1500MVA - 1HR - Breakout Trade - SHORT GBP/JPY
Strategy:
I trade the breakout following the crossing of the 1500mva on a 1-hour chart. My stop is placed at the previous high/low point just before the breakout itself. My Take-Profit is done manually. I aim for a 5x-10x gain. However I do trail my stop at a main high/low point as the trade moves on once it has hit the + 5x point, not too closely I give it room to breathe. Sometimes it goes beyond even 10x, which is nice.
Money Management Aspect:
Every stop with my trades is 2.5% of my total trading account. So I adjust the $/pip for every trade, depending on how many pips my stop is, to equal about 2.5%.
I trade all the major pairs when a trade presents itself. I am left with plenty of margin(usable cash) for the bad trading times.
RINSE AND REPEAT.
I trade the breakout following the crossing of the 1500mva on a 1-hour chart. My stop is placed at the previous high/low point just before the breakout itself. My Take-Profit is done manually. I aim for a 5x-10x gain. However I do trail my stop at a main high/low point as the trade moves on once it has hit the + 5x point, not too closely I give it room to breathe. Sometimes it goes beyond even 10x, which is nice.
Money Management Aspect:
Every stop with my trades is 2.5% of my total trading account. So I adjust the $/pip for every trade, depending on how many pips my stop is, to equal about 2.5%.
I trade all the major pairs when a trade presents itself. I am left with plenty of margin(usable cash) for the bad trading times.
RINSE AND REPEAT.