Part Time Wealth Building Trading System - Weekly Scalping

Quoting petersurrey

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Very good point - I am using a 50TP for the first lot and settting the second lot to SL b/e, which unfortunately is also the next long entry point for me, so I have set the b/e to one pip less than the next long entry point which has now moved to to Fridays close.

To summarise, so far this week we have had a long entry @ 9542 approx., short entry @ 9492 (Fridays close) with the next long entry being 9492.

Prices Oanda.

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Quoting Scrat

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Something is not right here. I was stopped 3 times today, 2 times for g-j and 1 time for g-u. Either I don't understand how to place my entries, or I don't know...?
Could someone post the close price and the entries for g-u and g-j? Thanks.

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Quoting Scrat

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Something is not right here. I was stopped 3 times today, 2 times for g-j and 1 time for g-u. Either I don't understand how to place my entries, or I don't know...?
Could someone post the close price and the entries for g-u and g-j? Thanks.

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Quoting Scrat

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Something is not right here. I was stopped 3 times today, 2 times for g-j and 1 time for g-u. Either I don't understand how to place my entries, or I don't know...?
Could someone post the close price and the entries for g-u and g-j? Thanks.

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Quoting hondakorn

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So I wasnt the only one stopped out.....cable was the mkt, but my g-y was my own fault!! Thought I placed a sellstop and it was the opposite....I do this like once a week lolz...either way im -30 for the week....lets go g-y!!

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Quoting hondakorn

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So I wasnt the only one stopped out.....cable was the mkt, but my g-y was my own fault!! Thought I placed a sellstop and it was the opposite....I do this like once a week lolz

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Quoting hondakorn

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So I wasnt the only one stopped out.....cable was the mkt, but my g-y was my own fault!! Thought I placed a sellstop and it was the opposite....I do this like once a week lolz...either way im -30 for the week....lets go g-y!!

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Quoting tkimble

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This is very common. I have found that if I rethink and visualize the potential outcome of every order 3 times before I place the order it will reduce the likelihood of the wrong order being placed. Sometimes, I even draw the order on paper charts just to be certain that I am doing what I want to do.

This approach is particularly helpful when managing several different positions in several different markets...

Hope this helps...

TK

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Quoting hondakorn

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Spreads dont change for fxsol ;-)

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Quoting Renefx

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I was stopped out too. Lately, I was thinking my broker was watching my move and try to hunt my SL.

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Quoting Renefx

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Anyone has idea if it's true that most Brokers, if not all, are hunting the STOPS. Sometime my broker has different market trend direction compare to other platforms.

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Quoting Renefx

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MAY I ASK, If anyone has an idea on how to open a live account on a broker located far, say across the sea, from the resident place of the trader ??? How safe it is to have a broker in far place ???

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Quoting Mr Trend

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So, if you are setting your stops around those areas (double zero's, S&R, etc), then yes, you will get stopped out.?

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Quoting marcf

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Hi Peter:

For your short, wouldn't you bring the entry price to the weekly close, which I have as 1.9502 as your reentry?

Thanks..

Marc

quote=petersurrey;215236]Apologies - correction to above post:

50TP taken for first lot short @ 9442, second lot set to b/e SL @ 9492 -now also taken, so new short entry becomes 9442 again.

Next long entry remains at 9542 -i.e. identical to those who are trading 1 lot.

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Quoting hondakorn

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So I wasnt the only one stopped out.....cable was the mkt, but my g-y was my own fault!! Thought I placed a sellstop and it was the opposite....I do this like once a week lolz...either way im -30 for the week....lets go g-y!!

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Quoting yezbick

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I have been giving this some serious thought whether to close or not to close.

If my math adds up not closing has a significant benefit. Average spread for GBPUSD is 4 pips and GBPJPY is 11 pips for a total of 15 pips between the 2.

If we keep the trade running we are ultimately saving 15 pips per day that the market stayed in the same direction. If the market decides to reverse then we will have our stop adjusted at the end of the day to the 40 or 50 depending on the pair being traded. In the long haul 15 pips can add up to hundreds of pips a year.

Just some thoughts on increasing profitability. Any suggestions or thoughts anyone would like to add to this.

yezbick

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Quoting G550

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What do you mean you did the opposite? For example, a Buy Stop would have been placed at 9550 (let's assume this was Fridays close) and a Sell Stop at 9510. If Buy is executed, then 9510 becomes the position at which you would liquidate or close out your position, right? So what would the short order look like? What are the differences between a Buy/Sell Stop and Buy/Sell Limit? I know it's a rookie question, but I want to be clear. The broker I'm using has a slightly different platform than what I was expecting.

Thanks!!

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Quoting hondakorn

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On my part I meant to place a sellstop and placed a buystop instead....my buystop was hit sun and I moved the order to last weeks close, but submitted the wrong order...lol

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Quoting G550

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So what happened? Did you just end up long another position?

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