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  • #950,201
  • Jan 14, 2015 10:57am Jan 14, 2015 10:57am
Quoting hoom
meanwhile euro would correct to +1.2xxx then continue Lower towards 1.10xx .
I have a similar view...on the upside, 2100 is where the monthly channel got broken, so if it goes as high and bounces back, it will keep falling and making new lows.
Everyone can see the chart, but only a few can actually read it.
  • #950,202
  • Jan 14, 2015 10:59am Jan 14, 2015 10:59am
I'm out. Hope there's risk taking in Asia overnight.
  • #950,203
  • Jan 14, 2015 10:59am Jan 14, 2015 10:59am
Yeah drew fib in the wrong place... Ok that's enough... None of this Is making us money... Happy trading

Quoting ClinicalEx
{quote} That insult only retraced to 38.2.
Peace & Pips
  • #950,204
  • Jan 14, 2015 11:07am Jan 14, 2015 11:07am
shorted this pair 1.1788.
TP 1.169.7 127% line.
stop 1.184.
don't know.
----- Dragonfly out in the sun you know what I mean, don't you know
  • #950,205
  • Jan 14, 2015 11:10am Jan 14, 2015 11:10am
Quoting sophiaphia
shorted this pair 1.1788. TP 1.169.7 127% line. stop 1.184. don't know.
If I was you...I would wait for a few hours for asians to spike the price up and then short, because 1770 was "London bottom", asians won't go break it just like that...they will take it up first. At least thats what I think...I might be wrong.
Everyone can see the chart, but only a few can actually read it.
  • #950,206
  • Jan 14, 2015 11:12am Jan 14, 2015 11:12am
That escalated quickly.
  • #950,207
  • Jan 14, 2015 11:15am Jan 14, 2015 11:15am
Quoting Ken A
{quote} I know u short
no moo
edit: 1240 rej in golden places
  • #950,208
  • Jan 14, 2015 11:18am Jan 14, 2015 11:18am
Trying a long here 1779, SL 1764, risking 15 pips, so not that bad. Target asian high, wherever they get it.
Everyone can see the chart, but only a few can actually read it.
  • #950,209
  • Jan 14, 2015 11:23am Jan 14, 2015 11:23am
eeek unemployment tomorrow.

Wonder what damage if any oil layoffs has done to that number..I know my royalty checks have taken a hit -.- not that they were all that much to begin with.

may cut my short ~ 80/90 pips and see if I can't get in again at the same price or higher....
  • #950,210
  • Jan 14, 2015 11:24am Jan 14, 2015 11:24am
market keep showing indecisive hammer or doji day after day but fail to show signs of reversal. today price broke under 1.1750 and price bounced back forming a doji. I am waiting for the close of today
  • #950,211
  • Jan 14, 2015 11:25am Jan 14, 2015 11:25am
Quoting Pharm0r
eeek unemployment tomorrow. Wonder what damage oill layoffs has done to that number.. may cut my short ~ 80/90 pips and see if I can't get in again at the same price or higher....
Today bad data turned a strong bearish day...if tomorrow is only half-way bullish and data bad again...that could give us a big ass spike upwards. Lets see where the price is before the release.
Everyone can see the chart, but only a few can actually read it.
  • #950,212
  • Jan 14, 2015 11:32am Jan 14, 2015 11:32am
Quoting hoom
{quote} I will tell you a story , SL would be your worst nightmare in forex as long as you don't know where to put it and by how many pips it should be . in 90% of times your SL would be hit and then price would reverse to your target . I won't advise you to trade without one in the open air but for the sake of trading put your SL near barriers and strong supports/resistance and if market is so volatile control your trade manually and manage your risk upon your analysis .
This trade hit Xbuy so didn't execute, should have gone with the GU long but missed the trigger. Bad time of day to trade anyway.

Oh really? No SL huh?

Thanks for the advice....I understand RR. The trade I detailed is for a 1:2 risk reward ratio.

Here is thread of my last...50 trades or so

http://www.forexfactory.com/showthre...511801&page=10

You decide if I am using proper management.

Now let me tell you a story of how i liquidated an account by continually moving a SL several years ago. I was on the wrong side of the trade when Japan started their QE mission. I adjusted my stop continually thinking price would come back, then deleted it....price never returned,I lost $7800 and didn't sleep for a week, my first FX account. If I would have kept my initial stop, my loss would have been $300.

I don't know how anybody keeps an account afloat without using a SL. But if it works for you, then congrats.

If you can read price action, and look for specific entry triggers for when to enter, time of day, pending news, have proper money management, the right trading tools...then stopping out is not an issue.
  • #950,213
  • Jan 14, 2015 11:34am Jan 14, 2015 11:34am
Quoting janpec1000
{quote} Worth a try, ill try one entry with 3 pip SL.
price hit my xbuy before the pbuy line. So no trade. was in a good area and GU had just triggered long so felt it was a good play. Really the wrong time of day to be trading.
  • #950,214
  • Jan 14, 2015 11:35am Jan 14, 2015 11:35am
Quoting pipster1
If you can read price action, and look for specific entry triggers for when to enter, time of day, pending news, have proper money management, the right trading tools...then stopping out is not an issue.
Correct. Lets say you are long/short, there is strong support resistance/support 20 pips away, its easier to set a SL to 25 pips and eventually lose the trade, because it might give an opportunity to enter a new long/short at a much better spot, when only returning to the original price can make profit already.
Everyone can see the chart, but only a few can actually read it.
  • #950,215
  • Jan 14, 2015 11:46am Jan 14, 2015 11:46am
Quoting hoom
{quote} 3 pips SL, here ? in this condition ! better give the money to charity pal ! no offense intended of course
Hoom

If PA is right.....3 pip SL is viable...

Attached Image (click to enlarge)
Click to Enlarge Name: 2015-01-14_EU2_001.png Size: 52 KB


And here is the Result:

Attached Image (click to enlarge)
Click to Enlarge Name: 2015-01-14_EU_cont.png Size: 43 KB


It says 1:3 RR but was actually 1:8

If PA is correct you can take tight stops....and I almost always do.
  • #950,216
  • Jan 14, 2015 11:47am Jan 14, 2015 11:47am
By the way GU looks ready for a short...but wrong time of day for me
  • #950,217
  • Jan 14, 2015 11:52am Jan 14, 2015 11:52am
Quoting OnlineAddict
{quote} Correct. Lets say you are long/short, there is strong support resistance/support 20 pips away, its easier to set a SL to 25 pips and eventually lose the trade, because it might give an opportunity to enter a new long/short at a much better spot, when only returning to the original price can make profit already.
plus you will block more and more money which won't be available to make new profitable trades. it is true though, it's hard to learn exactly where to place those stop loss values. even with my small level of trading, ive had many a trade go down the drain by a few pips only to turn around the next second and make the original target. in fact that happened to my impulsive long yesterday. so i see the temptation of no stop loss, account manager gave me the i told you so, lol. but i still don't feel it's the way to trade for me.
  • #950,218
  • Jan 14, 2015 11:57am Jan 14, 2015 11:57am
Quoting pipster1
{quote} This trade hit Xbuy so didn't execute, should have gone with the GU long but missed the trigger. Bad time of day to trade anyway. Oh really? No SL huh? Thanks for the advice....I understand RR. The trade I detailed is for a 1:2 risk reward ratio. Here is thread of my last...50 trades or so http://www.forexfactory.com/showthre...511801&page=10 You decide if I am using proper management. Now let me tell you a story of how i liquidated an account by continually moving a SL several years ago. I was on the wrong side of the trade...
Sorry if you were offended in any way by my comment , I just wanted to say that in a bigger scale if you can identify levels that are likely to play as a magnet for price whatever its choice of direction you would save yourself the hardle of setting up a stop loss that would likely get hit before it goes in the intented level or exact TP.
one more time , trade the way it suits you , I was only thinking out loud .
Get Rich or Die Tryin
  • #950,219
  • Edited 12:21pm Jan 14, 2015 11:59am | Edited 12:21pm
Quoting WeeMee
it is true though, it's hard to learn exactly where to place those stop loss values. .
Just so you can make fun of me, how I place SL: S/R + 1,2 pips spread + 0,8 slippage + 2 wrong calculation + 1 just to be safe, then round up . After roundup sometimes +1. Also when round up hits psyche number, like 1,2 i put SL like 7 pips further.

Actually I put also entry and TP the same way. Market is not precise and all our data come through many places before finally reaching our screen. Many differences in quotations, also it is OTC market, so... few pips here and there...
Edit: Lol, now I ve started something I shouldnt have, as I feel this should be precise so there is no confusion. Regarding that entry, well, it is almost the same, but as since I want to be in, there is no roundup. Also at each resist am entering like 3 trades, so this number is average of those and the higher overshoot, the Martingale . Now talking about intraday entries. Intraweek am entering in like 20 pips consolidation zones, the higher timeframe, the thicker zones.

So, what I have described is intraday SL for one particular trade, but since I have many, such number is usually covering one level of trades. Like right now 1827 for todays trades.
"I know one thing, that I know nothing." Sokrates
  • #950,220
  • Jan 14, 2015 12:02pm Jan 14, 2015 12:02pm
Quoting OnlineAddict
{quote} If I was you...I would wait for a few hours for asians to spike the price up and then short, because 1770 was "London bottom", asians won't go break it just like that...they will take it up first. At least thats what I think...I might be wrong.
Thank you for the sessions tip. This pair has taken time to break .8. It played with .84 many sessions, never below .8 for long. Now doesn't mind fading, demand lower. If DJI can stay up of NY low with CL staying up... (watch for a V move DJI)
----- Dragonfly out in the sun you know what I mean, don't you know
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