Locked in a usd/chf trade need some advice.

[RahmanSL]

"...scale out small portions of the position when price is more favorable.........switching from "make money" mode to "loss minimization" mode when necessary...".

Yup my friend, I have salvaged a couple sure gonna accounts from the blink of destruction, by scaling down and taking smaller loses, to live another day to get those pips : )

I called that "damage control" as it's very similar to when something bad happened to a project and we have to salvage what we can and minimize losses.

If that's not an option (especially if a trade is entered at the minimum size leaving no option to size down), then (if you still want to salvage that account) pump in some more money to keep the account afloat until that bad trade goes your way.

I am afraid there is no easy choices to be made here as it's either cut your loses, pump in more money, or pray real hard that the price will soon reverse.

In the event that the price do reverse somewhat, calculate what you need to remain trading and cut your losses immediately.
Don't wait (hoping & praying) that the price will get back to profit level as more than likely the reversal will not go that far.
I know cause it has happened to me a few times.

 

[dkami]

Price is looking better for you today if you are still holding if we get a good NFP tonight i dont see any reason why price wont test my .9409 resistance line my 38.2 fib retracement is just above this resistance also @ .9420 there is a slight hiccup as i have a resistance line @ .9363 but im thinking a good NFP can break this level now on the downside a key area of support for me is my support @ .9271 if this is broken the upside is over for me good luck and patience may payoff