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

  • #133,201
  • Nov 7, 2008 3:53am Nov 7, 2008 3:53am
Quoting gillybabe
Hi Karmo. Can i pick your brain on this pls. What sort of stop do you use? Do you trail it down? What sort of level above your TP point do you set your long to activate? Do you set the stops to trail on the way back up as well? Been wrestling with these for days now - everytime I set a trailing stop I miss out on the big move after a retrace. Then I dont and get stopped out.
You obviously have this down to a tee so I would be very grateful for your input. thanks
Hi gillybabe,

My stops can vary but every 100 pips is 1% of my account, so I can have 200-300 pips sl and still I would be risking 2-3% only, this beast can be wild as we know it.

I don't set a trailing stop but I do move my stops manually to breakeven or +1 after my position is +100 pips or so..
Today's long was set at 150.50 and sl was 100 pips risking 1% only.

I like to move my stops manually rather than using a trailing stop, I have access to my broker 24/5 so it's not a problem for me.
Trade what you see, not what you think.
  • #133,202
  • Nov 7, 2008 3:55am Nov 7, 2008 3:55am
Quoting TraderStar
I look forward to one day being able to trade like that

I think what it is .. after you have learned all the basic stuff ... is to see it happen over and over again in real time so you gain confidence in your trendlines and indicators....
You've got to trust your chart and in yourself

Excellent post

Don't listen to anyone, just listen to your chart. That's what I do.
Trade what you see, not what you think.
  • #133,203
  • Nov 7, 2008 3:56am Nov 7, 2008 3:56am
Quoting karmostaji
You've got to trust your chart and in yourself

Excellent post

Don't listen to anyone, just listen to your chart. That's what I do.
great advise as always...bro!
  • #133,204
  • Nov 7, 2008 3:57am Nov 7, 2008 3:57am
Quoting meltz
Geppy, will GY heading north now?
I am just learning here, my understanding shows that it doesn't have enough "strengh" to head to north.
And correct me if i am wrong. Thanks

Meltz, plenty of room and "strength" to continue north. I actually like seeing these pullbacks after the rallies. Too much too fast often spells disaster. The consolidations are key to a fluid movement no matter what way you're moving.

The next assault could take out 154.35 area, then another potential pullback, and so on and so on. I see these resistance areas ahead of time, unload a small part of my position and buy it back when the pair pulls back for consolidation. You may ask why not sell it all and buy it back. Well, if it continues to run and blow through resistance, I'd be left with no position and miss out on the move. I'd rather just trade in and out of a small amount and hold a larger portion for the majority.
check out my blog: forexmademillionaire dot com
  • #133,205
  • Nov 7, 2008 3:58am Nov 7, 2008 3:58am
Quoting karmostaji
You've got to trust your chart and in yourself

Excellent post

Don't listen to anyone, just listen to your chart. That's what I do.
Come now I don't think that is all that fair. Seeing as how you have your falcon giving you insider information. We all know all central banks use him as a means of communication.
  • #133,206
  • Nov 7, 2008 3:58am Nov 7, 2008 3:58am
Quoting Islander
WTG - you've joined the Hit and Run gang too http://www.forexfactory.com/images/icons/icon12.gif - I've also closed - no push thru the 5800 by GU and UJ's in a sulk - under its 5m 34 after a tiny spike above it....

Lol maybe your new thread should be called the 'Hit and Run gang'.

Added another small long 153.6 with a tight stop.

What is your Dp on GU mine's 5724? (had a nice long from there)
  • #133,207
  • Edited 4:01am Nov 7, 2008 4:00am | Edited 4:01am
Quoting moneybookers
gu sell order 15786 pending


i am targetting 159.50. more resistance seen there.

sorry, 1.5950 i mean.
  • #133,208
  • Nov 7, 2008 4:00am Nov 7, 2008 4:00am
Quoting karmostaji
Hi gillybabe,

My stops can vary but every 100 pips is 1% of my account, so I can have 200-300 pips sl and still I would be risking 2-3% only, this beast can be wild as we know it.

I don't set a trailing stop but I do move my stops manually to breakeven or +1 after my position is +100 pips or so..
Today's long was set at 150.50 and sl was 100 pips risking 1% only.

I like to move my stops manually rather than using a trailing stop, I have access to my broker 24/5 so it's not a problem for me.
Yes I have access to my broker as well 24/5 but it is when I am planning to go to bed that I have the problem. As I am in the UK, the Asia session is always at night for me, so I plan my trade but the stops need to be maanged automatically and that is my problem.
  • #133,209
  • Nov 7, 2008 4:00am Nov 7, 2008 4:00am
Quoting TraderStar
I look forward to one day being able to trade like that

I think what it is .. after you have learned all the basic stuff ... is to see it happen over and over again in real time so you gain confidence in your trendlines and indicators. I saw the same thing you did with that 1h channel, in fact you showed it to us numerous times .. but I did not have that confidence that price 'really' would hit the bottom of channel and head back up again. Of course, small loss if it did not, because you can set a trade and place a stop below tl in case it did not reverse .. but what never fails to amaze me is the confidence you successful traders have in your methodologies and I think that can only come...
Mais oui - precisement....its easy to read a chart with hindsight, but trading "on the right" of the screen requires much practice and IMO should be done with real money - minis or micros ASAP - demo is only useful to learn the operation of your platform IMHO

Karmo is The Master of setting and trading off limits and levels... http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #133,210
  • Nov 7, 2008 4:05am Nov 7, 2008 4:05am
New highs just established and now setting up to test the 154.35 area...
check out my blog: forexmademillionaire dot com
  • #133,211
  • Nov 7, 2008 4:05am Nov 7, 2008 4:05am
Quoting gillybabe
Yes I have access to my broker as well 24/5 but it is when I am planning to go to bed that I have the problem. As I am in the UK, the Asia session is always at night for me, so I plan my trade but the stops need to be maanged automatically and that is my problem.
please remember that there is no need to trade 24 hours a day
  • #133,212
  • Nov 7, 2008 4:06am Nov 7, 2008 4:06am
61.8 fib tested from recent swing high to swing low...also testing tl...this is it up or down, we will know soon
  • #133,213
  • Nov 7, 2008 4:10am Nov 7, 2008 4:10am
Approaching very strong resistance at 154.67 Weekly Pivot a previous area of strong support. and a possible good area to short.

If this resistance breaks I will look to target around 157.
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  • #133,214
  • Nov 7, 2008 4:14am Nov 7, 2008 4:14am
Quoting Wolf.
Approaching very strong resistance at 154.67 Weekly Pivot a previous area of strong support. and a possible good area to short.

If this resistance breaks I will look to target around 157.
154.18 is DP. Having trouble there first.
  • #133,215
  • Nov 7, 2008 4:20am Nov 7, 2008 4:20am
Schiff modified pitchforks orange ML still holding, be carefull with your longs. Same view goes for EUR/JPY as well. As i missed that great buy of the support and descending green ltl im not taking any positions yet. Keeping in mind we have NFP. Another great setup is around the corner, no need to hurry
Attached Image (click to enlarge)
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  • #133,216
  • Nov 7, 2008 4:26am Nov 7, 2008 4:26am
Quoting ezodisy
please remember that there is no need to trade 24 hours a day
No. I really am not trying to trade 24 hrs a day. But some of the great moves on this pair happen in Asia session and I am just trying to work out the best way to trade them, without having to sit in front of my computer.
  • #133,217
  • Nov 7, 2008 4:27am Nov 7, 2008 4:27am
Quoting Islander
Mais oui - precisement....its easy to read a chart with hindsight, but trading "on the right" of the screen requires much practice and IMO should be done with real money - minis or micros ASAP - demo is only useful to learn the operation of your platform IMHO

Karmo is The Master of setting and trading off limits and levels... http://www.forexfactory.com/images/icons/icon14.gif
I agree about using real money. I can turn a $50k demo account into $500k in 2 months with half my brain tied behind my back ... but real money is something else. I stopped trading demos in April, have been using real money ever since .... making progress slooooowwwwllllyyyyyyy but surely
  • #133,218
  • Nov 7, 2008 4:27am Nov 7, 2008 4:27am
Guys i ave a new trading strategy for you all
1) understand and know how to read english
2)no indicators
3)wake up in the morning and check the last 10 posts(not more than 30mins from the time you read the post.
4)lookout for posts from the following: KARMO, LILMOE and MALCLOMB.
5)once you ave a confirmation. N.B any 2 of the above are either long or short,
6)know their entry point and check the current price. If price is within 20-30 pips from their entry point, MY BROTHER if u are ready to make money follow without thinking
try it and i assure u won't regret it. As i like to say as they make you make.
  • #133,219
  • Nov 7, 2008 4:29am Nov 7, 2008 4:29am
Quoting kinzu
Guys i ave a new trading strategy for you all
1) understand and know how to read english
2)no indicators
3)wake up in the morning and check the last 10 posts(not more than 30mins from the time you read the post.
4)lookout for posts from the following: KARMO, LILMOE and MALCLOMB.
5)once you ave a confirmation. N.B any 2 of the above are either long or short,
6)know their entry point and check the current price. If price is within 20-30 pips from their entry point, MY BROTHER if u are ready to make money follow without thinking
try it and i assure u won't regret it. As i like to say as they make you make.
its the exits that are the hard part.

edit: I do dream about what kind of results an investor password to each of there accounts with a trade copier running on each would earn.
  • #133,220
  • Nov 7, 2008 4:31am Nov 7, 2008 4:31am
I espy a shoulder and potential head on the hourlies. Death throes
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