Quoting MicardoDislikedAlso Kamanda,
Where do you place your stops? You target 50 pips, do you ever take anymore if so what do you do just trail your stop?Ignored
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Quoting MicardoDislikedAlso Kamanda,
Where do you place your stops? You target 50 pips, do you ever take anymore if so what do you do just trail your stop?Ignored
Quoting kamandaDisliked... if i took 50 pips or more? yes,many times and sometimes less or negative because i dont use anything like trail stop...sometimes but not my favorite to do this , i lock in the first 15 or 20 pips(by putting a stop loss) and let it ride... is a sure thing of getting 20 pips but you can miss a bigger number of pips if ur stop loss got hit...sometime you have to understand the market,what if by 3 EST you have 15 pips profit and your target is 50...do u really believe ur goin to get those 50 pips before 5est pm? i dont think so...its all about probability(to me)!Ignored
Quoting kamandaDislikedMike jordy,let me try to get this right
1) i enter trade after 5est pm everyday
2) i use the closing price of the previous day(from daily candle),example... closing price was 1880,so i'll go long at 18880 + 55pips =18935(enter long position at this price) and short position at 18880-35pips =18845(enter position at this price..worked well for me!Ignored
Quoting MicardoDislikedOK as I am unable to trade during the day at the moment I am going to continue auto trading with a profit target of 30 pips and a stop of 50 pips.
I understand that other people have different methods so would appreciate it if they could continue posting their results and thoughts in the hope that we can eventually come to a conclusion on which version of the daily range strategy is the most profitable long term.Ignored
Quoting kamandaDisliked... if i took 50 pips or more? yes,many times and sometimes less or negative because i dont use anything like trail stop...sometimes but not my favorite to do this , i lock in the first 15 or 20 pips(by putting a stop loss) and let it ride... is a sure thing of getting 20 pips but you can miss a bigger number of pips if ur stop loss got hit...sometime you have to understand the market,what if by 3 EST you have 15 pips profit and your target is 50...do u really believe ur goin to get those 50 pips before 5est pm? i dont think so...its all about probability(to me)!Ignored
Quoting MarkjDislikedIkholod,
If we look at the open and create Line one and Line Two we get, Line 1 = 1.8925 and Line 2 = 1.8885.
Two orders of three lots would have been entered for the day:
Order One 9 GMT when price broke line one and moved to 1.8870, which saw us take lot 1, profit 1 only for 14 pips. The other 2 lots closed out home line (London open) for - 40 pips. So this trade was worth - 26 pips.
Order Two was entered when at 1500GMT when price broke reached Line 1 at 18925. We took profit 1 and profit two for a total of 44 pips and profit 3 was left riding. Profit 3 nearly reached target just prior to Londin close but would have been closed manually at NY close 22:00GMT for a gain of 52 pips.
The total for the day would have been = (-26 from first trade and + 96 from second trade) = +76 for day. Second order only got as far as 76 pips from line 1 so missed 3rd profit by 4 pips.
CheersIgnored
Quoting kamandaDisliked...pipbird.... everyday is a new trade after 5 est pm,today doesnt look good for 50 pips (most of the time 50pips will be there before 10est am)...if ur target is 20 pips i'm sure you must have them already and closed your trade,my position is still open but cable is very slowIgnored
Quoting kamandaDislikedMike jordy,let me try to get this right
1) i enter trade after 5est pm everyday
2) i use the closing price of the previous day(from daily candle),example... closing price was 1880,so i'll go long at 18880 + 55pips =18935(enter long position at this price) and short position at 18880-35pips =18845(enter position at this price..worked well for me!Ignored
Quoting kamandaDisliked...pipbird.... everyday is a new trade after 5 est pm,today doesnt look good for 50 pips (most of the time 50pips will be there before 10est am)...if ur target is 20 pips i'm sure you must have them already and closed your trade,my position is still open but cable is very slowIgnored