My strategy worked out fine for me today. I scaled in my long positions of USD/CAD at 1.0501 and 1.0491, and just closed them off at 1.0530 and 1.0531. A profit of 70 pips with 2 positions, and hence a gain of 1.75 R.
FYI, I held them long enough (approx. 6 hours) in order to reach to the first price target level. However, I didn't scale out my last position as planned. I just simply exited without giving it a chance to ride further/longer to the next target level. My profit was not under threat at all at the time of exit and the price momentum was still with me.
Was I being impatient? Was I fear that I might lose it back later? Was I not able to follow the exit plan? Was there really a clear exit strategy? How long should I hold? So many questions...
At least for sure, I was not being greedy. Last week, I paid a hefty price for leaving almost 60 pips profit on the table. A gain of 1.75R today was enough to move me another step closer to my dream.
(1 Million Goal: 9/88)
1 comment:
10% progress, well done.
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