Here's my play for the weekend Greek election risk.
I really do not recommend you follow me on this one if you do not have a very sound risk and money management system in place. Actually I must stress that you do not follow me on any trades I take at any time unless you have such management systems in place. You must always trade based on your own proven systems. I post my trades here for informational purposes only, and also in order to make it possible to be scrutinized, criticized or even perhaps praised by other posters and lurkers of this thread.
Just before markets close tonight, I plan on placing a few small sized sell limit orders at certain resistance levels. I have yet to decide exactly which ones as I want to see how PA plays out between now and 20:00 GMT. However the ones I have in mind right now are 1.2680, 1.2760, 1.2810, 1.2900 and 1.2950 The total leverage if all 5 get triggered will equal to 0.5:1 so it is very low risk. Limit orders which have not yet triggered at open price will probably be deleted and I will manage the triggered ones manually from there. Of course this assumes that we get a gap up. In case we get no gap or we get a gap down, then just as in the gap up scenario, anything not triggered will be deleted. I do not plan on putting any buy limit orders in place as if this sucker gaps down, I do not feel confident that the gap will be closed.
My broker does not execute my limit orders until they open which is 21:00 GMT on Sunday. Once they open, if price has gaped up higher than the sell limit order(s), the orders are executed at the open price and not the actual original order price. Therefore, at market open, I will not find my triggered trades under water. Instead they will be in place at current market price to fade and close (even if partially) the gap.
http://bloguinmedia.com/lightthelamp...ng-the-gap.jpg
I really do not recommend you follow me on this one if you do not have a very sound risk and money management system in place. Actually I must stress that you do not follow me on any trades I take at any time unless you have such management systems in place. You must always trade based on your own proven systems. I post my trades here for informational purposes only, and also in order to make it possible to be scrutinized, criticized or even perhaps praised by other posters and lurkers of this thread.
Just before markets close tonight, I plan on placing a few small sized sell limit orders at certain resistance levels. I have yet to decide exactly which ones as I want to see how PA plays out between now and 20:00 GMT. However the ones I have in mind right now are 1.2680, 1.2760, 1.2810, 1.2900 and 1.2950 The total leverage if all 5 get triggered will equal to 0.5:1 so it is very low risk. Limit orders which have not yet triggered at open price will probably be deleted and I will manage the triggered ones manually from there. Of course this assumes that we get a gap up. In case we get no gap or we get a gap down, then just as in the gap up scenario, anything not triggered will be deleted. I do not plan on putting any buy limit orders in place as if this sucker gaps down, I do not feel confident that the gap will be closed.
My broker does not execute my limit orders until they open which is 21:00 GMT on Sunday. Once they open, if price has gaped up higher than the sell limit order(s), the orders are executed at the open price and not the actual original order price. Therefore, at market open, I will not find my triggered trades under water. Instead they will be in place at current market price to fade and close (even if partially) the gap.
http://bloguinmedia.com/lightthelamp...ng-the-gap.jpg
Those who say it cannot be done should not interrupt those who are doing it