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Trading the Daily

  • #221
  • Apr 29, 2008 10:16pm Apr 29, 2008 10:16pm
Trade 12 is stopped out at 1.9823 for 146 pips. Didnt use stop and reverse since I dont really trust long positions at this point, its was just too close to the downtrend fib levels, although it looks as if it would have made positive pips. I did however set a sell stop below Sundays candle that gets picked up but using 2 previous highs back as a stop made the difference in this being a looser already, Using the high of Friday was too close for comfort so I used the high of the 23rd and it still came very close to being stopped out(17) pips from the stop, Ive moved my stop now to the high of Tuesday at 1.9920.
May have to modify the stop considering the announcment tomorrow afternoon from the Fed., Just have to wait till then and look over the price action from tonight and early US session to decide.
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  • #222
  • Apr 30, 2008 4:03am Apr 30, 2008 4:03am
Quoting Bobokus
.... I did however set a sell stop below Sundays candle that gets picked up but using 2 previous highs back as a stop made the difference in this being a looser already, Using the high of Friday was too close for comfort so I used the high of the 23rd and it still came very close to being stopped out(17) pips from the stop, Ive moved my stop now to the high of Tuesday at 1.9920.
May have to modify the stop considering the announcment tomorrow afternoon from the Fed., Just have to wait till then and look over the price action from tonight and early US session to decide.
Hi Bo,
Do you have a target for the current daily short such as Down Trend Low?
I am currently nervous about Daily trades because of:
1. All the 200+ pip candles.
2. FOMC
3. NFP
So I am rather surprised that you took that short.

Ian
  • #223
  • Apr 30, 2008 6:24am Apr 30, 2008 6:24am
Quoting ianf0ster
Hi Bo,
Do you have a target for the current daily short such as Down Trend Low?
I am currently nervous about Daily trades because of:
1. All the 200+ pip candles.
2. FOMC
3. NFP
So I am rather surprised that you took that short.

Ian
Im a little sceptical of it myself but I am going with the overall direction, which is bearish with cable. Your right in the sense no sustainable trending moves can be established here recently and the reason i do not have a target set. Ive been letting the market detirmine the exit point of most of these trades lately by following behind the lows or highs with my stoploss. Im happy as long as the winning trades continnue to outweigh the losses and eventually the market will get into a more sustained trending moves. Until then I'll have to continue with the current strategy.
  • #224
  • Apr 30, 2008 11:11am Apr 30, 2008 11:11am
Trade 13 is now completed and Im waiting on the next opportunity. This morning i closed out 80% at 1.9680 and set my stop to break even at 1.9810 which has been hit, with the roll back it equates to 104 pip profit instead of 130 where i took out the 80%. Updated the first page with new totals.
  • #225
  • Apr 30, 2008 11:29am Apr 30, 2008 11:29am
A great record from March, BO. Very encouraging to see a daily method on one pair delivering such a consistent return.

I'm revisiting your hrly thread and your work here. I'm full circle having suffered from overtrading too many pairs recently.
  • #226
  • Apr 30, 2008 11:32am Apr 30, 2008 11:32am
Quoting ChowClown
A great record from March, BO. Very encouraging to see a daily method on one pair delivering such a consistent return.

I'm revisiting your hrly thread and your work here. I'm full circle having suffered from overtrading too many pairs recently.

I can understand that, trading the Daily requires alot less work also.
  • #227
  • May 6, 2008 6:45pm May 6, 2008 6:45pm
Even though not much interest in this Im going to continue to post the trades and results of this, Ive entered again short on the break of the Sunday low Short now from 1.9718, with a stop at 1.9790 above the high of Monday, could move it up to the high of Tuesday but it feels too close for comfort there and the recent price action is anything but comforting so far, paying the swap and the pair just simply cant get out of its own way yet and pick a direction. Going to ride it out, if the stop is hit I may go with the stop and reverse from there time and price action will tell. If support holds from the 4 hour and 1 hour we may get a run up and will leave no choice but to ride along and see where it goes. As for a target I would like to see 1.9450's but that may be stretching it, will just have to let price action detirmine the exit considering the recent action weve been getting.
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  • #228
  • May 6, 2008 7:21pm May 6, 2008 7:21pm
Ok Bo,

I just caught this and am in short at 1.9710.
  • #229
  • May 6, 2008 7:30pm May 6, 2008 7:30pm
Bobokus,

there is much more interest than you think. Please continue doing this great job

With that being said, you don;t have any fibs drawn for down trend from 2.0400 to 1.9595. Neither do you have latest long 1.9337 to 2.0400. You only use this huge long move and the short after it. Why is that?
  • #230
  • May 6, 2008 7:39pm May 6, 2008 7:39pm
Bobokus,

how do you set up buy stop instead of simple stop? I assume if it gets hit it send long order (stop and reverse)?
  • #231
  • May 6, 2008 7:43pm May 6, 2008 7:43pm
Quoting Lou
Ok Bo,

I just caught this and am in short at 1.9710.
LOL, your joining the train wreck too. Glad to see im not alone. Its only a 70 pip or so stop though.
  • #232
  • May 6, 2008 7:55pm May 6, 2008 7:55pm
Quoting jasius
Bobokus,

there is much more interest than you think. Please continue doing this great job

With that being said, you don;t have any fibs drawn for down trend from 2.0400 to 1.9595. Neither do you have latest long 1.9337 to 2.0400. You only use this huge long move and the short after it. Why is that?
I have it in both views, the longer term and the most recent action.. I think this is the one your referring to here the most recent action. I just have my Retracement fib out of the way to reduce clutter.

To set a buy or sell stop, just when you open you order select pending order from the "type" pulldown, then select either a buy stop or sell stop to enter the market with and set your price where you want to enter. A buy stop is placed above current price level, a sell stop below current price level. A buy limit is placed below current price level and a sell limit is placed above current price level.
If your in a trade you still have to set the stoploss value to that trade.
Attached Image (click to enlarge)
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  • #233
  • May 6, 2008 8:06pm May 6, 2008 8:06pm
Quoting Bobokus
I have it in both views, the longer term and the most recent action.. I think this is the one your referring to here the most recent action. I just have my Retracement fib out of the way to reduce clutter.

To set a buy or sell stop, just when you open you order select pending order from the "type" pulldown, then select either a buy stop or sell stop to enter the market with and set your price where you want to enter. A buy stop is placed above current price level, a sell stop below current price level. A buy limit is placed below current price level and a sell limit is placed above current price level.
If your in a trade you still have to set the stoploss value to that trade.
Moat useful. Just to clarify, you currently open short order has an active stop at the same value as you pending buy stop ?
  • #234
  • May 6, 2008 8:13pm May 6, 2008 8:13pm
Quoting jasius
Moat useful. Just to clarify, you currently open short order has an active stop at the same value as you pending buy stop ?
Correct if my stop loss is hit the Buy stop will be picked up at the same time. I dont always trade it this way, this time it is more logical since weve seen Cable pick up alot of support when the lows have been tested on the past 2 candles.
  • #235
  • May 6, 2008 8:15pm May 6, 2008 8:15pm
Quoting Bobokus
LOL, your joining the train wreck too. Glad to see im not alone. Its only a 70 pip or so stop though.
Well this could be another fine mess. I have had the reverse Midas Touch lately.
  • #236
  • May 6, 2008 8:15pm May 6, 2008 8:15pm
Bo,

I want to agree with Jasius and encourage you to keep on posting. I believe there IS a silent majority out here. You're performing a great service to many traders.

Thanks for your selfless efforts,
tb
  • #237
  • May 6, 2008 8:18pm May 6, 2008 8:18pm
Quoting Lou
Well this could be another fine mess. I have had the reverse Midas Touch lately.

LOL, its even got me skeptical. It will all work out in the long run though, we are just expereincing a indecisive time in the market, Intraday has made some killer trades from this though(very nice and smooth waveforms on the 1 hour) so I cant complaign too much.
  • #238
  • May 6, 2008 8:22pm May 6, 2008 8:22pm
Quoting tboyett
Bo,

I want to agree with Jasius and encourage you to keep on posting. I believe there IS a silent majority out here. You're performing a great service to many traders.

Thanks for your selfless efforts,
tb
Ill keep on posting regardless, its helping me track my trades from this similar to a public journal. I guess this is more of a journal anyway.
And your welcome.
  • #239
  • May 6, 2008 8:40pm May 6, 2008 8:40pm
Quoting Bobokus
Ill keep on posting regardless, its helping me track my trades from this similar to a public journal. I guess this is more of a journal anyway.
And your welcome.
Just don't forget to include a reason why you entered a trade. That would be sufficient
  • #240
  • Edited 9:26pm May 6, 2008 9:00pm | Edited 9:26pm
Quoting jasius
Just don't forget to include a reason why you entered a trade. That would be sufficient
I usually do throw in some of the logic behind the entry
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