DislikedHi,
I would be interested in what you guys are doing for SL. Do you actually set it - or do you have it mentally and close the trade manual if it reaches that point.Ignored
Please prommise me that you will employ Stop MARKET orders, predifined, for the rest of your life!!!!!
I dont know how this spot forex market works but if you're playing futures: you're burning money like hell. If something real bad happenes, out of nowhere, you could get hit real ugly!
ALWAYS EMPLOY STOP MARKET ORDERS!
I set my stops, predifined, at 10c when I enter the market. I migth adjust some to the actual situation: if the scale on the chart is quite big I perhaps ad some cents(rare) or I migth look to some previous significant point on the chart like some top or bottom and put it around there.
During the trade I adjust my stop most of the time between the EMA12(blue line on the chart) and EMA24(brown line) pending on the strength of the trend or just below the EMA24.
If I got some nice candle(s) rigth away, I dont let them eat this anymore and replace my stop to secure profit. Most of the cases price has run away far from the EMA(12) and its very likely to drop fast as well. In fact I migth put a very tigth stop here to secure most of the fast profit.
On weak situations I take profit after +8cents; than again at +6cent and so on. I likely sell fast after a nice run; probably all at once as well. After the first profit, I adjust my stop to break even. After the next profit taker at +6cent I adjust again. Perhaps just take it all and be happy is also often the case.
On strong situations I don't take any profit at all during the ride but point my arrows on some fixed point, most of the cases some Pivot point(blue horizontal lines). Ofcourse I dont let them eat my profit and adjust Stop manualy, most of the times around +/- 12cents..
Chart: Swiss Frank for today. Watch the EMA12 and EMA24..
Life is great!!