Friends,
My recent trade (Trade 13 - Long EUR/USD from Post # 176) went against me and I was stopped out at my stop loss.
Now I am having 2 loosing trades for this month out of my 13 trades in which one trade was cancelled and all other 10 trades were winners.
This trade took 60 pips from me and reduced my account by 4%. Now my balance is reduced to $3828.60 to $3708.60.
OK…Guys, No problem. Still now I am up by 22% for the month.
I will be back after spotting a new set up
Bye…
BIJOY
Hi Bijoy
Thanks for your great posts on this thread … I have been following them with great interest.
Perhaps you would like to share a little more insight as to how you implement your trailing stops.
So, for example, if you set a TS of 50 pips …
Thanks again for your great posts :35:
[I]M[/I]
Hello,
I used to move my stop loss to BE or use a certain trailing stop as protecting capital is a main thought of my trading strategy.
Setting SL to BE and Trailing stop are two different things.
A. Setting SL to BE
Stop loss is not constant for all my trades. I used to calculate a free space for the price to take air, while I enter on a trade to fix a stop loss. Normally, I used to fix my stop loss on the opposite side of the channel, below/above support/resistance and trend lines. Hence the stop loss varies from trade to trade as the distance between entry point and stop loss differs from a trade to another trade. In most cases, SL is moved to BE, after getting the trade up by the exact number pips of the stop loss.
Example, If I enter on a long trade on EUR/USD @ 1.3000 with stop loss @ 1.2950 for 50 pips, then I will move my SL to BE after getting price up by 50 pips by reaching 1.3050. If the SL was for 60 pips, the SL will be moved to BE only after getting the price up by 60 pips.
B. Trailing Stop
I always try to use a trailing stop that can accommodate the price within the room. For this, we have to calculate the average movement of a pair for a given period. It is very easy as the ATR indicator is working on this data. As my trades are normally triggered from the 4 hour chart, I use the ATR value of the pair in 4 Hour chart for fixing the trailing stop. I used to multiply the ATR value by 1.5 to 2 for getting my trailing stop.
By experience, I found that the ATR value multiplied by 1.5 to 2 in 4 hour chart for most of the pairs lies in between 40 and 80. So nowadays, I won’t use the ATR indicator and choose a figure between 40 and 80 by discretion that suiting to the stop loss and trading conditions.
After all, the main intention is to make the trade BE before trailing it by some pips.
If the number of pips in trailing stop is less than that of the stop loss, I will wait for the SL to be moved to BE, before triggering the trailing stop. If the number of pips in trailing stop is greater or equal to that of stop loss, I will attach trailing stop to the trade at the time of entry.
Sometimes I won’t use a trailing stop, If I am able to sit in front of the system to make discretionary decisions throughout the trade.
Hi Bijoy
Thank you for your detailed reply
:60:
[B][I]M[/I][/B]
Below are two set ups which are in my close watch presently.
What is your opinion ?
OR 
???
my halfass setup of c didnt work lol) im kinda mntally short and see only shorts right now. hate when that happens.
Waiting for some bearish candles to close for a short trade.
Hello Bijoy. With the stochastics in the overbought area and both the pairs facing resistance I I guess we might see a rebound on both initially. So a move down and then perhaps another attempt at breaking the upsdie in the next few sessions?
Just my opinion.
DD
I would think that with the stochastics in overbought territory and trendline resistance for GBPUSD and Supply line resistance for AUDUSD we might see a rebounce to the downside.
How much time left to candle close according to your platform? mine is about 75 minutes remaining.
DD
bullish candles seems too bullish, bijo. thats why i like you waiting for conformation. i usually just sell or buy levels. too much false signals i guess.
Just looked at another platform and it has 14 minutes left to close the 4 hour candle. And the AUSSIE is forming a bearish pinbar. GBPUSD is one big bullish candle which is scrapping the trendline.
DD
Hello Bijoy. The Aussie closed with a bearish pinbar.
Chart attached.
Our candles are almost same. Current 4 Hour candles will close at 1.00 PM GMT (6.30 PM IST).
It will further take 13 minutes for my platform to close the current candle. Aussie is likely for a bearish candle. Cable is also trying to close below the trend line.
Candles are closed. Cable closed a bullish candle below the trend line. Aussie closed bearish, but not strong enough to trigger a short trade. I think, we have to wait further ?
Decided to wait with patience.
audusd gbpusd moves wer weak, but eurusd also was a decent setup that i missed. wasnt here just came in and saw it damn.
click here
im short aussie from 1.0364 with stop at @1.0375 - tight i know but i took half profit at 1.0353 - 11pips that is and now my trade is free. sorry i didnt post the chart. i was 15min chart so acted fast. feel free to keep the track of it. hopefully it wont get hit. not that we care.
Hi, I read your thread day in and day out and you have given me excellent trading opportunities. However, I have one question: With bullish fundamental, and for example the Aussi, which you said your going to short, does it throw all technical indicators out the window until the market is ready to exhaust it’s self?
my audusd trade is still holding nicely, but there are lvls to watch. I was always amazed how price respects old forgotten broken trend lines. I dont trade trend lines but even watching is fun. #AUDUSD H4:
