Followed and subscribed with great interest!
Gave it a try:
Reckon I did the right thing here?
Gave it a try:
Reckon I did the right thing here?
For those of you have been watching the Eur/Aud unfold.
So first half of profits taken and the rest is set to Break Even and left to run
OR
Trade set to break even period, reason I say this... things change during the time it takes to get to your profit area (Although this trade is not quiet 'there' yet, I would be happy to take my first half off prematurely at this stage), you may decide that it's enough for you or that you don't like the way that the price is moving anymore.
&
You can do whatever you please with this second part, trail it, move stops above the next lot of Higher Lows are just some things you can do.
The idea is to run away scared when you get in your trade, but not to the point that it affects your trading decisions dramatically.
You want to secure a profit, and to me, given the nature of this setup I am happy with a tad over 40+ pips with the 'chance' to gain a lot more.
It's all subject to the user. You do what works for you.
Don't forget also, the higher the time frame, the more pips.
Cheers,
So first half of profits taken and the rest is set to Break Even and left to run
OR
Trade set to break even period, reason I say this... things change during the time it takes to get to your profit area (Although this trade is not quiet 'there' yet, I would be happy to take my first half off prematurely at this stage), you may decide that it's enough for you or that you don't like the way that the price is moving anymore.
&
You can do whatever you please with this second part, trail it, move stops above the next lot of Higher Lows are just some things you can do.
The idea is to run away scared when you get in your trade, but not to the point that it affects your trading decisions dramatically.
You want to secure a profit, and to me, given the nature of this setup I am happy with a tad over 40+ pips with the 'chance' to gain a lot more.
It's all subject to the user. You do what works for you.
Don't forget also, the higher the time frame, the more pips.
Cheers,
- #47
- Edited Jan 31, 2012 12:37am Jan 30, 2012 10:44pm | Edited Jan 31, 2012 12:37am
- | Joined Jun 2008 | Status: Trader | 464 Posts
Here is something else I can see
It may not be legitimate yet, however this would be a play off the previous High if you missed that, then this could be your chance.
Lots of noise going on with the European countries at the moment so it could get a bit ansty.
Here's a quick look anyway, nothing is definate - No one can predict what's going to happen in 5 minutes time, let alone an hour but who knows - you can only make an educated guess and be ready to take the opportunity if it arrises. Would make a great head and shoulder formation and there's also some bearish divergence presented on some 'indicators'. Also, if you pop onto a Daily Chart of this pair you will notice it would be touching the 1.3200 area, this would make a great play for a longer term trade.
It may not be legitimate yet, however this would be a play off the previous High if you missed that, then this could be your chance.
Lots of noise going on with the European countries at the moment so it could get a bit ansty.
Here's a quick look anyway, nothing is definate - No one can predict what's going to happen in 5 minutes time, let alone an hour but who knows - you can only make an educated guess and be ready to take the opportunity if it arrises. Would make a great head and shoulder formation and there's also some bearish divergence presented on some 'indicators'. Also, if you pop onto a Daily Chart of this pair you will notice it would be touching the 1.3200 area, this would make a great play for a longer term trade.
- #56
- Jan 31, 2012 8:28pm Jan 31, 2012 8:28pm
- | Joined Oct 2008 | Status: Learning | 1,057 Posts
VB
I am very impressed by your explanation on how to trade S&R. As I understand it, it is one of the most important (if not the most) areas to understand, in order to trade forex successfully.
What's impressed me most, is your explanation on how to trade it. Thanks for your thread, I will try and post some of my attempts.
I would like to say that I'll have a VB for you......but I am off the grog for a month
.
Anyway, cheers.
I am very impressed by your explanation on how to trade S&R. As I understand it, it is one of the most important (if not the most) areas to understand, in order to trade forex successfully.
What's impressed me most, is your explanation on how to trade it. Thanks for your thread, I will try and post some of my attempts.
I would like to say that I'll have a VB for you......but I am off the grog for a month
.Anyway, cheers.
What you do is a reflection of you....what I do is a reflection of me.
- #59
- Feb 1, 2012 12:52am Feb 1, 2012 12:52am
- | Joined Oct 2008 | Status: Learning | 1,057 Posts
What you do is a reflection of you....what I do is a reflection of me.
VB
I am very impressed by your explanation on how to trade S&R. As I understand it, it is one of the most important (if not the most) areas to understand, in order to trade forex successfully.
What's impressed me most, is your explanation on how to trade it. Thanks for your thread, I will try and post some of my attempts.
I would like to say that I'll have a VB for you......but I am off the grog for a month
Anyway, cheers.
Post away, would be interested to see your stuff too
I'm off the grog for a month too!! New diet thing....boo hoo
VB,