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  • #9,981
  • Mar 25, 2009 1:09pm Mar 25, 2009 1:09pm
As far as I understand you should always have a risk:reward in place. May it be 1:3 or 1:2. Most people that are trading this style never get stopped out by their SL but by themselves realising that the trade is a loser and getting out before it does hit.
  • #9,982
  • Mar 25, 2009 1:35pm Mar 25, 2009 1:35pm
I show a strong line on UJ at 96.60 right there with .382 fib. Trendline with 3 touches that I am not so sure of could get in the way, but that is where I would ask for your opinions on this one. Minus the trendline it seems like a great trade.

thanks...
The way is narrow
  • #9,983
  • Mar 25, 2009 1:43pm Mar 25, 2009 1:43pm
Quoting BillyRayValentine
And FYI - I think where most traders suffer is that they either do not have the patience or discipline to implement a good risk/reward system or they simply take profits too early and not let winners run.

Most importantly, if you know you're wrong just get the hell out of losing trades!

Also, if you see something, make sure to take it. Don't fall into the trap of watching winners go by and only taking losses. Alot of traders fall into that one. Gotta be on your toes.
Great to see you back BRV !!!

  • #9,984
  • Mar 25, 2009 1:43pm Mar 25, 2009 1:43pm
Quoting Sainz4Pips
I show a strong line on UJ at 96.60 right there with .382 fib. Trendline with 3 touches that I am not so sure of could get in the way, but that is where I would ask for your opinions on this one. Minus the trendline it seems like a great trade.

thanks...
At that point you will be countertrending some timeframes..so it all comes down to how big is your stop loss....and how your going to manage it ( managin it is the most important thing).
  • #9,985
  • Mar 25, 2009 2:55pm Mar 25, 2009 2:55pm
Am I right in saying that the method here is to 'pull the trigger' as soon as the previous support/resistance is hit without waiting for any price action confirmation?

On page one of the thread I cannot see any mention of stop losses other than the suggestion to get out fast if the trade goes against you. Can anyone amplify on this? Would you exit if the trade moved just a couple of pips the wrong side of the s/r line? Can anyone quantify the stop loss?

Thanks for the reply.
So you hit the buy/sell button as soon as the price hits the s/r and hope for a bounce. If your pt is 20 pips (counter-trend trade) you would accept a maximum draw-down of 10 pips less spread for a 2:1 risk reward but would bail out earlier if trade was going against you.
If the trade goes right through your s/r would you have another order, say ten pips the other side, to take a potential breakout trade?
  • #9,986
  • Mar 25, 2009 3:02pm Mar 25, 2009 3:02pm
Quoting Concept
As far as I understand you should always have a risk:reward in place. May it be 1:3 or 1:2. Most people that are trading this style never get stopped out by their SL but by themselves realising that the trade is a loser and getting out before it does hit.
Not true.

Choose a sensible place for your stoploss then leave it alone. Many times I have closed a trade early before price just misses my stoploss and goes on to a nice profit.

There are two rules that you must walk a fine line between: -

Give a trade room to breathe

Never let a winner become a loser

A Risk/Reward ratio of 2:1 or 3:1 will keep you in the game even when your trades are not so successful.
  • #9,987
  • Mar 25, 2009 3:12pm Mar 25, 2009 3:12pm
Quoting RedCabbage
Not true.

Choose a sensible place for your stoploss then leave it alone. Many times I have closed a trade early before price just misses my stoploss and goes on to a nice profit.
Excellent point made here .... I used to do this all the time - by 'predicting' it was going wrong I tried to reduce my loss by only a handful of pips (by getting out manually just before SL), only to see big profits missed !

Place your stop loss at the sensible point, leave it there and you take any emotional decisions/'panic' out of your trading.
  • #9,988
  • Mar 25, 2009 3:16pm Mar 25, 2009 3:16pm
Quoting Willowgal
Excellent point made here .... I used to do this all the time - by 'predicting' it was going wrong I tried to reduce my loss by only a handful of pips (by getting out manually just before SL), only to see big profits missed !

Place your stop loss at the sensible point, leave it there and you take any emotional decisions/'panic' out of your trading.
Even if you get out early, nothing is preventing you from getting back in if the move reconfirms its self.
  • #9,989
  • Mar 25, 2009 4:23pm Mar 25, 2009 4:23pm
Here is a little something you guys sould read


Currency Correlation

January 18, 2006 by Trader Rich

Some of you may not have heard of currency correlation, so I’ll explain its usefulness. Basically, the correlation number gives you an estimate of how closely pairs move together or how opposite their actions are over a period of time. Knowing how closely correlated currency pairs are is a great way of measuring exposure and risk.
This information is extremely useful when you have an open position and wish to open another position. For example:
I have an open AUD/USD short position. I notice a possible long setup with the EUR/USD. I want to find out what the correlation is between these 2 pairs. Consulting a 5-day correlation table shows a correlation value of .24. What this tells us is that the correlation is low and the 2 pairs don’t move in the same way. Therefore going short on AUD/USD and long on EUR/USD should not affect each others position.
What if the correlation was high between 2 pairs. The correlation between the EUR/USD and USD/CHF on a 5-day correlation table is -.96. This tells us that there is an extremely negative correlation between these pairs. This number indicates that these pairs have a strong propensity to move in opposite directions. Therefore, going long in one and shorting the other would be almost the same as doubling up on the position. As a result, this would open your portfolio to a higher amount of risk.
I obtain my currency correlation tables from http://www.mataf.net.
  • #9,990
  • Mar 26, 2009 12:56am Mar 26, 2009 12:56am
Hi,

Quite the range on this pair. It will be interesting to see how it holds if we start heading to the 7250 area.
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  • #9,991
  • Mar 26, 2009 2:00am Mar 26, 2009 2:00am
Quoting Shermenator
Here is a little something you guys sould read


Currency Correlation

January 18, 2006 by Trader Rich

Some of you may not have heard of currency correlation, so I’ll explain its usefulness. Basically, the correlation number gives you an estimate of how closely pairs move together or how opposite their actions are over a period of time. Knowing how closely correlated currency pairs are is a great way of measuring exposure and risk.
This information is extremely...
Nice find. Bookmarked that one.
  • #9,992
  • Mar 26, 2009 2:25am Mar 26, 2009 2:25am
Quoting RedCabbage
Audjpy

6724-6688 44 out of 100+
6632-6600

Audusd

6800-6756

Eurgbp

9281 40 Out of 45
9085
9000

Gbpjpy

14158 -14108 Zero out of 150 so far

Nzdusd

5469-5423

Usdchf

11400
11463-11500

Usdjpy

9800 0 Out of 100+
9658
Along with my GBPUSD trade of 42 out of 82 that means my plan has out performed me once again 126 out of 432.

A good result but still more work needed.
  • #9,993
  • Mar 26, 2009 2:27am Mar 26, 2009 2:27am
Quoting Shermenator
Here is a little something you guys sould read


Currency Correlation
[CUT]
I obtain my currency correlation tables from http://www.mataf.net.
Great Link, thanx Shermenator.
Another good one about FX Pairs correlations is this one:
http://fxtradeinfocenter.oanda.com/c...elations.shtml

It shows correlations in a graphic way. Pretty cool.

LJ
1st step stop loss in the green 2nd step play with the free money
  • #9,994
  • Mar 26, 2009 3:06am Mar 26, 2009 3:06am
Short from 13338 Target 13257
  • #9,995
  • Mar 26, 2009 3:47am Mar 26, 2009 3:47am
Here is what I am looking to get myself into ...

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  • #9,996
  • Mar 26, 2009 3:57am Mar 26, 2009 3:57am
Quoting RedCabbage
Short from 13338 Target 13257
In an attempt to create more runners, rather than close this position, at the second visit to 45+ pips I moved my stop to +20, but now I'm out.
  • #9,997
  • Mar 26, 2009 5:03am Mar 26, 2009 5:03am
LONG at 1.3538 SL 1.3514 TP 1.3584 R/R 1:2
  • #9,998
  • Mar 26, 2009 5:19am Mar 26, 2009 5:19am
Quoting lastfabio
LONG at 1.3538 SL 1.3514 TP 1.3584 R/R 1:2

if your in already your not in a clear market ...I would of gotten out already...if your going to get in your trading a tight range....thats unclear...goodluck
  • #9,999
  • Mar 26, 2009 5:21am Mar 26, 2009 5:21am
Hello lastfabio
why do you have SL at 13514?
  • #10,000
  • Mar 26, 2009 5:34am Mar 26, 2009 5:34am
Quoting alter
Hello lastfabio
why do you have SL at 13514?
Hi, I have just taken a look to previous candlesticks around 1.3538 and I saw that SL can be safe at 13514, just my opinion. What do u think about? I'm here to learn
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