Steve, thanks for the prompt and clear response. GB
- #361
- Jan 12, 2007 5:43pm Jan 12, 2007 5:43pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi.
I'm relatively new to forex, and may I ask (I know this has already been answered, but it's still not clear to me).
When do you close your positions? You open the positions at 23h, and close them at the same hour on the next day, or what are the reasons to continue or close your trades? Perhaps it's the indicators tell you that the position should be that way you mantain it open, and if not, do you close it?
Thanks in advance
I'm relatively new to forex, and may I ask (I know this has already been answered, but it's still not clear to me).
When do you close your positions? You open the positions at 23h, and close them at the same hour on the next day, or what are the reasons to continue or close your trades? Perhaps it's the indicators tell you that the position should be that way you mantain it open, and if not, do you close it?
Thanks in advance
- #364
- Jan 14, 2007 4:43am Jan 14, 2007 4:43am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi.
I'm relatively new to forex, and may I ask (I know this has already been answered, but it's still not clear to me).
When do you close your positions? You open the positions at 23h, and close them at the same hour on the next day, or what are the reasons to continue or close your trades? Perhaps it's the indicators tell you that the position should be that way you mantain it open, and if not, do you close it?
Thanks in advance
I never manually close my positions - they are only closed when my stop loss is hit.
At the end of each day (10pm my time), I move my stop losses on open positions to 10 pips below the previous day's low if I'm in a long position, or 10 pips above the previous day's high if I'm in a short position.
Hope this clarifies
Kind Regards
Steve
- #366
- Jan 14, 2007 5:22am Jan 14, 2007 5:22am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Steve,
Great system and thanks for sharing!!! and posting regularly
I understand how this works and have been using your system now for the last few days, just a question, if you dont get stopped out from any of your 5 trades, do you not count Sunday? so you would only update SL Mon-Fri 10pm GMT when US session closes?, and also if a trade hits the stop loss sometime after you adjust it on Friday night 10pm gmt then you enter a new order when the Sunday trading commences at the open?
That's right - I don't include the Sunday bar for moving stop losses. I believe brokers with MT4 have a Sunday bar that begin when they open and close a couple of hours later. Using this bar would kick you out of many trades so I would just ignore it.
The charting software I use only has 5 daily bars in a week - first daily bar starts 10pm (UK time) Sunday and runs right through to 10pm Monday. Assuming I don't get stopped out by 10pm on a Monday, that's when I would move the S/L again.
I didn't realise a lot of brokers have that 2 hour Sunday bar until someone posted it earlier in the thread.
Hope this helps.
Kind regards
Steve
Hi,
I never manually close my positions - they are only closed when my stop loss is hit.
At the end of each day (10pm my time), I move my stop losses on open positions to 10 pips below the previous day's low if I'm in a long position, or 10 pips above the previous day's high if I'm in a short position.
Hope this clarifies
Kind Regards
Steve
Thanks.
- #368
- Jan 14, 2007 9:34am Jan 14, 2007 9:34am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Ok, and what about the exits? What is the method do you use to exit them?
Thanks.
Kind Regards
Steve
- #370
- Jan 14, 2007 11:25am Jan 14, 2007 11:25am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Steve.
I'm kind of curious here, have your ever trade on Nzd/Usd before?
Btw, I'm also have 2 open position here:
Eur/Gbp : short from 0.6625 ( now got at least +20 pips guarantee )
Eur/Usd : Long from 1.2890 ( now got at least +30 pips guarantee )
Hope U also have a great new pipping weekend...lol
,I haven't tried my method on any other pairs apart from the 5 I trade, however I do know people who trade their version on other pairs - let me know how you get on
Kind Regards
Steve
Sorry, I thought this was clear - the exits are made when the stop loss is hit - that's it, pure & simple.
Kind Regards
Steve
I didn't mean the exit-stop-loss I mean the target, this is, how do you set your profit target?
Thanks
- #372
- Jan 14, 2007 12:30pm Jan 14, 2007 12:30pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
No, I'm sorry me
I didn't mean the exit-stop-loss I mean the target, this is, how do you set your profit target?
Thanks
Trade what you see, not what you think.
- #373
- Jan 14, 2007 12:34pm Jan 14, 2007 12:34pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #374
- Edited 3:32pm Jan 14, 2007 3:08pm | Edited 3:32pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Steve,
I have a quick question, let's say you were out of the GU pair and wanted to re-enter tonight, based on the daily candlesticks what would you enter?
Would you enter short and your stop loss would be extremely tight since highest price is 9606 and closed price is 9583
OR
Would you go long and take the risk of around 150 pips?
Thanks
That's a great question lol - now, my method would be to take the long here but I can see what you mean as there is a possibility it may lose steam soon. If you chose to take a short, then the risk is smaller and if you're really lucky it'll go straight down from here.
I wouldn't be at all surprised if we see another push upwards before the expected downtrend but as I've said to you before, I find too much thinking loses me pips. All I can do is look at my charts and take the trade - if I lose, I lose - it's not a problem as I look at the bigger & longer term picture.
I made the mistake last week of thinking too much with UJ, trying to spot a reversal & had to take 3 losses albeit fairly small. If I had just traded what the charts told me I would have been over 100 pips up there! I make mistakes like everyone but I intend to learn from them and become better.
Remember, these trades that I put on two days ago started off with stop losses of nearly 300 pips (which included the UCHF long that had over 130 pips guaranteed) and now worst case I would be pips positive.
It's just the nature of the method and if you choose to trade a similar method you have to get used to it unfortunately. So far, we have yet to lose a single trade over 100 pips (although I'm sure it will happen), but have had 3 trades over 300 pips profit & 1 over 750. Take the small(ish) losses with good heart & let the winners run as far as they let you.
Good luck my friend
Kind Regards
Steve
Steve does not use any target profit, he move's his stop loss everyday until it gets hit n then he's out for the day, re-enters again at 10pm (GMT)
Thanks
- #376
- Jan 14, 2007 3:51pm Jan 14, 2007 3:51pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
So, If I open 5 trades, and I get hit the stop-loss in one trade, shall I close the other 4 trades? It's that the thing?
Thanks
I trade 5 different pairs simultaneously. If one of those pairs gets stopped out I re-enter a trade on that pair the next day.
If all 5 pairs get stopped out then I re-enter all 5 the next day.
Kind Regards
Steve
No,
I trade 5 different pairs simultaneously. If one of those pairs gets stopped out I re-enter a trade on that pair the next day.
If all 5 pairs get stopped out then I re-enter all 5 the next day.
Kind Regards
Steve
Aham. I'm sorry to insist, but I still can't get how can you make profit, if you're waiting for your positions to get stopped
- #378
- Jan 14, 2007 4:01pm Jan 14, 2007 4:01pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Aham. I'm sorry to insist, but I still can't get how can you make profit, if you're waiting for your positions to get stopped
If you wish to trade a method similar to mine that's fine, but I took a great deal of time & effort trying to come up with a method suitable for me.
If you can't see how I make a profit you haven't read what my method is.
Kind Regards
Steve
- #380
- Jan 14, 2007 5:27pm Jan 14, 2007 5:27pm
Tough decision on GU here...The candles say uptrend. but the fibo says I have reached 61.8 retrace.. and the risk is relatively small if I'll go short here. 
That's a great question lol - now, my method would be to take the long here but I can see what you mean as there is a possibility it may lose steam soon. If you chose to take a short, then the risk is smaller and if you're really lucky it'll go straight down from here.
I wouldn't be at all surprised if we see another push upwards before the expected downtrend but as I've said to you before, I find too much thinking loses me pips. All I can do is look at my charts and take the trade - if I lose, I lose - it's not a problem as I look at the bigger & longer term picture.
I made the mistake last week of thinking too much with UJ, trying to spot a reversal & had to take 3 losses albeit fairly small. If I had just traded what the charts told me I would have been over 100 pips up there! I make mistakes like everyone but I intend to learn from them and become better.
Remember, these trades that I put on two days ago started off with stop losses of nearly 300 pips (which included the UCHF long that had over 130 pips guaranteed) and now worst case I would be pips positive.
It's just the nature of the method and if you choose to trade a similar method you have to get used to it unfortunately. So far, we have yet to lose a single trade over 100 pips (although I'm sure it will happen), but have had 3 trades over 300 pips profit & 1 over 750. Take the small(ish) losses with good heart & let the winners run as far as they let you.
Good luck my friend
Kind Regards
Steve