The reason is I'm adding to the position on a fib retracement of the smaller drop instead of normally adding at a higher level. Thus if we go above 75 the reason for that trade is negated. Better to wait for better positioning.
Typically my money management is to trade as small as possible for my account initially only add positions when the opportunity looks ripe. Surely this sounds vague perhaps it is to an extent as I can't point to a percentage risk or a specific pip/day risk or any sort of risk/reward ratio that isn't dynamic. I have to let the market breathe. In trending the market usually seems to display characterisitics of intraday jolts coupled with broadening periods to rest for the next jolt. At least that's what it looks like on the five minute charts while on the daily it may be a 45-degree climb with no respite.
Sheesh now I'm babbling. I suppose my MM is sort of built in to the way I trade without me having a much more eloquent way to express it than "trade small small small". :-)
Thanks goodluck with this averaging you will need it (i am talking expercience )
CHF- sold 2409 & 2424 - avg. 2416 - Results so far - low of 2385 = 31 pips
GBP -bought @8868 - Results so far - high of 8936 = 68 pips
JPY - sold @116.53 & 116.29 - avg. 116.41 Results so far = high of 116.62 = -21
WEll of course none of those trades were exited yet rharris. But if one were using limits I suppose they'd be fine. Right now I'm sitting at -49 holding probably overnight. Perhaps the news will take care of things in the morning. I'm cancelling the stop on the USD/JPY order. All in. No stops.
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