I recently capitalized on a significant price dip in the Asian market. The price briefly breached the strong support level of $2,663.2 but quickly rebounded, signaling a potential bullish reversal.
To manage risk, I strategically placed my stop-loss order below the 200-EMA. To make it safer, SL can be placed further below 200-EMA. This risk management technique has consistently proven its effectiveness in various market conditions.
Chart Mapping
Profit Statement
Just FYI, I’ve blocked out entries entered by my algo.
Hindsight Bias
Although I could have potentially extended my position to capture a larger profit, I opted to secure my gains early. This disciplined approach is crucial in trading, especially when market conditions are volatile. The price eventually moved beyond 3 RR.
These days, I tend to take fewer manual trades as I’m letting my algo do the heavy lifting as it should. My partner and I are making steady progress.