AUDCAD: How to Manage Active Trades

The trade, which was opened based on a trend reversal signal above 0.89430 level, should be managed right now. The market made the upward movement in the direction of the long positions, and now it is at SMA200. This line acts as a resistance line, and we could see a failed attempt to break it. What does it mean? It means that the price can bounce and move downward. We have an active long trade, and it means we must fix the profit. We have several options, and I mean a situation like this, what to do when the price did not reach the target, and the market is going to reverse.

It is possible to close the whole position and take 70-90% of the planned profit.
Close the part of the profit and make the whole trade risk-free just moving stop orders to breakeven.
Do nothing and keep using 2 exit levels like stop and take-profit. Even if the market reverses and the target does not reach, the trade will be closed by stop. If you are ready to turn profitable trades into loss trades, this option is for you.
It is very difficult to say which way is profitable. In one case, the 1st option will allow us to make profit and avoid the 3rd option, in some cases, the 2nd option will be able to produce more profit. You just need to test all possible options, compare the results, and pick the one which will suit you more.

Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.