This is a session I did in 2010-02-19's afternoon, I was caught on the wrong side and flipped, get out at slightly above BE. I post this trade to share how I unhedge locked positions to gain some pips.
Pair: EURUSD, M5 Chart:
Observation: prevailing trend of EU is down, and EU repeatedly threatening the support 1.3457. After seeing lower highs and 48 SMA cranking down, I went short.
S 1x1.3470 scout deploy on pull back after testing support at 1.3457
B 3x1.3498 flipped after seeing break of significant high before the congestion zone
S 1x1.3503 price stalled, reduce flip size and lock in part profit.
S 1x1.3513 reduce flip size to fully hedged at -8 pips, this is the amt I would lost if I close them, regardless of where price go.
But after I let the hedged position move with price, an opportunity popped up as price moved back to 12 SMA and did a small reversal up. I unhedged my position by closing the original short scout (thus +1), leave the long leg now unhedge and position for a long trade.
B 1x1.3500 close short leg of hedge positions
S 1x1.3510 price stall when hitting last significant high, close session to reassess
(Note: If price will to propel above last significant high in one quick trust, I may continue to trade on the long side, and managed from there. But price did not, so I stopped and get out. Price later moved up again, but I was not around to trade them)
Session Profit: 2 Pips
Open drawdown: 30+- pips
