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Reviewing Ongoing Trade : EURAUD 20 Sept 2019Medium-term I am bearish hence I was looking for a liquidity run/tap at the upside of the day/week and short EURAUD. On Friday Price made a little upward retracement towards an identified liquidity pool and there was a bearish trigger. I initially risked 0.15% with a tight stop, once I see a liquidity pool above the high of Friday then I widened my stop loss and now I risk 0.35% (this kind of widening the stop is acceptable because I still risk below my max risk for a SINGLE trade). This widening the stop is not emotional based or random. It is PART of my trading process. I am still in the negative right now. I have a moderate conviction for this trade due the fact that my analysis method has determined that a short-term momentum suggest the EURAUD probably could be moving upwards not downwards (eventhough my method in analysing the bigger trend tends to be reliable, and at the moment the daily says it is bearish EURAUD.. however, it is lagging!). I will still keep the trade right now because even it is true that EURAUD is going for a bullish run for this week, I anticipate the price needs to at least come down halfway of the whole leg (purple dotted line). If this happens, I will move my stop loss (all my positions) to breakeven (remove the risk) this is how I manage my trades . ..and if there is a bullish signal at that level, then I will open a new Long trade whilst having a short position of this pair (albeit risk removed 100%) - I allow discretionary analysis in my trading process especially in terms of managing my open trades
by sufiansaid