Every trader has developed or learned different trading strategies and tools over the years. I am very dynamic and use the tools that suit best to the different market conditions.
Sometimes on good entries, I like to manage my exposure instead of take profit my green position.
Example, I entered a sell on a high and rates reached a support level 40-80 pips lower. Now I believe it will retrace up 10–20pips. Instead of closing my sell on a strong previous high, I open a smaller buy. This would be the same then partial closing my green sell but with the advantage that if I get my 10–20 pip retracement I can close my small buy and then rates can turn down again riding back fully exposed and repeat this process a few time until I reach my major TP zone. There is a chance to erase all my green pips if it goes all the way up, or to go lower less exposed if my smaller buy doesnt reach my TP target. If I believe my sell can catch a 400 pip drop I can not hegde half of my position after it reaches a support only 40–80 pips away. It needs to be more gradual, maybe in 4 or more steps. Its all about having the odds on your side, finding a good setup and managing risk, if you catch a high with consequent lower highs you can repeat this until all your hedges sum up with the volume of your sell. Don’t risk everything today, you have 260 trading days in one year. Your entry needs to meet the basic trading rule, do not risk more then 1–2% of your account. After a successful entry you can try this setup, but many will fail many times ,trying it on small ranges and the usual market noise will bust such a setup very fast. It works on bigger swings and sometimes I am 2–3 months attempting such a setup and that is why following macro and fundamentals are important for my main overview to diversify my skillset and trading tools. Most of the time I trade short term technicals with short term TP and low risk positions. (0.2–0.4% per position per 100 pips = 1 position going 100 pip in red would make a max loss of 0.4% on my portfolio). As a scaler I can accumulate many positions at once but my job is to manage my overall exposure and keep my risk low. I go only higher risk when market sentiment, and macro data and central banks shift away from expectations. Don’t try such setup live with big positions, low risk is of essence to stay alive another day. Be patient and don’t overtrade!