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A simple and easy piece of information .. If you are a trader and don't know exactly where to set your stop loss, this post is for you : )
We will take an example of the currency we have in front of us now, and its price is currently $1.13.
Now I want to buy it, and when its price rises, I will sell it, but I want to set a stop loss in case of any drop. What should I do?
🪙 First: Look for the nearest support for the currency, and in this example, we have support at 0.122, and it's clear that it's a strong support from which the price can rebound and rise again, but let's assume the worst.
🪙 Second: Do not set the stop loss at the support because the currency may experience further declines, or it may touch the support area and rebound again.
So in this case, you set the stop loss below the support with enough space to stay away from the candle's wick, and in the example in front of us, we set the stop loss at 1.120
Was it easy : )
We will take an example of the currency we have in front of us now, and its price is currently $1.13.
Now I want to buy it, and when its price rises, I will sell it, but I want to set a stop loss in case of any drop. What should I do?
🪙 First: Look for the nearest support for the currency, and in this example, we have support at 0.122, and it's clear that it's a strong support from which the price can rebound and rise again, but let's assume the worst.
🪙 Second: Do not set the stop loss at the support because the currency may experience further declines, or it may touch the support area and rebound again.
So in this case, you set the stop loss below the support with enough space to stay away from the candle's wick, and in the example in front of us, we set the stop loss at 1.120
Was it easy : )
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