I am trying out some ways of updating my blog with how I manage open trades. Until now I usually didn’t post much between opening and closing trades, but as one can imagine all trades require active management. The best way would be to update the same post with my actions as I execute them. However, readers will not have any way of knowing that something on the post has changed. On the other hand, putting up a post just to say that I am changing stops for each trade is a waste of time for both me and you.
My compromise is to make one post each day where I discuss what I am doing with all the trades that are open. I may make additional posts on the same topic if the changes are significant, otherwise one post for routine trade management.
Since the yen trades were opened yesterday markets have been very tightly range-bound with a slight bullish bias in the yen pairs. My rules require me to follow trendlines, which is an automatic way of stops getting tightened.
After 3 sessions my updated stops are as follows:
USDJPY long: stop moved to 93.05
AUDJPY long: stop moved to 97.40/35
EURJPY long: stop moved to 119.40/45.
Note that these are mental stops which I set as alert levels in my platform. When I get an alert I take a look at the charts and the price action and decide whether to get out immediately or watch the market a bit more. I usually exit near the stop levels unless the price action indicates this is likely to be a stop hunt which will quickly reverse.