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From this perspective, the trade thesis of long USD/JPY trade bears limited downside and allows for a tight stop.
Furthermore, our range is looking at a relatively tight congestion pattern that requires an aggressive entry and tight stop.
One has to be very cautious on the long positions and keep the tight stop losses to safeguard from the volatility as booking an early loss is far better than holding it on hopes of the rise resulting in the increase of loss," said Shiv Prakash Equity Investment Analyst - Technical of Mac Capital Advisors.
This requires both luck to buy at the right time and discipline to implement tight stop loss strategy," said Dr Azzam.
Otherwise, the tight stop and first target set well within the day's range (while still more than compensating for risk) make for a short-term setup that should play out relatively quickly.
amp;bull; Stop: The limited range on EURCHF means a tight stop of 1.
This requires a setup with a close entry, tight stop and reasonable risk to reward.
However, these are ideal conditions for a scalper who is able to repeatedly trade in and out of the market for 4-10 points each swing with a relatively tight stop set outside of the range itself.
Therefore, we have set a relatively tight stop and are looking at a very short time frame for setting up a position.
Using a half-sized position, our notional risk on an already tight stop is low.