Quoting forexbasicDislikedHi James,
I'm new to these boards and I must say I'm very impressed with the tutoring material you've provided here for the benefit of all forum members.
It's interesting to see how the old tried and tested techniques prove themselves over and over again for any market when used in the hands of an able trader like yourself.
Your charts have made it more obvious to me that there are big gains to be made by swing trading over a few days as opposed to intraday trading which is what I'm used to.
However, whereas I'm used to setting stops which never exceed about 30 pips intra-day, I'm going to need some much larger ones if I'm going to trade off the daily charts.
You've just mentioned GBP shaping up nicely for a run from that pin bar on the weekly chart - how would you suggest we determine the stop for this trade ?
Should we place the stop as what I assume is going to be today's high at 1.8238 ?
Also, on the H4 chart, it doesn't look as though the price has yet convincingly moved through the 61.8% fib at the time of posting, we're also close to the 38.2% fib of the retracement on the daily chart.
Taking the trendline on the daily it looks as though we need to break through 1.8042 before diving in.
Is it the GBP short really the high probability trade it seems ?
If not, then 180 pip stop seems a bit scary to me.
Any advice you can give on stops would be greatly appreciated.
Cheers
MikeIgnored