Entered trade at 1.3922. I set stop loss at 1.3882 (the only reason was I want at least 40 pips from this trade!! As of this writing price is at 1.3860
Attached Image (click to enlarge)
- #192
- Oct 19, 2010 9:53am Oct 19, 2010 9:53am
- | Commercial User | Joined Oct 2007 | 1,015 Posts
Congrats! Glad it worked out for you! I stopped at 90 pips! I was lucky in that I got in before the news from China hit, and even luckier that it spiked in my direction! Keep it going! You didn't have those 62 pips when you started the day! Feels good doesn't it? 
I locked in the last TM level early as it looks like it could possibly be a turning point to me.
+61 pips locked in, so I'm happy even if I am stopped.
P.S. stopped out at +62 pips. Good run. Had I gotten up just bit earlier I could have caught the best entry and been closer somewhere to +100
- #193
- Edited 11:34am Oct 19, 2010 11:02am | Edited 11:34am
- | Joined Sep 2009 | Status: Trader | 1,048 Posts
Congrats! Glad it worked out for you! I stopped at 90 pips! I was lucky in that I got in before the news from China hit, and even luckier that it spiked in my direction! Keep it going! You didn't have those 62 pips when you started the day! Feels good doesn't it?
Just thought I'd upload a jpeg of todays trade so anyone who is interested or has comments, observations, tips, and or questions could see.
I got in a bit later then I would have liked. Got out of bed at 6 Am and was still rubbing my eyes when my screens came on and price was jumping around in that little range there. Had I been up a bit before 6 Am I could have caught a better entry.
Anyway, everything lined up to my eyes good enough so I got in with a stop behind the last lower high and just kept moving my SL down with TM.
I put my SL early to +60 thinking it would reverse. I should have just left my initial TP which was +100 and hit before the move past that stop level. Can't complain though +60 is really nice.
- #196
- Oct 19, 2010 1:26pm Oct 19, 2010 1:26pm
What I'm really looking for is a way to get up at 6 AM and determine what will be the most dominant direction or trend of the day and stay in as long as I can. Try to catch as much of the move between 6 Am & 11.
What I do is keep an eye on the news. Sometimes it gives you a heads up, sometimes it doesn't. Right now, however, there is a lot of talk about BOE doing more QE (thus the cable weakness today). The Chinese surprise interest rate hike took a bit of steam off risk assets (thus the fiber, gold & other risky asset selloffs). It takes a bit of time to do this and to guesstimate the eventual impact of those stories, but I might say that if you want to stick to trading for the long run, it will certainly not do you any harm to follow the news. Not religiously, having a general grasp of things is good enough.
Analyzing longer term charts is another way of doing it, although this too isn't perfect (nothing is). Right now it looks like the dollar is headed for a rebound (if you're trading dollar pairs, have a look at USDX), at least in the very near term (some of it has already fed through). There might be some more dollar weakness going forward, but that will be decide by the FOMC meeting on November 3rd.
I've already taken up quite a bit of space so I'm going to stop here. Don't want to lead the thread too far off the main topic.
If you don't risk, you don't ever have to lose.
