Straddle Trade EUR/USD Pip Size 0.00001 Final Corrected Version
Updated
I am new and learning straddle trading. Please disregard the previous straddle trades for this idea. Here is the final corrected version.
This is a good straddle trade position in a consolidated area within a reasonable length of pips; range is 0.00212 (212 pips). Breakout buy entry (buy-stop) set to 1.23656, breakout sell entry (sell-stop) set to 1.23444, buy-stop stop-loss set to 1.23636, sell-stop stop-loss set to 1.23464, buy T/P target is set to 1.23868, sell T/P target is set to 1.23232.
This is a good straddle trade position in a consolidated area within a reasonable length of pips; range is 0.00212 (212 pips). Breakout buy entry (buy-stop) set to 1.23656, breakout sell entry (sell-stop) set to 1.23444, buy-stop stop-loss set to 1.23636, sell-stop stop-loss set to 1.23464, buy T/P target is set to 1.23868, sell T/P target is set to 1.23232.
Note
As the chart shows live, this would have been an excellent straddle trade opportunity for the buy-stop. However, I made one mistake. I set the stop-loss only 20 pips below the entry. It should be set to 50% of the range which would have been 106 pips (50% of 212 pips), then this straddle trade would have easily made profit.
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