GBP/USD Trading - Page 2
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Thread: GBP/USD Trading

  1. #11
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    Quote Originally Posted by professorx View Post
    but next time, sell a portion of your position at that time. Then you have taken some money off the table and still have the opportunity to make more, not less. At that point you are playing with the houses money and that's a great position to be in.
    Professor, I was thinking about that. That's what I should have done. I could have easily taken 10 pips sure profit and set stop loss @ 15 pips.

  2. #12
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    I have a question. Anybody using the daily chart on this pair? I am not quite clear the main diff between trading the daily chart vs. hourly chart. I understand the noise level and head fakes once you get into smaller time frames. If I employ a 20-pip stop loss on the hourly chart, could I use thesame on a daily chart? Is it true that the higher time frame, the wider the stop loss?

  3. #13
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    Quote Originally Posted by ramrocket View Post
    I have a question. Anybody using the daily chart on this pair? I am not quite clear the main diff between trading the daily chart vs. hourly chart. I understand the noise level and head fakes once you get into smaller time frames. If I employ a 20-pip stop loss on the hourly chart, could I use thesame on a daily chart? Is it true that the higher time frame, the wider the stop loss?
    The higher the timeframe you go, the wider your stops should be. You can use a higher timeframe to see what the overall trend is and then drop down to a shorter timeframe to actually trade.

    Also consider what pair you are trading when deciding your stop losses. The Cable is known to have plenty of spikes while the EUR/USD has more fluid movement. So when trading the Cable you should consider this when deciding on a stop loss.

  4. #14
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    I have been stopped out twice in a row I get stopped then the price goes to the direction of my trade.

    What are you guys using as an effective stop loss in pips trading this pair? Using 1Hour Chart.

  5. #15
    Quote Originally Posted by ramrocket View Post
    I have been stopped out twice in a row I get stopped then the price goes to the direction of my trade.

    What are you guys using as an effective stop loss in pips trading this pair? Using 1Hour Chart.
    Ramrocket, could you give us more detail information of your trade? what is the trend like? volatility? better yet, give us the screenshot of chart you are talking about.

    As a rule of thumb though, i usually use pivot points and R1/S1 on calm days w/ sideways trading.

    oh ya.. i'm noob.. so dont take my words for it. i just like to learn together.

  6. #16
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    Quote Originally Posted by babyfxtrader View Post
    As a rule of thumb though, i usually use pivot points and R1/S1 on calm days w/ sideways trading.

    oh ya.. i'm noob.. so dont take my words for it. i just like to learn together.
    I am not sure how to use pivot point. If R1 or S1 arent any closer to my entry point, I resort to 25-30 pips stop loss.

  7. #17
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    Dec 2006
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    I love trading this pair but I have the same problem all the time. I trail the stop too close and it knocks me out. I have started putting my stop further away beyond important fibo or daily s/r levels and it has been working better for me. Unfortunately that means a smaller risk/reward since the stops are further out. I love this never ending learning curve

    Quote Originally Posted by ramrocket View Post
    I have been stopped out twice in a row I get stopped then the price goes to the direction of my trade.

    What are you guys using as an effective stop loss in pips trading this pair? Using 1Hour Chart.

  8. #18
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    I walk up this am and realized I've missed the long signal @ 1.9491 I sleep through a big sonami move! I bet alot of you guys made money today.

  9. #19
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    you don't use entry orders Ramrocket?

  10. #20
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    Quote Originally Posted by Pipcrawler View Post
    you don't use entry orders Ramrocket?
    No, I am not experienced enough to use entry orders. I rely on my system alarm to give me an alert signal. I still like to see the parameters of the trade before entry.

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