Cable Update (GBPUSD)

Quoting smikester

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Just to clarify I would often place a sell stop order below the break out candle, if the bar is not too big, does not retrace too much and if the price is not moving too fast. In other words, the order is picked up if the price continues downward. I have heard these called limit orders and brokers differ in their definitions. I rarely place a market order.

Just for information, I did not take today's short. It filled some of my criteria but not all.

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Quoting nAVIN2007

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i also was thinking about this short..always easy after..1.60 bound to test..but sometimes it not so easy..still the 4hr will close a retest of 1.6 may provide u an opportunity..

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Quoting nAVIN2007

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u are a funny man!!.

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Quoting smikester

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Just to clarify I would often place a sell stop order below the break out candle, if the bar is not too big, does not retrace too much and if the price is not moving too fast. In other words, the order is picked up if the price continues downward. I have heard these called limit orders and brokers differ in their definitions. I rarely place a market order.

Just for information, I did not take today's short. It filled some of my criteria but not all.

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Quoting smikester

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Yes. One of the criteria was 1.6. Not confident at all that we would slip through there unnoticed. In the event it did bounce and not as much as I thought it would. Instead a better trade for me was the Usd/Chf bounce off .9000 which seems to be going well. Next stop 1.000 lol.

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Quoting PoundTrader

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Quoting A-speculator

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nice mate.. .

just to clarify so i'm not confused.. so do you will trigger a position after the breakout or have a position that will triggered during the breakout?

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Quoting smikester

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On the M15 I will wait for a break out candle. Then set an order that will trigger if the move continues. There are a few other rules I use as well. One of the main ones is not to trade into any obvious brick walls!

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Quoting A-speculator

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well then, what you mean is actually limit order since you got in after the move not during the move..

thanks mate..

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Quoting Ill-b-back

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I thought a pending order below current price was a stop order

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Quoting Ill-b-back

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I thought a pending order below current price was a stop order

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Quoting A-speculator

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depending on your position.. say price atm is 5975..

if you put buy order at say 5950, it is a limit order but if you put sell at 5950, it is a stop order.. and vice versa..

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Quoting Ill-b-back

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Precisely, so how can Smikes trading style of catching a move as it continues with a pending order below price be a limit order? From the way he spoke, he would look to sell as price kept moving below the breakout candle.

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Quoting A-speculator

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i'm sorry mate, i don't get your point..

but from what i understand.. say atm price is trading below 6000 level. and say you're using 1h as your TF. as you can see, we have already a breakout candle in 1h of the 6000 level and i think he would place an order at 6000 level to the downside, and that what i would do also..

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Quoting A-speculator

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i'm sorry mate, i don't get your point..

but from what i understand.. say atm price is trading below 6000 level. and say you're using 1h as your TF. as you can see, we have already a breakout candle in 1h of the 6000 level and i think he would place an order at 6000 level to the downside, and that what i would do also..

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Quoting Ill-b-back

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My overall point is some use trading styles different to ours and we shouldn't judge what we may not fully understand.

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