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  • #229,521
  • Apr 22, 2010 1:03pm Apr 22, 2010 1:03pm
Quoting Jhig
To combat that, adjust your stops to breakeven. That way you would not have loss money if you where wrong in scaling your positions. Always adust your stops ... should have locked in some of that profit. Never let good profits turn negative.
Thank you for the reply. I actually went ahead and closed the trades when they were in profit...

I then opened another one that was bigger than the first two and it was right when we had that immediate spike back up and down...wasn't really time to move stops.

Take care,

Donnie
  • #229,522
  • Apr 22, 2010 1:06pm Apr 22, 2010 1:06pm
Quoting uraceulose
I gotta be honest here guys..I made about 110 pips last night on the ride down.........

Then I gave all of it back by doubling my lot size thinking we'd break for a final new low...let emotions get the best of me.

I've had to learn this lesson now a couple of times. Hopefully this was the last.

Crappy feeling after what was a good day. I'm flat eu atm but I did make a little bit back scalping a long off of the low back up to R2 and my yen long just closed for 20 pips...so at least I've made something back.

Lesson for me is stick with system,...
"You don't need to know what's going to happen next to make money"

Mark Douglas
"The Side that Knows When to Fight and When Not to, Will Take the Victory"
  • #229,523
  • Apr 22, 2010 1:07pm Apr 22, 2010 1:07pm
Quoting just fibbing
... if the price were to spike against your trade SL by say 200 pips within a couple of seconds...
Jhig's answer was excellent... I would only add by way of hairsplitting some terminology, that if by "spike" you meant that your borker (and I'm assuming it's an mt4 bucketshop of some flavor...) showed the price as a visible spike on the feed, then yes I would expect jhig's answer to apply and your stop be honored. End of story.

That has happened to me several times in the past and that was the result on moves both for and against my position. Both my TP's and SL's were honored if already entered into the order.

On the other hand if by "spike" you actually meant "gap" (open space with no price data recorded between the two prices on any TF) and YOUR borker, whoever they may be, took the position that it was the "next available price" (to them) that they then pass on to you, then your preset level may not be honored (probably not imo) and you'd be on thin ice arguing the matter with them, and I don't know what resources you would have available to you to support your position... few to none I imagine. That's how I learned about them...

Such was the case a couple weeks ago on the significant weekly opening gap for many folks. Do these two answers cover your actual question? It's a very very good one and one that's not well understood by most newer traders.

Here's a NOD for asking it...
FUBAR...
  • #229,524
  • Apr 22, 2010 1:14pm Apr 22, 2010 1:14pm
Quoting AMuharram
"You don't need to know what's going to happen next to make money"

Mark Douglas
thanks
  • #229,525
  • Apr 22, 2010 1:15pm Apr 22, 2010 1:15pm
Quoting uraceulose
I gotta be honest here guys..I made about 110 pips last night on the ride down.........

Then I gave all of it back... by thinking...

I've had to learn this lesson now a couple of times.
Sometimes the best order management technique after an exceptionally good run in a trading environment like the current one full of intervention and verbalvention, is NOT to adjust lot size, but just shut things down and walk away for awhile.

I guarantee you will never "lose" a single pip by doing that... you can always re-enter.

Always.
FUBAR...
  • #229,526
  • Apr 22, 2010 1:18pm Apr 22, 2010 1:18pm
Quoting ak4x
Sometimes the best order management technique after an exceptionally good run in a trading environment like the current one full of intervention and verbalvention, is NOT to adjust lot size, but just shut things down and walk away for awhile.

I guarantee you will never "lose" a single pip by doing that... you can always re-enter.

Always.
This would have been my best move..thanks as usual AK. I won't make this mistake again, it hurt to be honest. Not financially but confidence wise.
  • #229,527
  • Apr 22, 2010 1:28pm Apr 22, 2010 1:28pm
E/U has reached the 38.2%..I have longed the opposite pair usdchf..
  • #229,528
  • Apr 22, 2010 1:29pm Apr 22, 2010 1:29pm
Looks like an inverted head and shoulders on the 4hour. Do you see the same? If yes then we are going to the moon
  • #229,529
  • Apr 22, 2010 1:31pm Apr 22, 2010 1:31pm
Quoting uraceulose
This would have been my best move..thanks as usual AK. I won't make this mistake again, it hurt to be honest. Not financially but confidence wise.

Yeah yeah bro... been there done that. We all have...
FUBAR...
  • #229,530
  • Apr 22, 2010 1:31pm Apr 22, 2010 1:31pm
I am very happy. With only two weeks trading forex and in this conditions I still am in the green zone and I still dont need to make excuses to my wife to where the money went...

Today I am very happy, I managed to stay away from the buy or sell button, even with all my heart saying to click one of them.

I locked my profits and I managed to stay away of the market until things get back in a defined trend.

Just hope now with time I dont start getting full of myself and cocky and loose everything!!
  • #229,531
  • Apr 22, 2010 1:33pm Apr 22, 2010 1:33pm
Quoting pacha group
Looks like an inverted head and shoulders on the 4hour. Do you see the same? If yes then we are going to the moon
I'm not seeing that, but had some beer so could be me!
  • #229,532
  • Apr 22, 2010 1:48pm Apr 22, 2010 1:48pm
Quoting Leeson
I am very happy. With only two weeks trading forex and in this conditions I still am in the green zone and I still dont need to make excuses to my wife to where the money went...

Today I am very happy, I managed to stay away from the buy or sell button, even with all my heart saying to click one of them.

I locked my profits and I managed to stay away of the market until things get back in a defined trend.

Just hope now with time I dont start getting full of myself and cocky and loose everything!!
nice work keep it up
Trade on your own risk Plan your trade&trade your plan dont be a
  • #229,533
  • Apr 22, 2010 1:49pm Apr 22, 2010 1:49pm
Quoting userff
E/U has reached the 38.2%..I have longed the opposite pair usdchf..
Where is TP? in 1.05 Area? Amazing did you even care to check USDx?

It's a STRONG SELL not buy.. Watch and learn how pop's going to play it..

And it's a Fat BUY signal on H4 for EU as well.. Go ahead and short it!
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #229,534
  • Apr 22, 2010 1:55pm Apr 22, 2010 1:55pm
Hello there
just wanted to know how to trade from day to day?
am interday trader

Quoting tradingwiz
Daily Trend analysis is Down... Will play the 1:1 range.... 60pips TP and SL... -10 pips stop after 30pips move my favour . Edit... might close at will if GU move down 1.52 ...
  • #229,535
  • Apr 22, 2010 1:55pm Apr 22, 2010 1:55pm
4hr
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 4hr.jpg Size: 81 KB
  • #229,536
  • Apr 22, 2010 1:56pm Apr 22, 2010 1:56pm
I have to long EUR/usd here it looks really bullish on every chart.

except the one directly above this post lol. but im still staying long
  • #229,537
  • Apr 22, 2010 2:01pm Apr 22, 2010 2:01pm
Quoting SkyzerFX
Where is TP? in 1.05 Area? Amazing did you even care to check USDx?

It's a STRONG SELL not buy.. Watch and learn how pop's going to play it..

And it's a Fat BUY signal on H4 for EU as well.. Go ahead and short it!
Thank you very much for this advice..I reverse it..you mean with USDx:usd crosses or usd index..if it is usd index how can i add to to MT-4 thanks and appreciation
  • #229,538
  • Apr 22, 2010 2:03pm Apr 22, 2010 2:03pm
Quoting ak4x
Yeah yeah bro... been there done that. We all have...
Yeah you're right, but I'm sure as heck gonna try
  • #229,539
  • Apr 22, 2010 2:10pm Apr 22, 2010 2:10pm
Quoting userff
if it is usd index how can i add to to MT-4 thanks and appreciation
I use separate Real Time Java chart for that

http://www.netdania.com/Products/liv...Chart.aspx?m=c


click on that Pin to detach chart from the browser
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #229,540
  • Apr 22, 2010 2:21pm Apr 22, 2010 2:21pm
Quoting SkyzerFX
I use separate Real Time Java chart for that

http://www.netdania.com/Products/liv...Chart.aspx?m=c


click on that Pin to detach chart from the browser

Thank you very much..I appreciate your useful assistance..

I wish you a good luck in your trading..

can you please share your strategy when you want to long a pair for

example.. thank you in advance
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