Could we have a setup forming with GBP/USD? Lets see what happens
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- #9,384
- Jan 11, 2010 10:02am Jan 11, 2010 10:02am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,386
- Jan 11, 2010 11:24am Jan 11, 2010 11:24am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,388
- Jan 11, 2010 11:42am Jan 11, 2010 11:42am
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,390
- Jan 11, 2010 12:04pm Jan 11, 2010 12:04pm
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,391
- Jan 11, 2010 12:07pm Jan 11, 2010 12:07pm
I will usually open new position until about 2:30-3:00 EST. I do not like to trade this late, but in this case, I think we are looking possibly at a nice sized swing down.
After 2:30 PM EST, it has to be a real good looking SonicR to make me pull the trigger. Ater that time, I prefer to wait until about 7 PM EST before trading again.
And I have made many exceptions over the years, so thi is general rule for me, but not absolute.
Ok Thanks DD
- #9,395
- Jan 11, 2010 1:43pm Jan 11, 2010 1:43pm
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
DD
I think Pablo was asking if it's not a concern the GU setup with about 80 pips SL ...
"Didn't you fancy the 80+ pip SL DD?
Pablo"
Hmmmmmmmm, my stop loss is 65 pips, not 80
. Not that that matters. Each trade is a 2% risk - I just adjust how much I'm trading. For example, if you trade a 5K account, your 2% risk limit is $100. A trade that has a 20 pip stop loss would let you trade 5 mini lots (50k) risking $100, but another trade with an 80 pip stop loss means you only trade 1.25 mini lots (12.5K), still only risking $100: Every trade should have the same risk in $$ terms and as a % of your account.If you are trading a $500 account, you could trade .5 mini lot (5K) on a 20 pip stop loss trade thus risking $10 and you would only trade .0125 mini lot (1.25K), still risking $10, with an 80 pip stop loss. As long as I have a better than 1:1 risk/reward ratio to my first TP, I'm good to go. Every trade is the same risk to me.
If you are trading a 25,000 account, your 2%risk would be $500/trade. So, with a 20 pip stop loss trade, you could trade 2.5 standard lots. But if the next trade requires an 80 pip stop loss, you would trade only .6 standard lot.
Same risk $$, same risk %.
If your broker does not allow for flexible postion sizing, you should find one that does.
You don't trade the same size on every trade, do you?
- #9,396
- Jan 11, 2010 1:48pm Jan 11, 2010 1:48pm
- Joined Feb 2009 | Status: Trading in the Zone | 1,766 Posts
- #9,397
- Jan 11, 2010 1:52pm Jan 11, 2010 1:52pm
Hmmmmmmmm, my stop loss is 65 pips, not 80
For tax reasons I spreadbet which is the same but different.
Min bet is 1GBP per pip. So two lots = 2GBP per pip.
I can't get lower with a sensible broker.
Pablo
- #9,398
- Jan 11, 2010 3:23pm Jan 11, 2010 3:23pm
Hey Sonikers, I havn't logged in the FF for a while so here I am.
I am ashamed to say, but since the New Year I have made only 1
SonicR trade and boy, oh boy was it profitable (and still is - 2 lots still running).
I saw that most of you caught this trade so I'll be short:
Since I do not have much time now to trade I am very picky about the
trades. And if I enter it, I let it run... to hit my SL or TP (That's where I had
to improve). A few days ago there were beautiful waves forming on G/U.
When the entry on M15 formed, I checked H4 and here it was - entry just
above the resistance. My TP2 can be seen on H4 chart.
Big thanks to those who remembered me and wrote PMs
The picture (attatched) that you liked was done by me (EGO boost
)
If you are new to SonicR, please skip the following text
Now the second thing. During the holidays I have worked on SonicR EA and
used it on M1,M5 charts. The EA has nothing but wave analysis and EMA34.
Before you attack me, let me say that it is actually profitable. I am running
it second week on 3 accounts. 1 Demo - M1, 2 Demo - M5, 3 Real - M1.
All accounts started with 50 deposit and now all three are around 200.
If all goes well, I'll look for programmers to implement the MM into that robot,
because my MQ4L programming skills are very limited.
I am ashamed to say, but since the New Year I have made only 1
SonicR trade and boy, oh boy was it profitable (and still is - 2 lots still running).
I saw that most of you caught this trade so I'll be short:
Since I do not have much time now to trade I am very picky about the
trades. And if I enter it, I let it run... to hit my SL or TP (That's where I had
to improve). A few days ago there were beautiful waves forming on G/U.
When the entry on M15 formed, I checked H4 and here it was - entry just
above the resistance. My TP2 can be seen on H4 chart.
Big thanks to those who remembered me and wrote PMs
The picture (attatched) that you liked was done by me (EGO boost
)If you are new to SonicR, please skip the following text
Now the second thing. During the holidays I have worked on SonicR EA and
used it on M1,M5 charts. The EA has nothing but wave analysis and EMA34.
Before you attack me, let me say that it is actually profitable. I am running
it second week on 3 accounts. 1 Demo - M1, 2 Demo - M5, 3 Real - M1.
All accounts started with 50 deposit and now all three are around 200.
If all goes well, I'll look for programmers to implement the MM into that robot,
because my MQ4L programming skills are very limited.
cut losses short, let profits run.
- #9,400
- Jan 11, 2010 4:40pm Jan 11, 2010 4:40pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
