I am still continuing to play RSI level strategy. Since RSI on 1hr chart has touched 70 before dropping, I had assumed bullish trend and was looking to go long on reversal once RSI touches 40.
It happened last night and I placed limit buy order at 1.0785 with stop loss at 1.0735 (50 pips away) and the target is at 1.0870 which is channel resistance.
The point to be noted is the price had come close to 2 pips of stopping me out. This makes me think, I might need to wait further for RSI to reach 30 and look for reversal
I am stopped out on this trade for the loss of 50 pips loss.
However the point to be noticed here is the trade had gone about 35 pips in favor before reversing and stopping me out.
Lesson to be learned:
Once the trade goes to 30 pips in favor, move the stop loss to break even
It happened last night and I placed limit buy order at 1.0785 with stop loss at 1.0735 (50 pips away) and the target is at 1.0870 which is channel resistance.
The point to be noted is the price had come close to 2 pips of stopping me out. This makes me think, I might need to wait further for RSI to reach 30 and look for reversal
I am stopped out on this trade for the loss of 50 pips loss.
However the point to be noticed here is the trade had gone about 35 pips in favor before reversing and stopping me out.
Lesson to be learned:
Once the trade goes to 30 pips in favor, move the stop loss to break even
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