GBPJPY Short - T1 is my main TP on this one

7 thg 10, 2014

I'm playing around with stop level as the safest is always on a 1:1 RR with T2. However this is always the challenge as although T2 is on the 70%+ probable side. T1 is obviously higher again. Since there is more than often a hefty retracement after T1 (and also setup initiation level). Check out my recent AUDUSD stop loss that chopped me out of the trade). I traditionally use the opposing breakout line as SL (In this case 180.40) but if I get out at planned T1 its a 2:1 Risk v reward. Regardless my setup still provides a great return but I still want to work on best level of SL's that allow probability to work while trying to maintain with comfortable level of risk to reward on each trade.

Always work in progress, or working on progression as I like say :-)

p.s. my fundamental side of the brain isn't liking the fact that this is short but (partly why I'm getting out at T1). However, I have to go with what the setup tells me rather than what a billion years of evolution is making my brain think as a retail trader!!.