Its been a poor week for trand trading, lots of sideways movment!
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DislikedHi All, I'm new here. I've found a lot of useful in this thread and I think it's time for me to post up a suggestion.
Does anyone else see this as a potential setup on NZD/USD?
Looking for a bounce off 0.7150 and a buy at 0.7200...Ignored
Dislikeddo you do this manually (like jacko) or automatic (pip by pip)? i suppose you got stopped out usd/cad (100 pips profit?)? i entered @ 1.07, should have trusted the technicals and entered @ 1.0750!Ignored
DislikedHi,
Yeah out for +100 on USD/CAD
I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.
Regards,
Dan
PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!Ignored
Disliked.
What is the trading plan here...going for the top...where is your target for profit...where is your hard stop in case she heads south.
I love trading plans where everyone says "yea I'm in."
Please tell us your plan.
thanksIgnored
DislikedHi,
Yeah out for +100 on USD/CAD
I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.
Regards,
Dan
PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!Ignored
Dislikedthank you for the explanation, I also do believe you have more control trailing manually. usd/cad looking good!
did you already move your stop A/U to 0.92, or -- if it doesn't reach 0.93 today and turns south -- you would eventually still move it to 0.92? hypothetically speaking of courseIgnored
DislikedIn both trades aswell
Nice and simple.
How it should be.
It amazes me how we overcomplicate things lol!
KISS (not literally of course ha).Ignored
DislikedHi,
Yeah out for +100 on USD/CAD
I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.
Regards,
Dan
PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!...Ignored
DislikedHi Dan,
why did you short U/CAD at 1.07? any reversal sign or just because it near the down TL? isn't that too late to put at 1.07?Ignored
DislikedHi,
Why would it be too late? Could you explain what you mean by that?
I shorted originally at 1.0800 and was closed out at 1.0700 for +100 pips. Price then went back up to the trendline and bounced off of 1.0750 giving me an entry at 1.0700. Does that make sense?
Regards,
DanIgnored
DislikedLooking at your trade reminds me that it will never be perfect. Nice trade Dan!Ignored
DislikedYes that's right. You should have a plan and stick to it but at the same time you need to be remember that all these tools (trendlines, fibs etc) are subjective and should be used as a guide to the right area only - it's not an exact science. Part of the job is learning to feel the way when things don't go exactly to plan!
Regards,
DanIgnored