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  • #83,081
  • Apr 3, 2009 5:48am Apr 3, 2009 5:48am
Quoting F.x.
Question about SL's...

Let's say you open a position w/ SL at -10 just before news hits. If the price then drops to -200 when news hits, does your SL always get filled at -10? Or do you have the problem of it getting filled anywhere between the -10 SL and -200 price movement?
it gets filled with me at -10

so far
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  • #83,082
  • Apr 3, 2009 5:49am Apr 3, 2009 5:49am
I have another question

how many pips is your average SL
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  • #83,083
  • Apr 3, 2009 5:54am Apr 3, 2009 5:54am
Quoting dbfusion
I have another question

how many pips is your average SL
For myself between 5 and 10 (but sometimes dependent on the initial spread). I am not sure if there is a 'right' and 'wrong'
  • #83,084
  • Apr 3, 2009 5:58am Apr 3, 2009 5:58am
Quoting free4440273
For myself between 5 and 10 (but sometimes dependent on the initial spread). I am not sure if there is a 'right' and 'wrong'
A 5 pip s/l?! Wow, that is close.

No right and wrong, just plus and minus. Whatever makes sure you're a + when the week is done
  • #83,085
  • Apr 3, 2009 5:58am Apr 3, 2009 5:58am
Quoting free4440273
For myself between 5 and 10 (but sometimes dependent on the initial spread). I am not sure if there is a 'right' and 'wrong'
I don't know either but i try to limit trades in places where I believe it has tight SL
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  • #83,086
  • Apr 3, 2009 6:00am Apr 3, 2009 6:00am
Quoting dbfusion
I have another question

how many pips is your average SL

I don't set a fixed SL like some people have... where they say "SL -50, TP +100"... that kind of thing...

For me it always depends on what's happening at the time of the trade. I move the SL sometimes several times while the trade is active, and TP is done on the fly as well.

SL for me is used for two things:

1. added insurance to prevent against huge loss (defensive play in case of random several hundred pip movement against me.)

2. to ensure maximum number of trades are either positive or BE (as in trailing SL where SL follows price - more of an offensive play.)

It's never used on the specific trade level as in "this is my trade, I'll lose this much or make this much." I rarely make those kinds of calculations in my trading, as the chances of guessing those kinds of numbers accurately are slim to none, as is guessing which direction price will move next (ok, that's a 50/50 chance...)

I prefer to rely on MM as my defensive strategy and SL for my offensive strategy (aside from the 1 in 1mill case of catastrophic events.)
  • #83,087
  • Apr 3, 2009 6:04am Apr 3, 2009 6:04am
Quoting F.x.
I don't set a fixed SL like some people have... where they say "SL -50, TP +100"... that kind of thing...

For me it always depends on what's happening at the time of the trade. I move the SL sometimes several times while the trade is active, and TP is done on the fly as well.

SL for me is used for two things:

1. added insurance to prevent against huge loss (defensive play in case of random several hundred pip movement against me.)

2. to ensure maximum number of trades are either positive or BE (as in trailing SL where SL follows price...
Agree with you... it is better to adjust yuor stops and targets based on current market levels... than using fixed stops and targets. volatility is not always the same.
  • #83,088
  • Apr 3, 2009 6:07am Apr 3, 2009 6:07am
one thing i like about news, or better after the news. i watch 1min and tickchart and wait for a cluster zone, where price jumps up and down for 4-5 times in a row for a 20pips range for example. then i quickly place a limit/stop order at top/low of that range and tp low/top. the sl is very small about 5-10 pips and the tp gets hit in seconds (well or the sl). until now this gave me only winners. i use alpari(uk) for this
  • #83,089
  • Apr 3, 2009 6:08am Apr 3, 2009 6:08am
Quoting dbfusion
I don't know either but i try to limit trades in places where I believe it has tight SL
use ATR for your SL and you will be fine
  • #83,090
  • Apr 3, 2009 6:08am Apr 3, 2009 6:08am
Quoting free4440273
For myself between 5 and 10 (but sometimes dependent on the initial spread). I am not sure if there is a 'right' and 'wrong'
That is indeed very very close. Do you always trade very short term or you're just so succesful that trades always go your way?

My stupid trader doesn't even allow me to put a SL closer to around 20 pips. Between 20 and 40 is my standard unless I am trading longer term, in which case I can go up to around a 100 (maximum that I can afford to lose following my MM).
  • #83,091
  • Apr 3, 2009 6:11am Apr 3, 2009 6:11am
The Euro strengthened yesterday and we expect it to continue to appreciate intraday. A trade above 1.3500 will see the pair head for strong resistance around the 1.3700 -1.3750 region. A retracement of yesterday’s move is not out of the question before heading higher.. Taking a look at the weekly chart we can observe that the pair failed to break its down trending resistance line after seemingly double bottoming around the 1.2500 – 1.2450 region. Therefore, longer term it is valid to say that there are two scenarios that can play out. One, is that the pair has double bottomed at 1.2500 – 1.2450 and the current corrective decline from the 1.3740 is a mere setback in the larger degree bull trend OR two, the pair is trading in a descending triangle pattern with the neckline observed at the 1.2500 – 1.2450 region. For the bullish scenario to play out price must remain above 1.2730 which is the 78.6% Fibonacci Retracement level of the 1.2455 – 1.3740 advance. A break below this level weakens the bullish outlook and 1.2450 will be critical for bulls.


If the pair is following scenario two, then a break below 1.2450 will see the pair trade towards 1.2000 and possibly 1.1500. We are remaining on the sidelines for now until things become clearer. This week’s G20 meeting in London sees currencies at the top of the agenda so we need to wait and see the outcome of the discussions, especially after China has voiced concerns over the Dollar.


Source: Tadawul FX
  • #83,092
  • Apr 3, 2009 6:11am Apr 3, 2009 6:11am
at the moment i see the bulls are trying hard . dont know why they picked 3422

doesn't reflect much to me
and if we didn't break through it in next 5-10 minutes I might close my short
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  • #83,093
  • Apr 3, 2009 6:13am Apr 3, 2009 6:13am
Quoting F.x.
I don't set a fixed SL like some people have... where they say "SL -50, TP +100"... that kind of thing...

For me it always depends on what's happening at the time of the trade. I move the SL sometimes several times while the trade is active, and TP is done on the fly as well.

SL for me is used for two things:

1. added insurance to prevent against huge loss (defensive play in case of random several hundred pip movement against me.)

2. to ensure maximum number of trades are either positive or BE (as in trailing SL where SL follows price...
This is a very good post.

I like a SL that is just above res or just below support where possible. I typically have 30-35 pips s/l but always try and incorporate that into the strategy.

For instance, I got a short signal on cable today at 4789, but wanted the stop a few pips above the high, so waited until the market rose another ten pips, meaning my s/l was 34 pips (and as such, only a small percentage of the account), and shorted then. It is a more defensive approach, and it runs the risk of missing some choice setups by waiting for it to move nearer my stop, but I have no problems with being so protective over my account. It also allows for better r:r too.
  • #83,094
  • Apr 3, 2009 6:14am Apr 3, 2009 6:14am
Quoting Tenshi28
That is indeed very very close. Do you always trade very short term or you're just so succesful that trades always go your way?

My stupid trader doesn't even allow me to put a SL closer to around 20 pips. Between 20 and 40 is my standard unless I am trading longer term, in which case I can go up to around a 100 (maximum that I can afford to lose following my MM).
I use a fairly wise sl but if I don't like PA I'll close before it gets there.
  • #83,095
  • Apr 3, 2009 6:17am Apr 3, 2009 6:17am
Went short at 1.3454 with 3 lots
1 lot out at...... 1.3447
1 lot out at...... 1.3432
Closed at...... 1.3427

NFP.
Good Trading. (keep it simple).
  • #83,096
  • Apr 3, 2009 6:18am Apr 3, 2009 6:18am
Quoting wian corp
EUR/USD chart setup


Good trading!!

http://sites.google.com/site/wiancor...hart---eur-usd
http://sites.google.com/site/wiancorp/trade-signals
wow that is great if you have any afp books/materials you can recommend throw me a bone.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #83,097
  • Apr 3, 2009 6:19am Apr 3, 2009 6:19am
Quoting Tenshi28
That is indeed very very close. Do you always trade very short term or you're just so succesful that trades always go your way?

My stupid trader doesn't even allow me to put a SL closer to around 20 pips. Between 20 and 40 is my standard unless I am trading longer term, in which case I can go up to around a 100 (maximum that I can afford to lose following my MM).
LOL. It is close but like I say, dependent on spread sometimes. Yes, I tend to trade short-term
  • #83,098
  • Apr 3, 2009 6:19am Apr 3, 2009 6:19am
Quoting Jasper
Went short at 1.3454 with 3 lots
1 lot out at...... 1.3447
1 lot out at...... 1.3432
Closed at...... 1.3427

NFP.
Jasper - why did you close the last lot.

Just curious but I think I would have done same.

EDIT - Just noticed NFP - now I understand
  • #83,099
  • Apr 3, 2009 6:22am Apr 3, 2009 6:22am
I closed my short

seems will take some time

don't like PA
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  • #83,100
  • Apr 3, 2009 6:23am Apr 3, 2009 6:23am
Quoting stewrigh
I use a fairly wise sl but if I don't like PA I'll close before it gets there.
Yes, there are times when after a while you can sort of tell things aren't going your way and it really is better to quit.

Also, the numbers I mentioned where kind of my averages, but I try to determine my SL by support and resistances and swing highs/lows.
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