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  • #121
  • Nov 12, 2014 9:52am Nov 12, 2014 9:52am
Dear Feb!

I have a question again about ping-pong trades...

This time it is about holding a trade and profit taking.

It seems that today there is a possibility to trade ping-pong...

At the picture the arrows shows where we established levels.

now... at the number 1 we take the long trade... But the market did not come to the opposite level. Did not reach our profit target. So - we close the trade around the middle of this range, take long again at the level on number 2, and this time thanks God the market reached our profit target - opposite level. ???
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  • #122
  • Nov 12, 2014 9:54am Nov 12, 2014 9:54am
Quoting feb2865
EUR/USD 1.2440 - 1.2445 area will be something to watch this morning - maybe the market will get back up to 1.2500 - plenty o short orders parked on futures around 1.2500 so a short play would be plausible. {image}
Market shy off 45 area by 2-3 pips - very much a ping-pong play like yesterday.
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Peace
  • #123
  • Nov 12, 2014 9:57am Nov 12, 2014 9:57am
Quoting dim4ik42
Dear Feb! I have a question again about ping-pong trades... This time it is about holding a trade and profit taking. It seems that today there is a possibility to trade ping-pong... At the picture the arrows shows where we established levels. now... at the number 1 we take the long trade... But the market did not come to the opposite level. Did not reach our profit target. So - we close the trade around the middle of this range, take long again at the level on number 2, and this time thanks God the market reached our profit target - opposite level....

... or!

We take long at number 1, market went to the middle of this range, then the market goes again to the level, we still are holding our long trade, the market bounced again off this level - and reaches our profit target - opposite level. So - in this variant of trade management - after we take long we wait for either the market reaches our profit target, or get our stop loss, and taking once a trade around the level, we do not take it again the second time.

Thank you!
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  • #124
  • Nov 12, 2014 10:09am Nov 12, 2014 10:09am
Quoting dim4ik42
{quote} ... or! We take long at number 1, market went to the middle of this range, then the market goes again to the level, we still are holding our long trade, the market bounced again off this level - and reaches our profit target - opposite level. So - in this variant of trade management - after we take long we wait for either the market reaches our profit target, or get our stop loss, and taking once a trade around the level, we do not take it again the second time. Thank you! {image}
Yep! You got it. Remember , this is due market conditions today. You can go as low as 1 minute charts and then bracket your trades on higher time frames. Discount price.
Peace
  • #125
  • Nov 12, 2014 10:13am Nov 12, 2014 10:13am
Quoting feb2865
{quote} Yep! You got it. Remember , this is due market conditions today. You can go as low as 1 minute charts and then bracket your trades on higher time frames. Discount price.

... about trade management - which one of two variants (posts 121 and 123) I have posted above is more suitable for such market conditions?

Thank you!
  • #126
  • Nov 12, 2014 10:16am Nov 12, 2014 10:16am
Quoting dim4ik42
{quote} ... about trade management - which one of two variants (posts 121 and 123) I have posted above is more suitable for such market conditions? Thank you!
#2 - we either get stopped or we get to profitland.
Peace
  • #127
  • Nov 12, 2014 10:20am Nov 12, 2014 10:20am
Quoting feb2865
{quote} #2 - we either get stopped or we get to profitland.

Thank you!

That's the answer I was looking for!
  • #128
  • Nov 12, 2014 7:29pm Nov 12, 2014 7:29pm
I am watching tonight AUD/JPY - Resistance around 100.84. If I see a pullback against that level, I might put a short trade. 100.40-100.50 would be my play, possibly.
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Peace
  • #129
  • Nov 12, 2014 7:43pm Nov 12, 2014 7:43pm
Short trade around 100.55 -60 looking for 100.20 would be a nice play. Let's see what the market shows.
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Peace
  • #130
  • Nov 12, 2014 7:56pm Nov 12, 2014 7:56pm
Here's a tip: whenever you see a breakout at any level, don't run chasing the market - let the market show it's hands first. A breakout for instance, long on 100.84 area on A/J might fool fresh money to come in. Don't be the first in line, try to be in the middle. That way at least, you minimize the risk greatly.
Peace
  • #131
  • Nov 12, 2014 9:56pm Nov 12, 2014 9:56pm
I took the trade short @market 'cause things were moving pretty fast - entry 100.76 cover @ 100.91 out @ 100.32 I went in on 5 minutes trying to get a better price but as I said, had no choice but pressing a short button Anyway, 100.76 wasn't bad at all.
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Peace
  • #132
  • Nov 12, 2014 10:46pm Nov 12, 2014 10:46pm
Quoting feb2865
I took the trade short @market 'cause things were moving pretty fast - entry 100.76 cover @ 100.91 out @ 100.32 I went in on 5 minutes trying to get a better price but as I said, had no choice but pressing a short button Anyway, 100.76 wasn't bad at all. {image}
Congrats!

Nice short trade!
  • #133
  • Nov 13, 2014 3:25am Nov 13, 2014 3:25am
Quoting dim4ik42
{quote} Congrats! Nice short trade!
Thanks.
Peace
  • #134
  • Nov 13, 2014 8:18am Nov 13, 2014 8:18am
Not much to report today. The report shook indices a little bit, not for currencies. We have a clown in a suit talking I think around noon. If you're in for quick trades, this is the time for you. S&P @2036 holding and E/U hovering @1.2450 - 1.2500 market is in pause. Yen pairs were good last night. I was able to offset my last loss on AUD/JPY by far. As for now, my trading frequency is slowing down due the end of the year is coming. Anyway I am still on the lookout for nice trades.
Peace
  • #135
  • Nov 13, 2014 11:38am Nov 13, 2014 11:38am
Quoting dim4ik42
Dear Feb! I have a question again about ping-pong trades... This time it is about holding a trade and profit taking. It seems that today there is a possibility to trade ping-pong... At the picture the arrows shows where we established levels. now... at the number 1 we take the long trade... But the market did not come to the opposite level. Did not reach our profit target. So - we close the trade around the middle of this range, take long again at the level on number 2, and this time thanks God the market reached our profit target - opposite level....
looks good, I would take off a third at the midlevel and set my self at brakeven, then at the level 2 take off 50%, then atleast I have a third going in case of a brakeout to the upside, if the market would come down again, Id close it, I would work both ways as long as the range is continuing
Bulls are stupid Animals!especially when Im short!
  • #136
  • Nov 13, 2014 5:54pm Nov 13, 2014 5:54pm
AUD/JPY strangled on 100.84 area - resistance @101.21 area - smells like short but not sure. I will watch this baby to see what happens. Not in the rush for a trade but who knows...
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Peace
  • #137
  • Nov 13, 2014 8:02pm Nov 13, 2014 8:02pm
Quoting feb2865
{quote} That's a great Idea! will do it! Thanks !
Brother this thread is gold. I have been a big fan for a while. Your USDJPY call was spot on. I am looking at this...
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #138
  • Nov 13, 2014 8:19pm Nov 13, 2014 8:19pm
Quoting eaglestar
{quote} Brother this thread is gold. I have been a big fan for a while. Your USDJPY call was spot on. I am looking at this... {image}
My pleasure brother! I've been trading Yen pairs for a couple of years now - I start around 9:00 PM EST - Your charts are right on the money! The levels I am watching 116.00 - 116.20 I see a huge push down on the market Somebody went in with 200 contacts short on yen futures about 1/2 hour ago - I am looking for a pullback to go short. I am using lighter load maybe around 10 contracts - last night I went in heavy loaded on AUD/JPY. It's nice to know I am not alone hahahahaahahaha..
Peace
  • #139
  • Nov 13, 2014 8:30pm Nov 13, 2014 8:30pm
Zooming in on USD.JPY - market bounced off 116.20 - 116.10 area - I could have a quick play against that level but I prefer to trade this pair calmly on higher grounds. I still have an eye on AUD/JPY just in case.
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Peace
  • #140
  • Nov 13, 2014 8:36pm Nov 13, 2014 8:36pm
The area in blue is what I am looking for short.
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Click to Enlarge Name: USD-JPY1.png Size: 23 KB
Peace
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