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Friday, December 11, 2009

AUD/JPY doji confirmation bar break-out - now what?


So far the confirmation bar break-out has offered up to 70pips from where I placed my demo entry.

So what are the options while this trade is still in play? Some may have taken profit on this trade already because they do not hold trades over the weekend. Others may have simply moved their stop loss to break-even or break-even plus a few pips. Some will do nothing, saying that they are comfortable with the risk and will simply wait to see if the trade will run or hit their SL where it is. There are many ways to handle a trade once it is in play and in profit.

I have decided to take half the profit and move to break-even plus a few pips. I am now in a 'free-trade' and what happens now will be either OK (hit break-even) or great (trade will run).

Have a great weekend!

This is not a trade recommendation. If you are trading know your risk or use a demo account

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Dan