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  • #8,001
  • Oct 29, 2009 9:56am Oct 29, 2009 9:56am
  •  G_Man
  • | Joined Aug 2009 | Status: getting ready for the next Battle | 781 Posts
Quoting thadakman
Still holding those longs G Man? Working out great so far! I added more long this morning at 0.9080 (after good GDP numbers) dumped part of my position at 0.9130 and now have the stop set for the rest at 0.9100... sky's the limit for the upside if we can crack that 0.9180.
i closed them before GDP ...
now i am scalping like benjamin ....

kiwi short and aussie long ...
  • #8,002
  • Oct 29, 2009 9:58am Oct 29, 2009 9:58am
Quoting ben10
but ... put stop first at 7300 to protect the gain , for those still play both leg long and short at the same pair just ask me i never let you down for the world to see !
Ben, I'm new at this game and I tried to hedge AU yesterday. Now I dont know what to do.
1st. of all I have the 'magic touch'. If I buy then it has to be the highest price and vice versa.
So I bought 1 lot AU at 9175 and 2nd at 9125. Then guess where did I hedge 1lot? Yes my 'magic touch' hedged the 1 lot at 8960.
I am in USA. So in the morning right now My hedged trade is 160 pips down and the other two trades r about 25 pips down.
How do I get out of this mess now?
Thanks

Vinesh
  • #8,003
  • Oct 29, 2009 10:05am Oct 29, 2009 10:05am
Quoting G_Man
i closed them before GDP ...
now i am scalping like benjamin ....

kiwi short and aussie long ...
even you play smallest amount per pip and after several move during the week the positions getting bigger and bigger, so control your exposure/available margin and keep in mind aussie range is around 300 pips weekly on average
  • #8,004
  • Oct 29, 2009 10:05am Oct 29, 2009 10:05am
  •  G_Man
  • | Joined Aug 2009 | Status: getting ready for the next Battle | 781 Posts
Quoting vinesh
Ben, I'm new at this game and I tried to hedge AU yesterday. Now I dont know what to do.
1st. of all I have the 'magic touch'. If I buy then it has to be the highest price and vice versa.
So I bought 1 lot AU at 9175 and 2nd at 9125. Then guess where did I hedge 1lot? Yes my 'magic touch' hedged the 1 lot at 8960.
I am in USA. So in the morning right now My hedged trade is 160 pips down and the other two trades r about 25 pips down.
How do I get out of this mess now?
Thanks

Vinesh
when i started trading 2-3 years ago ... i had magic touch too so i asked my mate to open an account and always bet against me ...

anyway couple of weeks later without any notice magic touch left me and went to my mate ...

eventually he got liquidated and left trading and never came back ...

i bought him a very nice present though ...

do you have a mate?
  • #8,005
  • Oct 29, 2009 10:11am Oct 29, 2009 10:11am
Unfortunately no!
  • #8,006
  • Oct 29, 2009 10:14am Oct 29, 2009 10:14am
Quoting vinesh
Ben, I'm new at this game and I tried to hedge AU yesterday. Now I dont know what to do.
1st. of all I have the 'magic touch'. If I buy then it has to be the highest price and vice versa.
So I bought 1 lot AU at 9175 and 2nd at 9125. Then guess where did I hedge 1lot? Yes my 'magic touch' hedged the 1 lot at 8960.
I am in USA. So in the morning right now My hedged trade is 160 pips down and the other two trades r about 25 pips down.
How do I get out of this mess now?
Thanks

Vinesh
so you average long position 9150 x2 correct? and short position 8960 x1 , what i do is just wait until i got decend profit from either position , when in profit lock that profit and if the move bigger you add more to the winnin one
  • #8,007
  • Oct 29, 2009 10:17am Oct 29, 2009 10:17am
Ben,
Essentially now I have to wait till price goes to 'all time high' again to BE. I am 2 lots long and 1 lot short. Can I add one more long at this price?

Vinesh
  • #8,008
  • Oct 29, 2009 10:21am Oct 29, 2009 10:21am
  •  G_Man
  • | Joined Aug 2009 | Status: getting ready for the next Battle | 781 Posts
just added a small short at 9147 ... testing the water ...
  • #8,009
  • Oct 29, 2009 10:22am Oct 29, 2009 10:22am
Quoting vinesh
Ben,
Essentially now I have to wait till price goes to 'all time high' again to BE. I am 2 lots long and 1 lot short. Can I add one more long at this price?

Vinesh
ha i can see you got no plan , what happen whe you add now and second later price drop/spike below 8850? did you already protect your winning side?
  • #8,010
  • Oct 29, 2009 10:25am Oct 29, 2009 10:25am
  •  G_Man
  • | Joined Aug 2009 | Status: getting ready for the next Battle | 781 Posts
ok guys,

whats the next Resistance? is it 9180? or do we have one before?
  • #8,011
  • Oct 29, 2009 10:26am Oct 29, 2009 10:26am
Quoting ben10
ha i can see you got no plan , what happen whe you add now and second later price drop/spike below 8850? did you already protect your winning side?
No not yet. What is 'decent' in your opinion?

Vinesh
  • #8,012
  • Oct 29, 2009 10:33am Oct 29, 2009 10:33am
Vinesh, neither both of your trades in profit yet how you you could add more? thats might digging more hole deeper if the price not go up.

how ever if you must and you got plenty margin available and can support the 500 range! draw the line you got 9050 , above it you set limit long every 10 pip up 2 lot each, and below it you set the same(short).

the worst scenerio ... price moving fast hit all your orders and you are flat as Trimble said. but if it is trending only one side of the trade got hit you got jackpot
  • #8,013
  • Oct 29, 2009 10:35am Oct 29, 2009 10:35am
Quoting ben10
Vinesh, neither both of your trades in profit yet how you you could add more? thats might digging more hole deeper if the price not go up.

how ever if you must and you got plenty margin available and can support the 500 range! draw the line you got 9050 , above it you set limit long every 10 pip up 2 lot each, and below it you set the same(short).

the worst scenerio ... price moving fast hit all your orders and you are flat as Trimble said. but if it is trending only one side of the trade got hit you got jackpot
My 1 lot is in 30 pips profit just now. Should I lock it? or wait till the higher lot is at par?
  • #8,014
  • Oct 29, 2009 10:38am Oct 29, 2009 10:38am
ok vinesh now your long x 2 is pipping and your short is bleeding x1.

you may add 1 long but put stop to your profit one x2, if the stop hit you are 1 long and 1 short and if the stop not hit your long pipping x 3 and short bleeding x 1.

is my bulshit make sense at all?
  • #8,015
  • Oct 29, 2009 10:42am Oct 29, 2009 10:42am
Hey Ben,

Hope all is well.

Are you short on the NZD right now? ... If so why?


Thanks
  • #8,016
  • Oct 29, 2009 10:42am Oct 29, 2009 10:42am
Quoting ben10
ok vinesh now your long x 2 is pipping and your short is bleeding x1.

you may add 1 long but put stop to your profit one x2, if the stop hit you are 1 long and 1 short and if the stop not hit your long pipping x 3 and short bleeding x 1.

is my bulshit make sense at all?
Done it. now I'm 3 long and 1 short. 1 in profit , 1 in loss and 1 at par. placed 1 short @ 9050.
  • #8,017
  • Oct 29, 2009 10:42am Oct 29, 2009 10:42am
Quoting vinesh
My 1 lot is in 30 pips profit just now. Should I lock it? or wait till the higher lot is at par?
ok put stop(protect the gain) on that 1 long and let it ride, if its got hit you got 1 long and 1 short,
  • #8,018
  • Oct 29, 2009 10:43am Oct 29, 2009 10:43am
Quoting vinesh
Done it. now I'm 3 long and 1 short.
now we are talking
  • #8,019
  • Oct 29, 2009 10:44am Oct 29, 2009 10:44am
Quoting Trembling
Whats the point of that? You are effectively flat yet going to pay 2 extra spreads (+commis if applicable).

Thats a very expensive way to deal with your emotions while not accepting the trades gone bad.
Hi trembling, I just saw your response to my post,
regarding what you said,
1-the plan is to start with a directional trade, and put 2*position at your SL, where you think the bais is changed, it means you always have a position which is not hedged , unless your bias is neutral (you are not sure about the direction) in that condition you might have a true hedge till the market shows the direction,
2-the reason I use 2*hegde at my SL instead of Stop&Reverse , is that they say 2/3 of the times market ranges (in my experience is so true) so in 2/3 of the time you have the opportunity to bank the pair short/long and 1/3 you be cought in a trend ,in which according to my plan you aleardy have an extra open position in the direction, means you can close them all (losing/winning) with some profit

besides , I notice so many people here dont use SL, (in my opinion is suicidal for high leveraged accounts), and the worse thing they keep adding to their loosing position (and praying at the same time) in order to close them all at B/E , which some times is possible, and once in a while causes you a margin call,
hope it helps to clear the picture

peace
  • #8,020
  • Oct 29, 2009 10:45am Oct 29, 2009 10:45am
Quoting G_Man
just added a small short at 9147 ... testing the water ...
Same shorted at 9150..
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