Part Time Wealth Building Trading System - Daily Scalping
I think I had the example in the tread I posted, but here it is...
Let say you want to go short at the beginning of the day @24:01h so you
1) Sell 1 lot @ 1.3000 and place right away
2) Enter Buy-stop order for 2 lots @ 1.3040. That means that as soon as the 1.3040 gets hit (if it gets hit at all) you'll be Long 1 lot @ 1.3040. As soon as that happens:if i put Buy stop 2 lots,when 1.3040 gets hit, why i will long for 1 lot instead of 2 lots?
3) Enter Sell-stop order for 2 lots @1.3000. If that one gets hit go to step 2) again. Keep going through step 2 and 3 till 23:00 or if you decide to close the trade earlier with 1 Lot. only apply step 3 when step 2 SL is triggered right?
If you decide to have a target (say 100 pips) it gets almost automated process. What you would do is:
1) Sell-Market 1 lot @ 1.3000
2) Place your target order: Buy-Limit 1 lot @ 1.2900 and attach to it a Buy-Stop 2 lots @1.3040. That is called bracketting ( you bracket your entry with a target and a stop orders). At that point if your target get hit your stop order will disappear and you're done for the day. If the Stop order gets hit the target order will disappear and you'll be long one lot in expectation the price to go higher. That means until any of the orders get hit you can go to bed and sleep. If the target gets hit you'll wake up with fatter account. If the Stop order gets hit set an alarm to wake you up so you can continue the Battle and place another set of orders:
3) Place target order : Sell-Limit for 1 Lot @ 1.3140 (100 pips target from the stop order that got you long) and attach a Stop-Sell for 2 Lots @ 1.3000 and go to sleep. If the target gets hit this time you wake up with fatter account and if the Stop order gets hit alarm wakes you up and you repeat step 2) above.
This way you have 50% chance to sleep through the night after you enter your first order @ 24:01.
Of course that can only be done if your system/broker offers those kind of orders. I have created 2 buttons that place the bracket orders automatically, so you don't have to think much. Well you can still make a mistake and hit buy instead of sell button....
It may sound very confusing, but it's strait forward ones you understand it.
Totally don't understand above 3 steps.
Hope that helps.
Greg
Originally Posted by GregFF http://www.forexfactory.com/images/buttons/viewpost.gif
I think I had the example in the tread I posted, but here it is...
Let say you want to go short at the beginning of the day @24:01h so you
1) Sell 1 lot @ 1.3000 and place right away
2) Enter Buy-stop order for 2 lots @ 1.3040. That means that as soon as the 1.3040 gets hit (if it gets hit at all) you'll be Long 1 lot @ 1.3040. As soon as that happens:if i put Buy stop 2 lots,when 1.3040 gets hit, why i will long for 1 lot instead of 2 lots?
3) Enter Sell-stop order for 2 lots @1.3000. If that one gets hit go to step 2) again. Keep going through step 2 and 3 till 23:00 or if you decide to close the trade earlier with 1 Lot. only apply step 3 when step 2 SL is triggered right?
If you decide to have a target (say 100 pips) it gets almost automated process. What you would do is:
1) Sell-Market 1 lot @ 1.3000
2) Place your target order: Buy-Limit 1 lot @ 1.2900 and attach to it a Buy-Stop 2 lots @1.3040. That is called bracketting ( you bracket your entry with a target and a stop orders). At that point if your target get hit your stop order will disappear and you're done for the day. If the Stop order gets hit the target order will disappear and you'll be long one lot in expectation the price to go higher. That means until any of the orders get hit you can go to bed and sleep. If the target gets hit you'll wake up with fatter account. If the Stop order gets hit set an alarm to wake you up so you can continue the Battle and place another set of orders:
3) Place target order : Sell-Limit for 1 Lot @ 1.3140 (100 pips target from the stop order that got you long) and attach a Stop-Sell for 2 Lots @ 1.3000 and go to sleep. If the target gets hit this time you wake up with fatter account and if the Stop order gets hit alarm wakes you up and you repeat step 2) above.
This way you have 50% chance to sleep through the night after you enter your first order @ 24:01.
Of course that can only be done if your system/broker offers those kind of orders. I have created 2 buttons that place the bracket orders automatically, so you don't have to think much. Well you can still make a mistake and hit buy instead of sell button....
It may sound very confusing, but it's strait forward ones you understand it.
Totally don't understand above 3 steps.
Hope that helps.
Greg
i will study carefully later.thanks for your helps as well.
On 2)...
Because of step 1)
You go Short 1 Lot. Then you go Long 2 Lots, so you are left with 1 Lot LONG.
(-1Lot + 2Lots =1Lot)
The same as: You sell 1 item you borrowed and then you buy 2 of the same items you just sold. One of them you have to return back to the one you borrowed it from and you have one item in your hands left. That's probably more confusing...
On 3) Yes you're correct.
That's OK if you don't understand the second 3 steps. Just ignore them. And stick to what you know. The simpler the better.
Cheers,
Greg
.very appreciated.
