#009 DCA GBPCAD Sell
I am now entering on the 4H Time Frame. Giving my trades more space.
Previously, I placed several Limit Orders, but now, I decided to place less, because I have more space for price to run now. And also, I think that if price goes against me and enters into a drawdown or triggers my other Limit Orders, I should seek to exit for a Breakeven, instead of hoping to make a profit.
Breaking even is possible by exiting at the halfway mark between my first position and my last position.
Meaning, If I have 3 positions opened, and price is currently at the breakeven price of my 2nd position, I am currently breakeven for all trades because,
1st - -10cents loss
2nd - Breakeven
3rd - 10cents profit
which equates to a breakeven.
The amount of position is not a problem. As long as price is at the middle of all your positions, you could exit all of the positions and be on an average breakeven (might be in slight loss, or slight profit which all eventually evens out in the long run as you continue trading).
1st - 100$ loss
...
50th - Breakeven
...
100th - 100$ profit
Exit at the 50th position and all your trades would be breakeven (excluding the commission. 100 trades would rack up a lot of commission.)
Too many thinking. I wanna go do some delivery orders but I feel a blur.
0956SGT 22112024
Previously, I placed several Limit Orders, but now, I decided to place less, because I have more space for price to run now. And also, I think that if price goes against me and enters into a drawdown or triggers my other Limit Orders, I should seek to exit for a Breakeven, instead of hoping to make a profit.
Breaking even is possible by exiting at the halfway mark between my first position and my last position.
Meaning, If I have 3 positions opened, and price is currently at the breakeven price of my 2nd position, I am currently breakeven for all trades because,
1st - -10cents loss
2nd - Breakeven
3rd - 10cents profit
which equates to a breakeven.
The amount of position is not a problem. As long as price is at the middle of all your positions, you could exit all of the positions and be on an average breakeven (might be in slight loss, or slight profit which all eventually evens out in the long run as you continue trading).
1st - 100$ loss
...
50th - Breakeven
...
100th - 100$ profit
Exit at the 50th position and all your trades would be breakeven (excluding the commission. 100 trades would rack up a lot of commission.)
Too many thinking. I wanna go do some delivery orders but I feel a blur.
0956SGT 22112024
Note
Now that I am in profit for about 70cents SGD, I am using automated trailing stop loss at 1.76159 via my broker's app.
I have also set an alert at 1.74737 so that I give myself an option to exit manually instead of having to endure the pullback that might come.
2014SGT 22112024
Note
Shifted TP to 1.74924. Anticipating price might retrace, and to keep my emotions in check.
Might even close out manually before the TP get triggered.
I think I watch the price move too much.
2115SGT 22112024
Trade closed manually
Exited for 73cents I think.
2117SGT 22112024
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.