Trading with No SL & No TP

we dont want to place SL / TP but close when ranging after reach at support or resistance

example i draw a red box here in gbpusd 1h chart

http://i.imgur.com/4Y6vW.png

what you think guys/gurls ?

What it looks like you are trying to do is mimic an options strategy of trading
called a strangle.

to do this effectively in FX you need an established ranging market with solid support and resistance areas.

The ability to "hedge" or take opposing positions in the same pair.

The trade is not set up correctly.

You essentially want a clear top middle and bottom area for the range.

A sell at the top and a buy at the bottom - although there is no point of doing this in FX because you are just lessening your chances of winning by taking the opposing side, in options your risk is different.

Might as well just trade the range. If you do want to do the trade you need to set it up so that the stops ARE placed and Take Profits ARE placed in Places where if a nice swing happens you don't get stopped out at a loss on both sides.

http://www.investopedia.com/terms/s/...#axzz1n5JwvNaL

even if you could hedge it would not be as effective as the options version because in options if you are long both puts and calls and the price falls all you are out is the price you paid for the call while you let the put run or sell it once your target is met.

I am new to Forex.This is my 1st post here.I have been experimenting no SL on my Demo account with good results.
I only buy or sell on either very High or very low that way market is unlikely to stomp me out.
I have placed TP so I could go sleep and often ripped profits.
My technique is very primitive but effective so far.Works like a charm on GP/Yen
I use no indicators just logic.I have used Stochastic and found it to be inaccurate and after trying different indicators with similar results I decided to go naked.
All I use is simple daily average.

we never know what market will do ... ranging or trending..
not placing SL will kill your account sooner or later

Works like a charm.....until it doesn't, then the result can be devastating! How about waking up to being on the wrong side of a 5c move with no stop!

Funding currencies like JPY can have some pretty violent moves, it's a dangerous place to be without some sort of risk management.

"The market can stay irrational longer than you can stay solvent." John Maynard Keynes, (attributed) English economist (1883 - 1946)

Anyway this subject has be done to death in other threads.....


http://i40.tinypic.com/6zmq8g.jpg

Seems to me a recipe for disaster. I can think of any number of reasons why this could go against you violently - with you unable to square up your trade - connectivity failure, server down, simple sleep, and other reasons - not having a stop loss in fx is unthinkable.