whoah?! I missed this trade idea! If you went with a sell at 1.5770, you must have gotten 100+ pips!
Took in approximately 58 pips.
Placed a Buy stop order on GBPNZD above the recent consolidation at previous resistance which is in line with fib 50. TP to be decided.
Any comments ?
BIJOY
I’ve never traded like this before ( to place an order above ) therefore I haven’t seen the advantages of it. but good luck with it. a question would be, why is it better than a market order just where price is, but somehow I understand.
so, my tp would be the high before, first, than 1.9 if it reaches, than sell.
Intention to place buy order above the market price is little conservative. Now the price is consolidating after a heavy down fall. Expectation is that, if the pair continues it’s downtrend, then it will go down without going back above the current consolidation and triggering my order. So that I will not be burned. Also expecting price to go above the consolidated area from the trend line triggering my order and giving me some pips. Everything is expectations and possibilities. Let us hope for the best.
Though my 6th and 7th trades are not yet triggered, I am going forward with another trade.
i.e., Short EURGBP
See chart
BIJOY
Order not triggered. Trade cancelled. Price is going down like a rocket breaking the trend line.
Kores,
This is the benefit of placing pending buy order at a price above the market. If it was a market order, it would have been hit SL very easily.
BIJOY
I placed a pending sell order below that range in 1.6700, got triggered, now I’m positive 60pips. Though I haven’t put it in to my journal. Got triggered while I’m out.
I’m glad to see you haven’t been in. and Thanks for showing this kind of thinking! progress!
meanwhile I’m stopped out on my GU shorts. but I don’t mind. next time I’ll watch for a long. not today
Good to see you back and posting Bijoy.
Buy Limit order at 1.2250 on AUDNZD triggered. crossing the fingures. Target is 1.2430
Waiting to Short AUDUSD at trend line (which is in line with Fib 61.8 level and previous support) on some candle stick confirmation.