steve, well done...keep it going.
i missed the pound breakout today. just didn't spot it.
i missed the pound breakout today. just didn't spot it.
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Quoting REPApipsDislikedHi Stevie,
My first post here ever...
When you get stopped out and after you determine which direction to take on re-entry, how do you set your S/L? Is it again, 10 pts. above previous day's high if going short and 10 pts. below previous day's low if going long? Or do you start all over again using an entirely different system for setting that?
ThanksIgnored
Quoting stevietDislikedHi,
Update on my open positions.....
GU long from 1.8954 (stop loss now 1.9358 - guarantee 404 pips)
EU long from 1.2830 (stop loss now 1.3109 - guarantee 279 pips)
UChf short from 1.2437 (stop loss now 1.2120 - guarantee 317 pips)
UJ short from 117.84 (stop loss now 116.50 - guarantee 134 pips)
UCad short from 1.1414 (stop loss now 1.1346 - guarantee 68 pips)
Total pips in profit at the time of writing 1459 - guaranteed 1202
My monthly target on this system is 500 pips, which with the low margin I use would increase my account balance by approx 10%. If I get stopped out at these levels my balance has increased by 22%.
I know my system will only work well in trending markets but there are enough trending periods throughout the year to make it more than viable with a low risk reward ratio. It's been an 'easy' week it has been said so all I've done is take advantage of that fact.
Thanks for the advice people & happy trading
Kind Regards
SteveIgnored
Quoting stevietDislikedHi & welcome
You've got it - that's exactly what I do - it minimizes losses if I make the wrong call - if a trend is coming to an end or consolidating it can be a bit choppy.
Update on USDCHF - stopped out this afternoon on the short for a gain of 335 pips - again will enter a new trade at close of US session.
Kind Regards
SteveIgnored
Quoting intensedriveDislikedHow many pips are your stop losses to start out with? With your system when do you start moving your stop losses? Do you use trailing stop losses thanksIgnored
Quoting forexdanofsaDislikedare you using the daily chartIgnored
Quoting REPApipsDislikedAs I suspected, the choice of broker is critical for this system. If you've been using MB, let's say you went short on USDCHF Monday last week, you'd have been stopped out Monday this week, instead of today.
Date------ Open-- High-- Low--- Close- S/L--- Stopped?
2006.11.19 1.2440 1.2446 1.2435 1.2444
2006.11.20 1.2446 1.2449 1.2398 1.2440 1.2456 No
2006.11.21 1.2442 1.2451 1.2397 1.2409 1.2459 No
2006.11.22 1.2410 1.2411 1.2255 1.2267 1.2461 No
2006.11.23 1.2268 1.2280 1.2208 1.2238 1.2421 No
2006.11.24 1.2236 1.2242 1.2074 1.2090 1.2290 No
2006.11.26 1.2030 1.2040 1.2029 1.2036 1.2252 No
2006.11.27 1.2037 1.2109 1.2037 1.2063 1.2050 Yes
2006.11.28 1.2065 1.2089 1.2013 1.2023 1.2119
2006.11.29 1.2026 1.2114 1.2013 1.2109 1.2099
RegardsIgnored
Quoting stevietDislikedHi,
I think I explained it earlier in the thread but my stop losses start at 10 pips from the previous day's high/low depending on whether I go long or short.
At close of US session I move the stop loss to 10 pips from that day's high or low. The first day or two of a trade, I may well get stopped out but when I hit upon a trend then the pips flow in
Kind Regards
SteveIgnored