The monthly 200SMA is sitting around the 1.2225 area and has been supportive of price for several years now. Price may need to check in with this area before we see a significant bounce. As you can see, a very simple 8-5-3 Stochastic indicator might have offered you a clue to shy away from a long position at the 1.36 level as it was showing overbought conditions while price was at your long entry level. I do not use this indicator myself, but it is relatively easy to see that it is fairly in tune with the turns in price.
That being said, we can see now that the indicator is again 'oversold'... and price is again approaching the 200SMA . Will price bounce a third time off of the 200SMA ? Will price break below the 200SMA and continue to the downside? No one knows for sure... Offered here is a "simple" example of technical analysis... a very very very simple example that might have helped you stay away from the 1.36 long... or might help you stay out of the next bad trade... eventually it might help you enter a winning trade... again, a very basic example of TA.
A stop at 1.34 would have been a big loss, 200 pips - right? Using that 1.34 level to exit the market & take your loss would have been painful... however, spending the next several months learning some real simple and basic technical analysis would have been far less painful & costly than the 1200 pip drawdown you now sit on...
For four, five, six months now - or so - you have spent countless amounts of psychological energy trying to figure a way out of a very very bad trading situation. As traders we have two (2) accounts, our trading margin account and our psychological account... A trader can re-up the margin account, the psychological account can take some traders years to repair.
Now, knowing price CAN run against you, will that fear effect your next trade? How many winning trades did you miss out on because the energy you had was solely directed at getting out of a bad situation? these are questions you may have to deal with in the future....
I won't tell you when or where to open & close your positions... I won't tell you the wrong or right way & time to hedge...
My 2 pips worth is a suggestion of education & knowledge in technical analysis, margin, risk, paytience and discipline. (Yes... I spelled paytience this way on purpose)...
Keep an eye on that monthly 200SMA while your learning... IF price is going to bounce off of it, you can anticipate where price may bounce to - as well as how long it may take for price to get there... if it breaks below, your new education might help you anticipate how low it could fall.
To blindly enter $800K into the market without educating yourself IS gambling... your odds may be better at a blackjack table in Vegas.
To educate yourself, develop & practice a specific trading strategy until you know what to do in any outcome - including a move against you - before entering the market with $800K is putting yourself into a higher probability trading situation.
wishing you success on your situation and your education. Best Regards
That being said, we can see now that the indicator is again 'oversold'... and price is again approaching the 200SMA . Will price bounce a third time off of the 200SMA ? Will price break below the 200SMA and continue to the downside? No one knows for sure... Offered here is a "simple" example of technical analysis... a very very very simple example that might have helped you stay away from the 1.36 long... or might help you stay out of the next bad trade... eventually it might help you enter a winning trade... again, a very basic example of TA.
A stop at 1.34 would have been a big loss, 200 pips - right? Using that 1.34 level to exit the market & take your loss would have been painful... however, spending the next several months learning some real simple and basic technical analysis would have been far less painful & costly than the 1200 pip drawdown you now sit on...
For four, five, six months now - or so - you have spent countless amounts of psychological energy trying to figure a way out of a very very bad trading situation. As traders we have two (2) accounts, our trading margin account and our psychological account... A trader can re-up the margin account, the psychological account can take some traders years to repair.
Now, knowing price CAN run against you, will that fear effect your next trade? How many winning trades did you miss out on because the energy you had was solely directed at getting out of a bad situation? these are questions you may have to deal with in the future....
I won't tell you when or where to open & close your positions... I won't tell you the wrong or right way & time to hedge...
My 2 pips worth is a suggestion of education & knowledge in technical analysis, margin, risk, paytience and discipline. (Yes... I spelled paytience this way on purpose)...
Keep an eye on that monthly 200SMA while your learning... IF price is going to bounce off of it, you can anticipate where price may bounce to - as well as how long it may take for price to get there... if it breaks below, your new education might help you anticipate how low it could fall.
To blindly enter $800K into the market without educating yourself IS gambling... your odds may be better at a blackjack table in Vegas.
To educate yourself, develop & practice a specific trading strategy until you know what to do in any outcome - including a move against you - before entering the market with $800K is putting yourself into a higher probability trading situation.
wishing you success on your situation and your education. Best Regards