Forex Winning Trade CADCHF and where to put stop loss
CADCHF was a winning trade at the moment. Once you have a winning trade, questions will be on 1. Stop loss 2. Target Profit
Let’s recap CADCHF setup, click on the link for the post on CADCHF written previously
This trade was a typical Tflow® setup
1. H4R, with bearish expansion in H4 boxes
2. 1234, with pt 2 being 3 H1 boxes high
3. There was no WR, as pt 4 didn’t close above pt 2
SL base on pt 4
Once there was a trigger, SL will be base on pt 4 highest point (on a sell setup) plus 15 pips as a buffer.
Reverse is true. If it is a buy setup, SL will be pt 4 lowest point minus 15 pips as a buffer
SL on F6 trigger
However, if F6 is triggered, then SL can be modified to above F3 turning point. 5-10 pips buffer recommended.
Reverse is true on a buy setup, where SL will be base on turning point below F3 minus 5-10 pips buffer
This trade is currently in the winning territory and since price has already close below pt 1, then it is time to shift it to break even (if you are in this trade).