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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #53,521
  • Dec 5, 2007 2:27pm Dec 5, 2007 2:27pm
Quoting vinesh2
Can some one explain how to put SL for a profit. I keep reading posts that traders have put their SL for +1 not sure what that means. An explanation would be greatly appreciated.
Once the position is in good profit (50+ pips with GJ) you can put your SL at your entry price + 1 pip so that even when you get stopped out you earn a tiny profit.
  • #53,522
  • Dec 5, 2007 2:30pm Dec 5, 2007 2:30pm
So wait let me get this straight. So if I bought GJ at 232.00 and my TP is 232.50 I could put stop loss at 232.01?
  • #53,523
  • Dec 5, 2007 2:31pm Dec 5, 2007 2:31pm
Quoting vinesh2
So wait let me get this straight. So if I bought GJ at 232.00 and my TP is 232.50 I could put stop loss at 232.01?
once you're in profit though...
  • #53,524
  • Dec 5, 2007 2:37pm Dec 5, 2007 2:37pm
Anybody know what Carney said or is saying? where can i check?
thanx
If you do - don't be afraid, if you are afraid - don't do
  • #53,525
  • Dec 5, 2007 2:38pm Dec 5, 2007 2:38pm
So what do you mean by in profit? I mean if I bought it at 232.00 and my TP did't hit and went back down to 232.01 and hit my SL I made only 1 pip profit.
  • #53,526
  • Dec 5, 2007 2:42pm Dec 5, 2007 2:42pm
Quoting vinesh2
So what do you mean by in profit? I mean if I bought it at 232.00 and my TP did't hit and went back down to 232.01 and hit my SL I made only 1 pip profit.
yea thats the general idea, like some say even 1pip is better then being negative...when I say in profit you can't enter that stop loss for +1 as soon as you enter a trade you have to wait until its positive, unlike your profit where you can enter it at the same time as the trade.
  • #53,527
  • Dec 5, 2007 2:45pm Dec 5, 2007 2:45pm
Quoting vinesh2
So what do you mean by in profit? I mean if I bought it at 232.00 and my TP did't hit and went back down to 232.01 and hit my SL I made only 1 pip profit.

Look man,when u bought for example at 232 and you TP is 233 and you are already on profit 50 pips or more u can put your SL to +1pip (232.01).So in these case you don't lose anything if not touching your TP!Get it?!
  • #53,528
  • Edited 3:16pm Dec 5, 2007 2:48pm | Edited 3:16pm
I'll be playing the 50% retrace again today, from the most recent high / low. The Dow is up 200 points, adding credence to the idea. Strength indicators are looking borderline OS. The 50% area according to my charts is 255.53, and I expect to see that before London session. I also see the possibility of 226, where there's a confluence of the 61.8 fib and the 1hr 200sma. I don't think it will make it higher than that, but anything is possible with the beast. I will exit my positions by London start, because of GBP news.
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  • #53,529
  • Dec 5, 2007 2:50pm Dec 5, 2007 2:50pm
Im tired!
  • #53,530
  • Dec 5, 2007 3:00pm Dec 5, 2007 3:00pm
Quoting vinesh2
So what do you mean by in profit? I mean if I bought it at 232.00 and my TP did't hit and went back down to 232.01 and hit my SL I made only 1 pip profit.
in profit means that you have positive pips on a trade! if u entered in at 232.00 and the currency moves to 232.10, you are now in profit of +10 pips. basically, you cant set your stop loss above the current price so for you to set a sl at 232.01 (with entry at 232.00), you would have to wait for it to go to 232.02. then, if it drops back down, you will secure 1 pip from the trade
  • #53,531
  • Dec 5, 2007 3:05pm Dec 5, 2007 3:05pm
Quoting Pips_Cruiser
I'll be playing the 50% retrace again today, from the most recent high / low. The Dow is up 200 points, adding credence to the idea. Strength indicators are looking borderline OB. The 50% area according to my charts is 255.53, and I expect to see that before London session. I also see the possibility of 226, where there's a confluence of the 61.8 fib and the 1hr 200sma. I don't think it will make it higher than that, but anything is possible with the beast. I will exit my positions by London start, because of GBP news.

Pips Cruiser,

Im with you on that one, im long from 224.07, and ill be riding this retracement up. Definately exit before UK open. Last night was an unpleasant experience to say the least. Cable could probably extend to 2.0200 in coming sessions... before ultimately finding strong support for a retest of recent highs. What do you think?
"If it bleeds ... we can kill it"
  • #53,532
  • Dec 5, 2007 3:06pm Dec 5, 2007 3:06pm
Awesome guys thanks a ton for that explanation. Really appreciate it guys
  • #53,533
  • Dec 5, 2007 3:07pm Dec 5, 2007 3:07pm
According to my indicators on 15 M TF, Mom 14 is not above 100 line and stoch already reached overbought area, so I deduced that this is the wave 1 of possible 5 waves and closed my position with 48 points. I'm waiting till another situation to enter long again for the real rally to 50% or 61.8 fibs.

In addition we are witnessing something like dbl top with bearish divergence in 15M chart for UJ.
Discipline + Patience - Fear - Greed = Success
  • #53,534
  • Dec 5, 2007 3:09pm Dec 5, 2007 3:09pm
I guess 1 pip profit is better then 10 pips negative
  • #53,535
  • Dec 5, 2007 3:15pm Dec 5, 2007 3:15pm
Quoting vinesh2
So what do you mean by in profit? I mean if I bought it at 232.00 and my TP did't hit and went back down to 232.01 and hit my SL I made only 1 pip profit.
The key to trading is money management. Part of that is controlling losses. The winning trades will talke care of themselves.

Experienced traders manage losses. They continually think, monitor and try to minimize losses.

Novices traders try to manage profits. They continually think, monitor and try to maximize profits.

By moving your stop loss to one pip profit is an important point.
It's not "Darn, I only made one pip profit " if your stop loss is hit.
It's "Hell Yeah, I did not lose money!"

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #53,536
  • Dec 5, 2007 3:19pm Dec 5, 2007 3:19pm
Quoting MMDealer
Pips Cruiser,

Im with you on that one, im long from 224.07, and ill be riding this retracement up. Definately exit before UK open. Last night was an unpleasant experience to say the least. Cable could probably extend to 2.0200 in coming sessions... before ultimately finding strong support for a retest of recent highs. What do you think?
I see the same potential . . .

  • #53,537
  • Dec 5, 2007 3:29pm Dec 5, 2007 3:29pm
Quoting jarroo
The key to trading is money management. Part of that is controlling losses. The winning trades will talke care of themselves.

Experienced traders manage losses. They continually think, monitor and try to minimize losses.

Novices traders try to manage profits. They continually think, monitor and try to maximize profits.

By moving your stop loss to one pip profit is an important point.
It's not "Darn, I only made one pip profit " if your stop loss is hit.
It's "Hell Yeah, I did not lose money!"

Jim
So true!

  • #53,538
  • Dec 5, 2007 3:33pm Dec 5, 2007 3:33pm
i got an arrow w/a green dot on my 15 min but this could be an initial touch of the 4 hr 5 sma (aqua line) 225.05 area then bounce down a little which is lining up with the 5pm est triple interest timeline
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TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #53,539
  • Dec 5, 2007 3:48pm Dec 5, 2007 3:48pm
Quoting moneymagnet
i got an arrow w/a green dot on my 15 min but this could be an initial touch of the 4 hr 5 sma (aqua line) 225.05 area then bounce down a little which is lining up with the 5pm est triple interest timeline
My 15min chart is turning bullish, too. Another good sign. And thanks for the reminder about triple interest at 5PM EST. I'll be watching price action just before and after it, for future reference . . .
  • #53,540
  • Dec 5, 2007 3:48pm Dec 5, 2007 3:48pm
Quoting moneymagnet
i got an arrow w/a green dot on my 15 min but this could be an initial touch of the 4 hr 5 sma (aqua line) 225.05 area then bounce down a little which is lining up with the 5pm est triple interest timeline
MM, if it comes back down again, what the current support? I would doubt its 223.6xx since that was just a current low. Thanks
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