any advice

[Chazza69]

hi there ive an open trade with a sell on cad/jpy i opened this afternoon in the uk time at 8010, any ideas  ifwill it go back to that or should i just take £100 loss out my £800. trading strategy guide website gave me bad info im a newb. thanks for any advice team

[Caseynotes]

6 hours ago, Chazza69 said:

hi there ive an open trade with a sell on cad/jpy i opened this afternoon in the uk time at 8010, any ideas  ifwill it go back to that or should i just take £100 loss out my £800. trading strategy guide website gave me bad info im a newb. thanks for any advice team

Hi, presuming you were hoping for a reversal at the prior high around 8019 (blue line) so your sell at 8010 then your idea was invalidated when the blue candle closed above 8019 (red cross), that was your exit for a small loss.

The bounce up off the daily pivot (red arrow) was bullish confirmation so if you are still in it's a case of scrambling out for as little damage as possible, might see a retest of the pivot but if it heads for R1 you just need to get out.

 

[dmedin]

7 hours ago, Chazza69 said:

hi there ive an open trade with a sell on cad/jpy i opened this afternoon in the uk time at 8010, any ideas  ifwill it go back to that or should i just take £100 loss out my £800. trading strategy guide website gave me bad info im a newb. thanks for any advice team

 

Here's the best advice you can get.

Don't bet money you can't afford to lose.

At a bare minimum 76% of retail punters lose.  Over time, it's closer to 95 - 99% and the number that outperform a simple buy and hold strategy is probably less than 99.9%.

And the post above shows the 'benefit of hindsight' which is totally useless when you're actually trading.

Best of luck.

Edited October 21, 2020 by dmedin

[Caseynotes]

7 minutes ago, dmedin said:

 

Here's the best advice you can get.

Don't bet money you can't afford to lose.

At a bare minimum 76% of retail punters lose.  Over time, it's closer to 95 - 99% and the number that outperform a simple buy and hold strategy is probably less than 99.9%.

And the post above shows the 'benefit of hindsight' which is totally useless when you're actually trading.

Best of luck.

the retard has spoken aah, the OP was asking for advice on a trade they were actually already in moron.

if they were playing a reversal then that was the correct stop loss level for their short.

how's trading going for you btw? still losing a grand a month? oh wait, you've had to go back onto demo again right err, yeah,  but keep the advice coming.

 

[dmedin]

35 minutes ago, Caseynotes said:

  but keep the advice coming.

 

I will do, you miserable old sod.

[Chazza69]

1 hour ago, dmedin said:

 

Here's the best advice you can get.

Don't bet money you can't afford to lose.

At a bare minimum 76% of retail punters lose.  Over time, it's closer to 95 - 99% and the number that outperform a simple buy and hold strategy is probably less than 99.9%.

And the post above shows the 'benefit of hindsight' which is totally useless when you're actually trading.

Best of luck.

Cheers I know all that stuff I just took a loss and now I've made more than I've lost on other pairs. What's your thoughts on gbp/usd I've been seeing 1.350 mentioned a lot on various sites for this week?