It seems my trade hit my S/L for +5 pips on the cable. It went down about 16 pips pretty quickly for some reason (as did the EUR/USD it would seem).
Well, I didn’t lose any pips in the process, and a small gain is certainly better than no gain. We’ll have to see if I did myself a favor or not in the long-run. I have a feeling I shortchanged myself.
I may need to rethink my S/L…
Preliminary thoughts would simply tell me never to move it, or to adjust it only after a higher number of positive pips are reached.
Here is an update on the account so far:
STATISTICS
Starting Balance: 1,000
Current Balance: 1,082
Pips Gained: +87
Number of Trades: 3
Days Total: 2
Equity Increase: 8.2%
The USD/CAD moved in my favor. I’m +13 pips so far.
The cable trade that I placed earlier found it’s strong second wind (as did the EUR/USD). Both shot up. If I had not moved my S/L, I’d be very close to my original T/P. :mad:
Oh well. I know now not to adjust anything anymore. Except maybe after it’s +35 - 40 pips in profit!!
The indicators look promising, but it’s time to go to sleep for me (I’m exhausted).
What to do??
Set a BUY STOP! That means that if the price moves up about 15-20 pips from its current price, I’ll automatically buy the pair with my T/P and S/L set for 50 each.
Hopefully I’ll wake up to 100 pips with this and the USD/CAD both closed out with their respective T/P’s.
EUR and GBP are soaring through the roof with 60+ pip candles on the 1 hour chart.
I’m +18 pips or so on the USD/CAD. I’m not adjusting anything, just letting it run.
I’ve also deleted my BUY STOP on the EUR/JPY simply because it took a huge spike downwards right after I had set it. It is now retracing upwards, slowly, but I’m staying away for now.
What are your thoughts on ReEntry with regards to this system? Do you do it?
What are some good signs?
If you hit your T/P (if it was set low) and the indicators are still going in your direction, would you go back in? Does time play a factor in your decision?
Again, I think this may be a point of interest for many…
Im still testing this system out so decided i would take what i got and run. never can be to greedy in this market or it will be you down fall. but if i would have followed the trend down it would have produced over 150pips! Going to continue testing this out with my current system so i can stack some more pips each month!
Yes, Friday is not the best day to be trading. None of us should probably be trading today!
Given that, I’ve just placed two orders! :eek:
I’ve BOUGHT both the EUR/JPY and the GBP/JPY.
I have a bad feeling about both of them. The cross currencies never seem to play nice with me.
In other news…
My USD/CAD trade bagged me some more pips. However, I lied about my S/L. I promised myself I was not going to adjust it, but then at the last second I tried to get fancy and use a trailing stop/loss. And you all know what that lead to! It took a slight bounce up and it hit my S/L, AGAIN!
Of course, if I had just left everything alone I would have hit my original T/P, AGAIN!
I’ll learn sooner or later lol.
I still bagged +33 pips.
STATISTICS
Starting Balance: 1,000
Current Balance: 1,108
Pips Earned: 120
Number of Trades: 4
Days using the system: 2
Equity Increase: +10.8%
maybe adjusting to a Trailing stop of about 30-40 would work little better? It will allow you to break even and also if price to take turn for the worse you at least got out with either break even or made few pips
I think this is mainly a matter of personal risk appetite and preference.
Personally, I don’t like to do it, simply because if my T/P was hit I am more than happy to walk away with a modest amount of pips and be done with it.
We all know how the market can quickly turn against you. I find it best to wait for these strong signals to appear, set a modest T/P, let it ride for awhile, move your S/L to Break Even or +2-5 pips when appropriate, and be done with the trade.
So far, all 6 trades have been winners so far. These signals are not cropping up every few minutes, but when they do crop up it seems to be an easy way to grab 50 pips.
If everything seems to indicate that the trend will be playing out for a long time, and it HASN’T hit your T/P yet, you could simply use an EA for a trailing stop/loss and REMOVE your T/P. That way, you can ride the trend indefinitely until it retraces back 10-15 pips or whatever your settings are.
I wouldn’t recommend re-entry, however. I think you’ve got to strike while the iron is hot, and that seems to be on the initial crossover. I would also not recommend jumping in late on any trades. If you missed that initial crossover, I’d stay out and look for another one elsewhere.
Just my thoughts.
PS – Keep your eyes on the USD/JPY. Bullish tendencies and a near crossover.
Do you also mean to simply remove the T/P altogether?
That would be an interesting approach. It may allow you to really ride out the wave and catch the total 100+ pips! Or, you’d probably end up with a lot of +0’s, +30’s and +60s (which is all good in the neighborhood).
Sure enough, my trade on the USD/CAD was stopped out.
Another loss of -50 pips.
I very much think that it’s just because it’s Friday. I’m not thinking much other with these losses at the moment.
Yes, they happened, and they will always happen, but today is an extremely crazy day!
Some of these losses were my own fault, too. The MACD had not crossed on some of the orders, yet was “approaching a cross”. That’s premature and I should have known better!
I still have faith in the system, but I think I’m done for today.
STATISTICS
Day 2
Starting Balance: 1,000
Current Balance: 1,106
Pips: +107
Number of Trades: 8
Win Ratio: 75%
Equity Change: 10.6%
You could always use the trailing stop so you can break even than move the S/L to your own benefit after it has broke even. I wouldn’t neccessary remove the T/P but maybe do an T/P base on how much you want to gain or on S/R lines
My name is Steven Johnson. When I first heard of forex, I was very excited at the possibilty of making money without working for it. But, unfortunately, I made some mistakes and ended up losing nearly 200000 dollars. I now live in my car and struggle to get by working at mcdonalds. I have come to realize hat forex is nothing but a lazy mans paradise. Anyone who welcomes the idea of living off of it is a lazy bum who needs to find a JOB. Yes the three letter word you all dread so much. If you refuse to take my advice I will simply chuckle once I hear of your great demise by the forex system. Well I no longer feel you are all are worth any more of my time so I will leave you all with three simple words. GET A LIFE.
