I took a short on this earlier from 1.2056 targeting those exact SLs. Now that I see that we reached the lower part of channel and a buy arrow appeared I tightened my stops a lot .
What I guess a great entry long might be after it clears those SLs below especially if for some reason some shorties join the market.
That was a really good entry by you. Congrats. Can I ask how you learned to psychologically handle not closing the position early. I would went nuts seeing 80 pip win suddenly retrace 60 and ranging for a few hours before moving away again. Do you set it and forget? or you do you manage such position?
I think I have to thank Djamal because once u see those SLs its easier to keep the position alive. However I always try to look at my risk reward ratio and when I dont like how that looks I just tighten my stops considerable so that it makes sense from that risk reward perspective.