Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
Cable Update (GBPUSD)
- #809,022
- Feb 13, 2024 6:27am Feb 13, 2024 6:27am
- Joined Jan 2016 | Status: Trader | 5,200 Posts
In his 60 minutes interview Powell says inflation has come down significantly and I'm figuring this buying is in anticipation of a weaker than expected number, sellers have not jumped in anytime today to sell this of like yesterday 
Don't Leave Money on the Table
- #809,023
- Feb 13, 2024 6:30am Feb 13, 2024 6:30am
- Joined Apr 2011 | Status: survivor | 4,131 Posts
{quote} What strategy do you use?
eur/usd
- #809,024
- Feb 13, 2024 6:32am Feb 13, 2024 6:32am
- Joined Aug 2022 | Status: Trader | 4,859 Posts
cashing{image}
Helps you find earlier entry and exit points.
- #809,025
- Feb 13, 2024 6:33am Feb 13, 2024 6:33am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
...{quote} I also always move stop @be+1 as soon as I can sometimes even just after a 5/7 pips in my favour I quickly move stop @be reason is simple if I’m right, the position will go to my target. I tend to have what I call 'blocking sells' or hedging my trades, it's what I've done for sometime now and probably won't go back to Stop Losses. Hate being stop hunted Not that having SLs is a bad thing at all and it's what you feel comfortable with. The two trades in the upload were a case of holding my nerve in Euro session/LO
ok, that’s the very same thing btw. I mean, if I buy an instrument @1.10 and set a sl @1.099 what I’m basically doing is selling if price touches the 1.099 then the broker liquidates the position.
in your case, market could have met the sell stop line and filled entry then reversed up, so you would have ended with both positions running (for a while at least).
as everything, it’s very subjective imo. I prefer cutting the trade if markets goes opposite me.
the point is in understanding where entering and where to stop the trade be it a stop loss or a counter trade opening
90% of traders use TA, indicators and prediction
- #809,026
- Feb 13, 2024 6:35am Feb 13, 2024 6:35am
- Joined Mar 2022 | Status: Trader | 1,275 Posts
{quote} it basically trades divergences. He made four trades yesterday and ended up winning all four. eur/usd
- #809,027
- Edited 6:54am Feb 13, 2024 6:42am | Edited 6:54am
- Joined Jan 2016 | Status: Trader | 5,200 Posts
[quote=_BBKing_;14753453]{quote}{quote} ok, that’s the very same thing btw. I mean, if I buy an instrument @1.10 and set a sl @1.099 what I’m basically doing is selling if price touches the 1.099 then the broker liquidates the position.
Yes you run the risk of having hedged positions and your account remaining stationary. I then set SLs on my short trades and add longs to compensate for my short positions who are now eating into my long positions. Once those short positions have been closed I then have to add new sells below current price in case price does a U turn and heads lower. You might think I'm losing lots of money on commissions and equity losses but that's not the case...If u were to keep doing this as price fell of course you would blow the account
All very complicated I know but it all makes sense to me and I feel comfortable trading this way, wouldn't recommend it to anyone. Maybe the penny will drop someday and I'll understand the benefit of using SLs instead
There are professional traders who don't use SLs at all but the unpegging of CHF showed what a disaster that can be
ok, that’s the very same thing btw. I mean, if I buy an instrument @1.10 and set a sl @1.099 what I’m basically doing is selling if price touches the 1.099 then the broker liquidates the position.Yes you run the risk of having hedged positions and your account remaining stationary. I then set SLs on my short trades and add longs to compensate for my short positions who are now eating into my long positions. Once those short positions have been closed I then have to add new sells below current price in case price does a U turn and heads lower. You might think I'm losing lots of money on commissions and equity losses but that's not the case...If u were to keep doing this as price fell of course you would blow the account
All very complicated I know but it all makes sense to me and I feel comfortable trading this way, wouldn't recommend it to anyone. Maybe the penny will drop someday and I'll understand the benefit of using SLs instead
There are professional traders who don't use SLs at all but the unpegging of CHF showed what a disaster that can be
Don't Leave Money on the Table
- #809,028
- Feb 13, 2024 6:44am Feb 13, 2024 6:44am
- Joined May 2017 | Status: Intermediate Trader | 6,412 Posts
Extreme gut feeling trader
- #809,033
- Feb 13, 2024 6:57am Feb 13, 2024 6:57am
- Joined Jan 2016 | Status: Trader | 5,200 Posts
Don't Leave Money on the Table
- #809,034
- Feb 13, 2024 6:59am Feb 13, 2024 6:59am
- Joined Oct 2009 | Status: . | 4,038 Posts
{quote}{quote}
Congratulations ScalaFX for coming out of the closet!
- #809,036
- Feb 13, 2024 7:09am Feb 13, 2024 7:09am
- Joined May 2012 | Status: Senior Member | 3,059 Posts
- #809,038
- Feb 13, 2024 7:19am Feb 13, 2024 7:19am
- Joined Dec 2020 | Status: TIME is my GAIN | 1,913 Posts
chaos is just unknown order
- #809,039
- Feb 13, 2024 7:26am Feb 13, 2024 7:26am
- Joined May 2017 | Status: Intermediate Trader | 6,412 Posts
Extreme gut feeling trader
- #809,040
- Feb 13, 2024 7:27am Feb 13, 2024 7:27am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
...{quote}{quote}
you said it right… I exactly thought about commissions, swaps etc
Anyway, if you feel ok and understand the process than it’s ok.
in a trend, however, one could use the hedge thing, in opening trades in supposed S/r levels.
but let’s say, you are long @1.0 targeting the 1.5
you can short somewhere in main resistance kind of @1.1 and take advantage of some pips or protect from a possible downside.
price goes to 1.05, stop @ be on both and wait for market to take a direction
well… still a sl is required to me
90% of traders use TA, indicators and prediction