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  • #9,681
  • Mar 12, 2009 5:12am Mar 12, 2009 5:12am
Quoting RedCabbage
I'm out, and yet I still think it could go from here.

All too often I'm stopped out at b/e from a trade that goes on to be successful, this suggests I should give trades even more room.

Some traders I know will tolerate four visits to b/e and still not close.

I am working on how to qualify a longer b/e tolerance.
Morning RC - I read of, what I've come to call, a dynamic rule for moving your stop loss to break even. I can't remember where I read it or I would give the person due credit.

I've taken a convenient bit out of the Euro/GBP to illustrate - it is an hourly chart but the idea is, I believe. still very effective on 5 minute charts.

The basics of it is as follows - you should not move your stop loss to break even until the time frame you are trading breaks a fractal.

That it - as simple as that. See the chart below for a visual explanation.

I hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: Dymamic Stops.png Size: 11 KB
RegardsPaul Eamonn
  • #9,682
  • Mar 12, 2009 5:13am Mar 12, 2009 5:13am
It hit my TP level 12300 without me on board.

Grrrr...
  • #9,683
  • Mar 12, 2009 5:13am Mar 12, 2009 5:13am
Now I have two scenarios here with this nzdusd. One is take profit around here, it is almost at 131 and be happy. The other is to put the take profit 30 pips in, which gives me leeway or about 20 pips if it backs up a bit. So I either take 50 pips now, or a sure 30 and take the risk that it will continue. With this trade, I feel keen to let it go because it it hits 168 take profit area, I will have nice trade put away. I dont really see much to lose it letting it go. If I am wrong it doesnt matter anyway.
  • #9,684
  • Mar 12, 2009 5:19am Mar 12, 2009 5:19am
Quoting PaulEamonn
Morning RC - I read of, what I've come to call, a dynamic rule for moving your stop loss to break even. I can't remember where I read it or I would give the person due credit.

I've taken a convenient bit out of the Euro/GBP to illustrate - it is an hourly chart but the idea is, I believe. still very effective on 5 minute charts.

The basics of it is as follows - you should not move your stop loss to break even until the time frame you are trading breaks a fractal.

That it - as simple as that. See the chart below for a visual explanation....

That's a good policy Paul as it allows a clear retest of the bounce.

I find moving to b/e quite subjective especially in the case today as we were trading countertrend in a strong market.
  • #9,685
  • Mar 12, 2009 5:26am Mar 12, 2009 5:26am
this is my eurjpy chart. I think it will continue up to 359, there is quite a reversal candle there. Shame you werent in there from the bottom.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy1.gif Size: 22 KB
  • #9,686
  • Mar 12, 2009 6:09am Mar 12, 2009 6:09am
I reckon it is time to say goodbye to nzdusd for 40 pips profit, and be happy. looks too slow. will wait for it to come down again if it does.
  • #9,687
  • Mar 12, 2009 7:04am Mar 12, 2009 7:04am
Next level up for eurjpy 124.30 and I think it could get there. would be nice from 122.07. the 123.59 was enough for me. off the bed. toodles
  • #9,688
  • Mar 12, 2009 8:25am Mar 12, 2009 8:25am
Hell's teeth!

The Swiss rate reduction is exactly as forecast. So what put a bomb under the GBP, EUR and USD Swissies?
  • #9,689
  • Mar 12, 2009 8:27am Mar 12, 2009 8:27am
Quoting Grath
Hell's teeth!

The Swiss rate reduction is exactly as forecast. So what put a bomb under the GBP, EUR and USD Swissies?
SNB is selling CHF like crazy to re- align it's currency.
  • #9,690
  • Mar 12, 2009 8:32am Mar 12, 2009 8:32am
Quoting RedCabbage
SNB is selling CHF like crazy to re- align it's currency.
How DARE they!

(Now I've got to learn all over again how interest rate changes affect prices.)
  • #9,691
  • Mar 12, 2009 8:34am Mar 12, 2009 8:34am
Quoting Grath
How DARE they!

(Now I've got to learn all over again how interest rate changes affect prices.)
This is pretty unusual, and it has resulted in the biggest gain in EurChf since the Eur was created.
  • #9,692
  • Mar 12, 2009 8:41am Mar 12, 2009 8:41am
USD/CHF had a nice move there. The news didn't seem out of line but it had a 400 pip move in about 20 minutes. Not bad for a pair with a 200 pip adr.
  • #9,693
  • Mar 12, 2009 10:01am Mar 12, 2009 10:01am
Quoting lafedgar
I thinkg im going to take it, in case the price returns, but Im have to see the way that the price returns
Good call on that 1.2733 support Lafedgar
  • #9,694
  • Mar 12, 2009 11:00am Mar 12, 2009 11:00am
Quoting sam0182
Good call on that 1.2733 support Lafedgar
it would be very good, but my entry order was at 1.2735, and the price returns only to 1.2742, so I missed for a few points. Well sometimes this happens.
  • #9,695
  • Mar 12, 2009 11:21am Mar 12, 2009 11:21am
Quoting sam0182
Good call on that 1.2733 support Lafedgar
I made that call yesterday, that's why i said that i missed. And I see that today the price touched but I wasn't trading
  • #9,696
  • Mar 12, 2009 11:23am Mar 12, 2009 11:23am
EUR/SGD Seems to fit the criteria...

Any thoughts?
  • #9,697
  • Mar 12, 2009 12:14pm Mar 12, 2009 12:14pm
Took a quick short with +30 pips.

Released it based on the recent support around the 19,633 point.

Now looking at possible short scalp on EUR/JAP down to the 12,508.
  • #9,698
  • Mar 12, 2009 12:34pm Mar 12, 2009 12:34pm
Quoting RedCabbage
I'm out at b/e, and yet I still think it could go from here.

All too often I'm stopped out at b/e from a trade that goes on to be successful, this suggests I should give trades even more room.

Some traders I know will tolerate four visits to b/e and still not close.

I am working on how to qualify a longer b/e tolerance.
Now 350+ pips.

I don't feel well!
  • #9,699
  • Mar 12, 2009 12:44pm Mar 12, 2009 12:44pm
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Possible resistance?
What do you guys think?
Attached Image (click to enlarge)
Click to Enlarge Name: gpyjpy.jpg Size: 222 KB
Ronin77
  • #9,700
  • Mar 12, 2009 12:46pm Mar 12, 2009 12:46pm
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Here is another one with possible resistance
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 217 KB
Ronin77
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