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EURUSD

  • #101,341
  • May 27, 2009 2:30am May 27, 2009 2:30am
hi guys, SL 1.3930
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  • #101,342
  • May 27, 2009 2:31am May 27, 2009 2:31am
  • #101,343
  • May 27, 2009 2:39am May 27, 2009 2:39am
Quoting Alado
Hi, can you tell me what a wave is and how can we see it graphically, please?
Thanks

i am not meaning a physical wave
wave can mean also high traffic of something
i only meant a strong bearish comedown
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,344
  • May 27, 2009 2:42am May 27, 2009 2:42am
Quoting negro wolf
i am not meaning a physical wave
wave can mean also high traffic of something
i only meant a strong bearish comedown
thanks for your reply.
Buy the way, what's the movement you are waiting for.
South or north?
I'm betting south... Maybe till 1,3630.
  • #101,345
  • May 27, 2009 2:43am May 27, 2009 2:43am
Quoting forexer83
Agreed>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> and on and on.

I think it will go south very soon now(hoping).
Good Trading. (keep it simple).
  • #101,346
  • May 27, 2009 2:44am May 27, 2009 2:44am
Quoting Alado
thanks for your reply.
Buy the way, what's the movement you are waiting for.
South or north?
I'm betting south... Maybe till 1,3630.

u r welcome
and i am waiting a south movement
with conformation for sure
othewise i will keep watching
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,347
  • May 27, 2009 2:46am May 27, 2009 2:46am
My thoughts so far:
The pair is consolidating above 1.3850 which is the current 61.8% resistence level defined by the Fibo corrections (which top and bottoms I define as 1.3720 and 1.4050). I think the current range is just a breath taking until movement to 1.4050 resistence level which if passed - next stop should be 1.4180
If your coffee smiles at you - smile it back
  • #101,348
  • May 27, 2009 2:47am May 27, 2009 2:47am
Above 1.3961 is long for me.
  • #101,349
  • May 27, 2009 2:48am May 27, 2009 2:48am
NEVER bring position when the market is so!
  • #101,350
  • Edited 2:56am May 27, 2009 2:50am | Edited 2:56am
Quoting F.x.
Are you asking if you should use a limit order that is the opposite of your position to close the position, rather than just using a SL to close it?

Also, 7-10 pip SL is way too tight most of the time... how many pips do you try to make with a trade that has only a 7-10 pip SL?
Yes, limit order opposite to open position.

I look for continuation trades and reversal trades using 3m 4m and 5m charts setting stop at 1 pip below low of bar. Aim for 15 - 20pip first target to unload 50% of position a ride the remainder of the position using a trailing stop. Trailing stop is similar to Stan Weinstein method, trail at pivot lows after HH.

Will post example.
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  • #101,351
  • May 27, 2009 2:53am May 27, 2009 2:53am
i am bearish now
from 1.3953
little early entry but i hope its ok
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,352
  • May 27, 2009 2:55am May 27, 2009 2:55am
Quoting Sakk
Yes, limit order opposite to open position.

I look for continuation trades and reversal trades using 3m 4m and 5m charts setting stop at 1 pip below low of bar. Aim for 15 - 20pip first target to unload 50% of position a ride the remainder of the position using a trailing stop. Trailing stop is similar to Stan Weinstein method, trail at pivot lows after HH.

Will post example.
Than I don't see anything wrong with your trailing stop method.
  • #101,353
  • May 27, 2009 2:57am May 27, 2009 2:57am
Quoting negro wolf
i am bearish now
from 1.3953
little early entry but i hope its ok
Out of my long. -20pips. (marginally up on the day) I'm now short, lets hope this is the train down.
  • #101,354
  • May 27, 2009 2:59am May 27, 2009 2:59am
At a support.
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  • #101,355
  • May 27, 2009 2:59am May 27, 2009 2:59am
Quoting negro wolf
i am bearish now
from 1.3953
little early entry but i hope its ok
What is your target?
I don't know if i close position ate yesterday lows or leave it going down to 1,3630 suport.
What do you think?
  • #101,356
  • May 27, 2009 3:00am May 27, 2009 3:00am
Quoting notch
Out of my long. -20pips. (marginally up on the day) I'm now short, lets hope this is the train down.

my first tp is 1.3928
what should be next ??
THE CREATOR AND OWNER OF S.N.M "Serve no Master" Trading Stystem
  • #101,357
  • May 27, 2009 3:00am May 27, 2009 3:00am
Quoting Sakk
Yes, limit order opposite to open position.
I used to do this at times. But the only reason you'd do this would be because you think somehow you can make the market go one way or the other a few pips by changing whether your 1 lot is a SL or a limit order. That's pretty much nonsense, unless your broker is hunting and your SL is tight enough that they'd want to grab it (which in your case, it MAY be possible since your SL is way too tight, in my opinion...) When I used SL's below about 25 it seemed they would ALWAYS get hit.


Quoting Sakk

I look for continuation trades and reversal trades using 3m 4m and 5m charts setting stop at 1 pip below low of bar. Aim for 15 - 20pip first target to unload 50% of position a ride the remainder of the position using a trailing stop. Trailing stop is similar to Stan Weinstein method, trail at pivot lows after HH.
Don't try to pick reversals. They will ALWAYS happen right after you say "ok I can't afford to lose any more today hoping for the reversal."

I'm not familiar w/ Weinstein so I can't comment on that. It sounds like you're scalping for a few pips w/ a tight SL. I guarantee you will blow your account doing that.

Try zooming out, seeing where previous S/R levels are on the 4H and daily charts. Then make your trades based on those levels w/ a 50-100 pip SL. This means you will be placing only a few trades per day or even per week, so it will "feel" wrong (especially to a scalper.) But in the end it will be oh so right.

Quoting Sakk
Will post example.
OK
  • #101,358
  • May 27, 2009 3:01am May 27, 2009 3:01am
the bears are coming?
  • #101,359
  • May 27, 2009 3:01am May 27, 2009 3:01am
Quoting Atlast
Than I don't see anything wrong with your trailing stop method.
Atlast, just wanted to know if its best practice to use limit orders on the initial stop loss point or stick with a stop order.

Giving away 1 - 1.5 pips per trade using normal stop orders to exit can add up over hundres of trades. However if it's best practice in terms of risk management happy to continue with normal buy stop / sell stop orders.
  • #101,360
  • May 27, 2009 3:02am May 27, 2009 3:02am
Quoting negro wolf
my first tp is 1.3928
what should be next ??
1.3897
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