We cannot move the forex market thus our take profit and stop loss levels shouldn´t be set in stone. If the price gets close to our take profit level several times but fails to hit it then we should be flexible and close the forex signal manually. We must face the truth and take action. Sometimes it´s better to miss a few pips then miss the whole trade and end up with a loss instead of a win.
This was the case with our USD/CAD buy forex signal yesterday, which is still running today. We opened a sell forex signal in USD/CAD yesterday at 1.2727 targeting 1.2702. The reason for this is because this pair has been in a forex downtrend pattern recently and yesterday it retraced up, hitting the 50 moving average in yellow on the hourly chart. We thought that the retrace was over and the downtrend would resume. The downtrend did resume but the missed our take profit by a few pips several times. At this point, we should have closed that forex signal manually. But, we didn´t and here we are today about 20 pips above the opening level.
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