For d currency pairs having five digits ,after d decimal point,u count from the 4th decimal place while JPY pairs u count from the 2nd decimal place after the point.
Eg.Buy EU @1.18500 with tp 100pips would be 1.19500
Buy GJ @139.800 with tp 50pips would be 140.300.
Or Simply put,50 or 100pips is 500 or 1000 points move to any given direction.
Sorry, I wasnāt being clear. I meant to ask how you calculated it should be 100 pips to the SL for USD/CAD, and how it should be 70 pips for EUR/JPY.
The SL distance calculation should be a minus from the EP.
Using SELL USDCAD EP @1.31820,SL 100PIPS would be @1.32820.
If u are yet to take d trades,I would advise to wait cos d news that came out today pushed some to make moves without hitting d EP exactly and the TP given but GBPJPY and GBPCAD are yet to buy so u can wait for confirmation for d trades.
Yes, Iām sorry to have to ask again, I need to be clearer.
I mean, for your signal for example to sell USD/CAD, how did you identify that the SL should be 100 pips above EP.? How did you decide it should not be 80 or 90 or 110 or 120 pips, but it should be 100 pips?
Oh I get,datz not my signal.
Please USD is strong, donāt trade those signals
If its not your signal, why did you post it? How did you decide this was the best signal to post? How did you decide it was worth posting as it should be profitable and not the biggest loser since buying farmland on Krakatoa?
Datz not my post, Iām just helping u clear ur confusion.Check d name on d post dear.
@janey001 OK, Iām sorry again for confusion, you were just trying to be helpful I see.
@FMFOREX - How about it? For your signal for example to sell USD/CAD, how did you identify that the SL should be 100 pips above EP.? How did you decide it should not be 80 or 90 or 110 or 120 pips, but it should be 100 pips?
Sell CHFJPY now
The structure determines your stop loss
What does this mean?
Whatās hard to understand hereā¦the market structure determines what you should set for the stop loss
What are the rules or guidelines or TA features or price action characteristics that you use too find the SL?
My response is clear enough for you to understand.
Yet it would be interesting to understand what you see on the chart that tells you where SL should be - is it based on ATR or a projected candlestick pattern or an indicator such as MACD or one of the momentum indicators or another technique?
If youāre an fx trader, you must know that stop loss are based on various factorsā¦so ,itās left for you to find what suit your strategy.
Trading this week was challenging .But I hope my update saves many of my signals users from recording huge loss.Hope next week will be superb.
But what Iām asking is what are the factors that you use? What are the factors that you have used for example to determine that the SL on your recommended USD/CAD trade should be at 100 pips from the EP and not some other distance?
Just a suggestion, some of the signals are abit confusing such as the audjpy sell where the tp is 73 and entry from 77.500, it is a huge move that will take a week or more to finish and the funds are tied up with that one trade so mentioning weather its a long term trade or a bit shorter would be helpful as funds get tied up. Markets have been very confusing this week honestly so i can respect the losses. And for the aspect of sl, i was abit confused as well since referring to the earlier trade that i mentioned, if its a 100 pip sl and tp is over 2000 pips. So if you could atleast for one week give an analysis of how you base this strategy on sl and tp, it would be very helpful for us who follow your signals to learn as well as understand the trades you take. Just a suggestion