Quoting George B.DislikedSteve, thanks for the prompt and clear response. GBIgnored
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Quoting George B.DislikedSteve, thanks for the prompt and clear response. GBIgnored
DislikedHi.
I'm relatively new to forex, and may I ask (I know this has already been answered, but it's still not clear to me).
When do you close your positions? You open the positions at 23h, and close them at the same hour on the next day, or what are the reasons to continue or close your trades? Perhaps it's the indicators tell you that the position should be that way you mantain it open, and if not, do you close it?
Thanks in advanceIgnored
DislikedHi Steve,
Great system and thanks for sharing!!! and posting regularly
I understand how this works and have been using your system now for the last few days, just a question, if you dont get stopped out from any of your 5 trades, do you not count Sunday? so you would only update SL Mon-Fri 10pm GMT when US session closes?, and also if a trade hits the stop loss sometime after you adjust it on Friday night 10pm gmt then you enter a new order when the Sunday trading commences at the open?Ignored
DislikedHi,
I never manually close my positions - they are only closed when my stop loss is hit.
At the end of each day (10pm my time), I move my stop losses on open positions to 10 pips below the previous day's low if I'm in a long position, or 10 pips above the previous day's high if I'm in a short position.
Hope this clarifies
Kind Regards
SteveIgnored
DislikedOk, and what about the exits? What is the method do you use to exit them?
Thanks.Ignored
DislikedHi Steve.
I'm kind of curious here, have your ever trade on Nzd/Usd before?
Btw, I'm also have 2 open position here:
Eur/Gbp : short from 0.6625 ( now got at least +20 pips guarantee )
Eur/Usd : Long from 1.2890 ( now got at least +30 pips guarantee )
Hope U also have a great new pipping weekend...lolIgnored
DislikedSorry, I thought this was clear - the exits are made when the stop loss is hit - that's it, pure & simple.
Kind Regards
SteveIgnored
DislikedNo, I'm sorry me
I didn't mean the exit-stop-loss I mean the target, this is, how do you set your profit target?
ThanksIgnored
DislikedHi Steve,
I have a quick question, let's say you were out of the GU pair and wanted to re-enter tonight, based on the daily candlesticks what would you enter?
Would you enter short and your stop loss would be extremely tight since highest price is 9606 and closed price is 9583
OR
Would you go long and take the risk of around 150 pips?
ThanksIgnored
DislikedSteve does not use any target profit, he move's his stop loss everyday until it gets hit n then he's out for the day, re-enters again at 10pm (GMT)Ignored
DislikedSo, If I open 5 trades, and I get hit the stop-loss in one trade, shall I close the other 4 trades? It's that the thing?
ThanksIgnored
DislikedNo,
I trade 5 different pairs simultaneously. If one of those pairs gets stopped out I re-enter a trade on that pair the next day.
If all 5 pairs get stopped out then I re-enter all 5 the next day.
Kind Regards
SteveIgnored
DislikedAham. I'm sorry to insist, but I still can't get how can you make profit, if you're waiting for your positions to get stoppedIgnored
Disliked
That's a great question lol - now, my method would be to take the long here but I can see what you mean as there is a possibility it may lose steam soon. If you chose to take a short, then the risk is smaller and if you're really lucky it'll go straight down from here.
I wouldn't be at all surprised if we see another push upwards before the expected downtrend but as I've said to you before, I find too much thinking loses me pips. All I can do is look at my charts and take the trade - if I lose, I lose - it's not a problem as I look at the bigger & longer term picture.
I made the mistake last week of thinking too much with UJ, trying to spot a reversal & had to take 3 losses albeit fairly small. If I had just traded what the charts told me I would have been over 100 pips up there! I make mistakes like everyone but I intend to learn from them and become better.
Remember, these trades that I put on two days ago started off with stop losses of nearly 300 pips (which included the UCHF long that had over 130 pips guaranteed) and now worst case I would be pips positive.
It's just the nature of the method and if you choose to trade a similar method you have to get used to it unfortunately. So far, we have yet to lose a single trade over 100 pips (although I'm sure it will happen), but have had 3 trades over 300 pips profit & 1 over 750. Take the small(ish) losses with good heart & let the winners run as far as they let you.
Good luck my friend
Kind Regards
SteveIgnored