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Dear Full time/Part time Traders – Thanks for your time and help 7 replies
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DislikedOk, I just got stopped out for the 2nd time. Now, I have 2 entry orders at this point.
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DislikedI only trade cable.
If you read the initial posts by TK he recommends using this strategy only on cable and USD/CHF since they both move quite well. I'll stick with cable although I'm monitoring GBP/JPY as well.
I think settings will have to be changed to use this strategy on other currencies.Ignored
DislikedAt this point your buy is correct but your sell needs to be 50 pips away from weeks open, so 9540. this is because both buy and sell orders have been stopped, so we start again from scratch.Ignored
DislikedIs this in the posts anywhere, cause I don't see it??
I don't think you reset it back to the begining. You want to shrink the spread down to 50 after your ist initial order.
TK CAN YOU COMMENT ON THIS?? There seems to be some confusion.
Thanks.Ignored
DislikedIs this in the posts anywhere, cause I don't see it??
I don't think you reset it back to the begining. You want to shrink the spread down to 50 after your ist initial order.
TK CAN YOU COMMENT ON THIS?? There seems to be some confusion.
Thanks.Ignored
DislikedI am using the same broker as TKimble. Here is what I have done this week. I looked at the weekly chart for GBP/USD on Sunday. The close for this broker is Friday at 5:00 PM EST (I hope this will answer some questions people have about the time the week closes). It closed on January 5th @ 1.9583. I put my orders in Sunday Buy @ 1.9633 with s/l 1.9603 and a sell @ 1.9533 with s/l 1.9563. I was bought in on Monday 2:42 AM EST and was closed out on Tuesday 10:25 AM EST. Once I was closed out I reentered my order to buy. (Not sure if i should have done this ) The buy was entered Today @ 1.9633 at 11:29 AM EST and hit my stop @ 1.9603 at 11:49 AM PST. With all that being said should I have have put in the order to buy after my first buy was closed out? Or do you have to wait for the sell to be entered before you reenter your buy order. I would like some clarification on this because if this system works, it would be to good to be true!!
Thanks,
King76Ignored
DislikedI am using the same broker as TKimble. Here is what I have done this week. I looked at the weekly chart for GBP/USD on Sunday. The close for this broker is Friday at 5:00 PM EST (I hope this will answer some questions people have about the time the week closes). It closed on January 5th @ 1.9583. I put my orders in Sunday Buy @ 1.9633 with s/l 1.9603 and a sell @ 1.9533 with s/l 1.9563. I was bought in on Monday 2:42 AM EST and was closed out on Tuesday 10:25 AM EST. Once I was closed out I reentered my order to buy. (Not sure if i should have done this ) The buy was entered Today @ 1.9633 at 11:29 AM EST and hit my stop @ 1.9603 at 11:49 AM PST. With all that being said should I have have put in the order to buy after my first buy was closed out? Or do you have to wait for the sell to be entered before you reenter your buy order. I would like some clarification on this because if this system works, it would be to good to be true!!
Thanks,
King76Ignored
DislikedI have been currently stopped out twice on the "O". It doesn't bother me too much though. This will happen in ranging weeks where you end up with a doji. However, I don't lose confidence as it only takes one good trending week to make up way more than those losses. I think I am losing only 1.6% of my account for every stop loss. Not too bad really. This system requires patience and I have alerts sent to my cell phone every time a buy/sell or stoploss is triggered. I can't stand watching the screen all day. My trades are better when I am not watching them. Don't worry, the Pound will not stay in this range for very long. It never does.Ignored
DislikedCouple of points. Your initial Sell and Buy orders have been placed correctly. Once either order is hit, you immediately adjust the other order to the close of the previous week. For example, in this case, once the buy at 1.9633 was hit, you should adjust your sell to the 1.9583 from the 1.9533 inital order. When your buy was stopped out, you immediately re-enter another buy at 1.9633.
Once either side is initially hit, you immediately adjust the other side entry price to the previous weeks close which means you are now trading a 50 PIP range which in this weeks case is between 1.9633 and 1.9583.
Happy Trading,
TkimbleIgnored
DislikedUt2,
I set the alerts up on a demo account with a broker with the letters "l-o-s" backwards in their name. Let me know if that is too cryptic. Under each currency you can set up "call alerts". Just plug in where (price) you want the system to alert you and your corresponding cell messaging ID.Ignored