Late entries have risks, especially in a range market like this. I didn't enter long at the TL break, I entered 6-7 pips later and I took the little reversal in the face. Risked 12 pips on this. Price retested the MA 21 and drove again north, giving me the opportunity to close wih small gains.
Monday, July 7, 2008
Late entry-2
Late entries have risks, especially in a range market like this. I didn't enter long at the TL break, I entered 6-7 pips later and I took the little reversal in the face. Risked 12 pips on this. Price retested the MA 21 and drove again north, giving me the opportunity to close wih small gains.
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I think we should be extremely careful with late entry, I would be better off not trading at all then going in late with risk of losing massively, as we have seen so many times how quickly the market takes U-turn, so we need to be prepared for it and avoid any silly moves like that. I usually go for any trade very early given I am with OctaFX broker where I get excellent rebate up to 15 dollars profits per lot size including the losing trades.
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