DislikedMongolian,
Hope you visit your thread now and then.
I have several questions.
In trading the EURJPY do you always use the 6 pip sl?
When setting pending orders ... let's say for buy orders..
Price breaks through a level 124.75 let's say it goes to 124.82 then starts to retreat back
Do you always wait for it to go back past 124.75 and then place a buy stop pending at 124.75?
Or do you at times just trail the price from each one level below with a set pending buy limit order?
Just want to be sure what you are doing and still having success.
Thanks.
Bruce...Ignored
Pending orders. I prefer - from your example - I would have an order @ 124.75 after it's gone through to the upside, looking for it to come back down to get picked up. Is that the right way? For me it is. It doesn't have to be right for you or anyone else. I just like it for me.
Now yeah - I have been trading EJ mostly because there have been so many more trading opportunities. I have a couple criteria I use in deciding which pair to trade.
1. Opportunities. There has to be some volatility otherwise I'm just sitting there. No trading opportunities, no chance I want to sit there.
2. The profitability of the pair. I go from total number of ticks using the E$ as my basis. To keep this short - basically each pair has a point where one becomes more profitable in relation to the others. Factors for that are spread, pip value and potential pips on the trade.
Hope that helps. Thanks for dropping in again.
Mongolian