I've been trading only for 9 months, and this is my first time watching price hover around TNBN (the next big number) (for the past 40 minutes, as of when I started writing this post). It's fun and exciting! Reminds me of when I was 17 and on our way home from school on a Friday afternoon, I noticed that the odometer on my friend's car (her dad had given her his old one) was 5 miles away from changing from 99999 back to 00000, and I insisted that she continue driving us around for awhile, so I could watch as all the nines changed to zeroes. She kindly humored me and my weird request. Sign of a true friend.
While I was writing this, the Bulls won and GBPUSD shot up over 1.6200, which caused my hedged Sell order to stop out for a 10-pip loss and my hedged Buy order to now be up 32 pips. A very nice consolation for having missed actually seeing that breakout.
I trade off the M1 chart, and I used to hate when GBPUSD (or any currency pair) started ranging. But now ranging doesn't bother me since I started hedging my "trending" order while the currency pair takes a well-deserved rest. I'm hedged now, so I locked in a net of +30 pips.
While I was typing the last paragraph, price spiked up again and I heard the alert (one of the 3 audible alerts and screen messages my system gives; Support or Resistance breakout, EMAs crossing, or NonLagMA color change). So I closed out my Sell (hedge) order for a 9-pip "loss," which my back-in-action Buy (trend) order had also earned. So my net loss was only 2.5 pips (my broker's 2-pip spread + .5 pip on the 0.10 lot Sell hedge order).
I don't know why I waited so long to discover this hedging strategy. (I'm based in the US, but I can hedge because my very reputable broker is based in Cyprus.)
While I was writing this, the Bulls won and GBPUSD shot up over 1.6200, which caused my hedged Sell order to stop out for a 10-pip loss and my hedged Buy order to now be up 32 pips. A very nice consolation for having missed actually seeing that breakout.
I trade off the M1 chart, and I used to hate when GBPUSD (or any currency pair) started ranging. But now ranging doesn't bother me since I started hedging my "trending" order while the currency pair takes a well-deserved rest. I'm hedged now, so I locked in a net of +30 pips.
While I was typing the last paragraph, price spiked up again and I heard the alert (one of the 3 audible alerts and screen messages my system gives; Support or Resistance breakout, EMAs crossing, or NonLagMA color change). So I closed out my Sell (hedge) order for a 9-pip "loss," which my back-in-action Buy (trend) order had also earned. So my net loss was only 2.5 pips (my broker's 2-pip spread + .5 pip on the 0.10 lot Sell hedge order).
I don't know why I waited so long to discover this hedging strategy. (I'm based in the US, but I can hedge because my very reputable broker is based in Cyprus.)