I went long on the fiber at the 2490 level. This was simply an OTE from the London move and had SMT and USDx divergence. Price moved up to within 2 pips of my first take profit but then came back to stop me out at break even.
With the divergences still there I re-entered. However, much like last Wednesday price ran all the way down to the 2450 level stopping me out for a 2% loss (I demo traded off the 80 level and when price ran down to the 50 I went long on my real account. Click here for a review: June 6, 2012 Fiber Trade Review)
I re-entered long at 2450 and have mitigated the 2% loss. 2/3 of the trade is still open with the stop loss now at 2485. I am trying to reach for the daily high at 2530 and the next resistance level of 2580.
One thing I am mulling over is having only trades that are directly reacting to HTF support and resistance levels be 2% risk and having trades such as a New York open re-trace that is reacting to implied support and resistance be 1% risk.
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