Hello
I don't know what I did wrong. I show you my trade in the picture with the two steps:
1) Entry long in GBPCAD. I used an buy stop with a TP and SL. The TP is above the next resistance. My idea is to see if the market respects the resistance. If so, then I take a partial profit. If not, then I will follow the price moving my stop.
2) So, I see the price touching the resistance and doing a reversal. I then put a sell limit order above the price with 1/2 the quantity of the first trade. So I keep 1/2 of my initial position and take a partial profit.
But, and this is my problem: right now I have a negative PnL, so I had to close my position to stop losing money. I thought that selling 1/2 of my position, the other 1/2 will be still open, and it was a buy signal (number 1) so I would have a positive PnL, ¿right?.
Help me with this, please. How is the correct way to take profits? Thanks a lot.
I don't know what I did wrong. I show you my trade in the picture with the two steps:
1) Entry long in GBPCAD. I used an buy stop with a TP and SL. The TP is above the next resistance. My idea is to see if the market respects the resistance. If so, then I take a partial profit. If not, then I will follow the price moving my stop.
2) So, I see the price touching the resistance and doing a reversal. I then put a sell limit order above the price with 1/2 the quantity of the first trade. So I keep 1/2 of my initial position and take a partial profit.
But, and this is my problem: right now I have a negative PnL, so I had to close my position to stop losing money. I thought that selling 1/2 of my position, the other 1/2 will be still open, and it was a buy signal (number 1) so I would have a positive PnL, ¿right?.
Help me with this, please. How is the correct way to take profits? Thanks a lot.
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