(SHORT) NZDJPY - Adding position downwards
As the way NZDJPY is at weekly) trend channel, Daily double top breakdown and 4Hr double top breakdown.
I am planning to add on position if the daily hammer failed to sustain bullish support and show signs of weakness to the downside.
As I already have position in the pair, I will probably shift my stop loss down to just above the double top neckline to reduce my risk while I add another position to the existing position with the same stop-loss level, risk amount.
There needs to be a scale of aggressiveness and according to the trader's ability, scale that up and down - Paraphrased from Howard Marks
I am planning to add on position if the daily hammer failed to sustain bullish support and show signs of weakness to the downside.
As I already have position in the pair, I will probably shift my stop loss down to just above the double top neckline to reduce my risk while I add another position to the existing position with the same stop-loss level, risk amount.
There needs to be a scale of aggressiveness and according to the trader's ability, scale that up and down - Paraphrased from Howard Marks