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Silent Service Method

  • #6,321
  • Dec 16, 2009 10:49pm Dec 16, 2009 10:49pm
Quoting samer960
Hi
always wondering whats the best way to manage a trade like this one. i have taken 1/3 of my profit at 1.4550 , i have a trailing stop of 100 pip and i let the trade play itself out , now it is + 436 pips
regards
NICE trade samer!
  • #6,322
  • Dec 17, 2009 12:32am Dec 17, 2009 12:32am
Am I the only one annoyed that whenever gold takes it's next dive it gives not even a hint?

I'm looking to go long around the same area as Chris, but if it's gonna drop, I wouldn't mind an entry.
  • #6,323
  • Dec 17, 2009 2:04am Dec 17, 2009 2:04am
Quoting samer960
Hi
always wondering whats the best way to manage a trade like this one. i have taken 1/3 of my profit at 1.4550 , i have a trailing stop of 100 pip and i let the trade play itself out , now it is + 436 pips
regards
if youve already taken profit on a third, id keep the rest at breakeven. Personally i can see the trend changing now that 1.45 is broken. Could turn into a nice little earner. All comes down to how long you reckon this move can last... i reckon to 1.40ish, tho thats only my opinion
Grabbing the bull by the horns!
  • #6,324
  • Dec 17, 2009 2:07am Dec 17, 2009 2:07am
Quoting Low
Am I the only one annoyed that whenever gold takes it's next dive it gives not even a hint?

I'm looking to go long around the same area as Chris, but if it's gonna drop, I wouldn't mind an entry.
I wouldnt be suprised to see a false break of 1000, get rid of all the shorts then see it go to 1500 (medium-long term view).... Thats one scenario I could see... otherwise around 1070 I have as a place of interest and of course the 1000.
Grabbing the bull by the horns!
  • #6,325
  • Edited 4:16am Dec 17, 2009 3:38am | Edited 4:16am
hi
thanks for your comments
this drop wont go on forever , and i believe it is time for a significant pullback. so i am letting the market stop me . and when this will happen i would have banked some nice pips ,and since i don't know when it will happen this is why i am using trailing stop. later when i will be stopped . i will look to reshort this market at a better price . there is maybe a better way to manage this trade i m not saying this is the best way .
as for how long this move will last in a longer term i agree with u about 1.40ish and maybe even lower . but not without a pullback . so this might give us the opportunity to short and take profit , short again at pullback and so on , until it reach the target . that might and will hopefully be a long ride .
regards
samer
PS: the 50 percent fibo from the low of 12450 to the high of 15138 is 1.3800 as Chris said this might be the long term target .
Quoting whitegoodman
if youve already taken profit on a third, id keep the rest at breakeven. Personally i can see the trend changing now that 1.45 is broken. Could turn into a nice little earner. All comes down to how long you reckon this move can last... i reckon to 1.40ish, tho thats only my opinion
  • #6,326
  • Dec 17, 2009 8:29am Dec 17, 2009 8:29am
I am sure you got your wish on this one. It's dying, I think. We could see 1.6000 soon. The Brits and most of Europe has problems (credit) in their markets that I think is getting exposed.

I hope you got some of that overnight drop in both the Euro and pound

Kulu
Quoting Low
I got my fingers crossed that the gbpusd will give us something worth shorting by the end of the day.

As Chris said.......Why won't it die?
  • #6,327
  • Dec 17, 2009 10:04am Dec 17, 2009 10:04am
Well.....looks like it's time to buy EUR/CHF again.....
  • #6,328
  • Dec 17, 2009 10:06am Dec 17, 2009 10:06am
Quoting clockwork71
Well.....looks like it's time to buy EUR/CHF again.....
What sort of PA will you look for, or are you buying blind?
  • #6,329
  • Dec 17, 2009 12:11pm Dec 17, 2009 12:11pm
The Swiss National Bank will intervene when the price hovers near 1.5000 and will not let it get much below (if any) that threshold. At least that has been their level for intervention in the near past. Of course, they could let it go lower and take out a bazillion stops!

So to answer your question, there really dowsn't need to be any price action for me, just a reach/breach of the 1.5020 support level. An I'm in a trade now at that buy limit setting.
  • #6,330
  • Dec 17, 2009 1:55pm Dec 17, 2009 1:55pm
Quoting MattW
What sort of PA will you look for, or are you buying blind?

SNB has made it clear that 1.50 is a level that they are buying at. Also, in a recent press release, they restated their need to support the Euro against the CHF.

Chris
  • #6,331
  • Dec 17, 2009 2:15pm Dec 17, 2009 2:15pm
Alright chaps I've joined you in this (1.5018) with a 100 pip stop, TP remains to be seen
  • #6,332
  • Dec 17, 2009 2:18pm Dec 17, 2009 2:18pm
Quoting MattW
Alright chaps I've joined you in this (1.5018) with a 100 pip stop, TP remains to be seen
I'm there as well Matt. Though I'm thinking 100 pips might be a bit wide for a stop? The 1.50 line has held against even fake breaks in the past so even a 50 pip break would be worrysome to me.
  • #6,333
  • Dec 17, 2009 2:40pm Dec 17, 2009 2:40pm
Chris
target 15350ish ???
thanks
samer
\
Quoting clockwork71
SNB has made it clear that 1.50 is a level that they are buying at. Also, in a recent press release, they restated their need to support the Euro against the CHF.

Chris
  • #6,334
  • Dec 17, 2009 2:56pm Dec 17, 2009 2:56pm
the action around 1.50 has me worried though, usually you would see a large shoot up once it got close to 1.50. Seems as though the SNB have drawn a known line in the sand, and is now expecting traders to do the work for them.

I wont be loading up as much as id like me thinks...
dont be suprised if traders are moving it that it will false break 1.50 to collect a MOUNTAIN of stops. Then again it may jsut be becuase it got down there in the US session and the SNB is asleep ha!
Grabbing the bull by the horns!
  • #6,335
  • Dec 17, 2009 3:08pm Dec 17, 2009 3:08pm
Quoting whitegoodman
the action around 1.50 has me worried though, usually you would see a large shoot up once it got close to 1.50. Seems as though the SNB have drawn a known line in the sand, and is now expecting traders to do the work for them.

I wont be loading up as much as id like me thinks...
dont be suprised if traders are moving it that it will false break 1.50 to collect a MOUNTAIN of stops. Then again it may just be because it got down there in the US session and the SNB is asleep ha!
I don't trade this pair but samer post take my attention and hesitation to post but my view on my first look almost like you
we will mostly go up 1.5070 battle point the winner will take price to his direction but risky looks bearish now(My view)

Ps:4H we create double top and now double bottom neckline 1.5070

GL ALL
  • #6,336
  • Dec 17, 2009 4:38pm Dec 17, 2009 4:38pm
Quoting samer960
Chris
target 15350ish ???
thanks
samer
Not really....thinking more like 100 pips or so....leave it at that.
  • #6,337
  • Dec 17, 2009 6:28pm Dec 17, 2009 6:28pm
Samer, the eu trade was great but maybe you should have left a bit on until the summer. lol
  • #6,338
  • Dec 17, 2009 6:33pm Dec 17, 2009 6:33pm
eu/chf collecting stops before move up.

That is nasty.
  • #6,339
  • Edited 7:52pm Dec 17, 2009 6:34pm | Edited 7:52pm
Quoting MattW
Alright chaps I've joined you in this (1.5018) with a 100 pip stop, TP remains to be seen
Not sure if you moved your stops, but SHE BLEW THROUGH THE BOTTOM in seconds! I just happen to have my chart open when it happened. Now let's see what happens from here. I'd post a chart, but the bottom is still falling out of it. It paused at 1.4950 and then cascaded again.

5 minute chart top, 1 minute bottom...
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  • #6,340
  • Dec 17, 2009 6:48pm Dec 17, 2009 6:48pm
Quoting Bayport_Bob
Not sure if you moved your stops, but SHE BLEw THROUGH THE BOTTOM in seconds! I just happen to have miy chart open when it happened. Now let's see what happens from here. I'd popst a chart, but the bottom is till falling out of it. It paused at 1.4950 and then waterfalled again.

That's why I'm smiling thinking about my (un-triggered) buy limit at 1.5029
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