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Difference between buy/sell stops & buy/sell limits 34 replies

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Attachments: One does not simply buy low and sell high
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One does not simply buy low and sell high

long usd/jpy here.

Stop under trend line and swing low support.

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Quoting big_pipin
{quote} This is the exact reason why I took all of them off and just use one level. Also, technically speaking these arn't fib lines that I'm drawing, however it is a fib tool that I use to draw the 50% level. 55 is a fib number, 50 is not. I do look at fib extensions, but my first target is always a measured move, an equal distance from the swing being measured. You saw that with the u/j trade. Fibs look great in hindsight, but it's painfully hard to excute in a live market, because like you said, you simply cant know which level price will respond...

Thanks for the explanation. That makes sense. It looks like you have something good going here. Thanks for the information!
Stopped out. -20 pips

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FOMC in 2hrs. I'll remain flat until the number comes out as I expect markets to get crazy.
U/j taking out highs. Time to draw a new retracement and buy the dips.

Stops slightly below support zone. RR at a decent 3:1

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+16 pips. Not what I was expecting for holding a trade this long, but it's better than a loss.

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What I'm seeing right now on 50 pip range bars

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But what I'm also seeing...

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But while some people can manage multiple times frames, I prefer not to. Why? For the simple reason that I want to trade what I see..what the market is doing NOW, not what I THINK it will do.

And because I'm trading / back testing this on range bars, it looks like we're going long.
Something like this. If the market falls below the support zone, we'll be shorting the pullbacks and stops above the zone.

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​
Asleep at the wheel and never took the trade, but it appears now that it was good that I didn't.
Trade PnL Summary for April 6th - 10th 2015

Trades: 4

Losers: 1

Largest gain: $108
Largest loss: -$38
---------------------------------
Net gain for the week $130
Net pips: 123
The 50% level and the resistance zone are matched. The 50% level is hidden in the highlighted zone but it is there. Normally I don't draw such big swings, but I'm going to give it a shot.
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Here is the same chart on a 15min.

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Quoting big_pipin
The 50% level and the resistance zone are matched. The 50% level is hidden in the highlighted zone but it is there. Normally I don't draw such big swings, but I'm going to give it a shot. {image} Here is the same chart on a 15min. {image}
What pair or instrument is it? Chart does not show anything.
Regards
Quoting howard
{quote} What pair or instrument is it? Chart does not show anything.
a/u 50 range bars and 15 min.
profit stop at 7611. +12 pips in the money no matter what.
Quoting big_pipin
profit stop at 7611. +12 pips in the money no matter what.
Adjusted stop to 7598. +25 pips in profit.
Stopped out with +21 pips. Apparently thinkorswim doesn't know how to execute a stop order in a timely manner. Thank god I was watching the market at the time, so I could cancel my stop order and cover at market FFS!.

Anyway, here it is..

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Hi Big_Pipin! just I want to ask if you put the fibo extension on the breakdowns or on a pullback?
Quoting maxtill
Hi Big_Pipin! just I want to ask if you put the fibo extension on the breakdowns or on a pullback?
From the pullback.
You can explain me how you put your TP, just do not understand, you just take your 20 pips?
  • Post #100
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  • Edited at 7:39am Apr 15, 2015 5:13am | Edited at 7:39am
Quoting maxtill
You can explain me how you put your TP, just do not understand, you just take your 20 pips?
I got stopped out, it wasn't a target. I move my stops down as price makes new swings. Not protecting profits when you have them is foolish.

I would aim for a T1 of the 100% retracement level.
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