.25069?

Since exploring the use of a semi-swing style of trading, I have arrived at the conclusion that if I wish to avoid being stopped out of otherwise winning positions due to the shenanigans of market makers, I have to give myself a minimum of 35 pips wiggle room. Consequently, I'm presently getting in the habit of setting my stops approximately 40 pips below/above my entry levels.

However, given that my exits are based on subsequent price action and corresponding price ranges, I will not necessarily stick around in an attempt to realize 40 pips of profit. I might exit a given position after a mere 10, 20, or 30 pip gain. But often, before doing so, I will readjust my stops to bring the risk-to-reward ratios recorded by the trading platform within standard levels to avoid less ideal ratios being brought to my attention by forum trolls.