The good news is that price went down, the bad news is that is Friday afternoon and it would risky to post an order now.
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DislikedWhat is trg?
The good news is that price went down, the bad news is that is Friday afternoon and it would risky to post an order now.Ignored
DislikedGreat, clear analysis. Keep the posts coming. Enjoy your work
Do you trade other yen crosses such as g/y or e/y?
Thanks DudeIgnored
DislikedHi Dan,
Just wondering, when you mention about other currencies that you trade in a sepperate acc. Do you apply the same method as in e/u & g/u?
Same SL sizes or would you vary them based on the individual currencies volatility, like for example G/J or E/J being more volatile, would you place say 200 SL instead of 100SL?. If so how would you calculate it?
Cheers mate.Ignored
DislikedHi,
Yes you are correct - I use the same method but different stop sizes. For example on a lot of my stock trades I am using 10 or 20 point stops because that is what is appropriate. I do not have a specific formula for calculating stop sizes. You could use the ATR tool to guide you.
The way I do it is by eye basically... I am looking for a stop size appropriate to the time frame I am trading that is big enough to withstand the up and down swings without getting stopped out due to market noise but also not so big that it takes a month...Ignored
DislikedYes I see what you mean. I believe its best way is through experience because it obviously depends on the objectives of each individual trader, be it to open and close within a session or to swing for a few days, in which case a wider stop would be neccesary. It aint the same on dailies than in 1h within the same currency IMO, so that in itself would vary between having a 200pip stop on G/J as opposed to 100pip.
Somehting that IMHO sounds very logical would be to roughly see the ADR of a currency and base it on that if the goal is to swing a few...Ignored
DislikedHi dan, this looks a great thread you have started as is your other one hope to contribute soon have been looking at other pairs seems to work very well could be just a case of which pair or pairs are trending at the moment and sticking with them.ps i also took the gu trade stopped out at break even.Ignored
DislikedHey dan great work on making this thread mate, ive been looking to try jacko's method on a couple of other pairs to try get a better grip of it.
Having a look at audusd:
We are in an obvius uptrend. There is resistance at 0.8656 from this time last year, and the 50 fib is at 0.8669.
I am a buyer @0.8654, SL @0.8600
What do you guys reckon?Ignored