Sell posted to TAP at 9:16am ET. EURUSD at 1.3499. 1.3500 has proven to be a significant barrier for the EURUSD in the past offering support and resistance many times. Since market open this week we have also seen the breakdown and now retest of the trend line established on Mar. 25. Looking for resistance here at 1.3500 once again for a bounce back to the 1.3460′s.
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Closed 25 pips on the push into the 1.3470′s and locked BE. Out now at BE on rest.
A quick question on pip count: if you take 25 pips profit on half of a position and breakeven on the other half, how do you count the number of pips gained? Conversely, if you take a 45 pip loss on the entire position, how would you count that loss?
Patricia,
For record keeping the first scenario would be a net gain of 12.5 pips and the second scenario would be a net loss of 45 pips. This is the fairest way to calculate gains and losses.
On the TAP we will generally show the maximum pips closed. Some traders will close their entire position at this point and some will follow the partial strategy. There is no way of knowing how all traders are using the trade suggestions. If you took profit, I would encourage you to post your results here so others can benifit from your experience.
Yesterdays trade was a classic trend break set up. Even if you took small pips on the trade, these breaks can be the indication of a larger change in direction as seen the next day. (see result image)
Followed the TAP exactly so closed half for 22 pips and then hit stop loss at breakeven.