I think I’ll do the same and close out. Right now I’m sitting -90PIPS on this trade. Take the hit and move on haha.
bro jad… my USDCHF just hit the stop loss of 100 pips… sob sob… i went long and this is what happens… lol
it seems like the USDJPY is going to turn the other direction based on H4 chart…
Now i am losing 100 pips, what a day to start… haha
In another words… for example:
I long 1.580 then i put stop loss at 1.480 (100 pips) and trailing stop of 50 pips. When the price move up to 1.630 (50 pips), my stop loss would move up to 1.530? is it means this way? so if it keep hitting another 50 pips, my Stop loss would be more than my initial entry right?
Exactly! Now one other note is it must be a move of pips HIGHER than the trailing stop. If it is exactly 50 pips then the trailing stop is not added to break even. When it is 50.1pips in our favour (yes even fractional pip) THEN the trailing stop is added at 0.1pips above our entry; thus locking in 0.1pip profit.
When the movement is exactly 50 pips like your example, you would still only be holding that 100pip stop loss you set originally.
For what it is worth Forex Phantom said a while back that he was using a 200 pip hard stop at one time and it worked pretty well and also he was using a 75 pip TS. Another thing he had suggested was to change the MA,s from 1,4 to 2,8 to help reduce fake outs.
need some time to digest… maybe i just try it on a demo account… thanks dude
No problem!
Ah thanks for pointing out the hard stop he was using! I’ve already been using 2, and 8 MAs which help smooth out the action a bit and reduce the fakeouts.
200pip hard stop seems a bit excessive but I’m still watching two trades I haven’t closed so we’ll see how it turns out whether it’s worth letting a trade run. 200 pips could leave the trade running a while. Maybe I’m expecting profits too quick?
o i see… i read the whole thread, did not see him mention about the changing of MA from 1,4 to 2, 8… maybe i miss out on that…
Winalot2, did you try his system using 2,8 MA?
200 pip Stop Loss… hopefully we wont get to hit the 200 pips if not it is really serious… 75 pips TS, i wil try that
MasterIllegal, Yes I am using the 2,8 MA’s. It helps smooth out things. I am also trying 5,3,3 Stochastics to filter entries. I don’t think I will enter if stochastics is in over bought or over sold territory. I am also using a 100 EMA to show trend and use that to trade with the trend. Right now I am short the GC at +67 pips, waiting to see 75 pip TS to kick in.
I am only using 2,8 MA and Gann Hi Lo…
Btw, u only look at daily chart right? before i go in, i will take a look at the H4 chart and see whether is the same trend … i think is better, what u think?
Btw, once u set the 75 pips TS, if it hits +75 pips, does that means u already got the 75 pips profit but the trade is still open?
Yep! MT4 automatically will remove your old SL and add this one. When price moves further in your favour, the T/S adjusts to keep 75pip distance, but therefore also means you’re locking in more profit incase of a retrace. If price moves against you, that T/S will stay at its last position.
Hi soul768, I think that a 200 pip SL is not that excessive considering we are trading the daily chart, the trade needs room to breath. If you set the SL too tight you greatly increase the probability of being stopped out too soon. I would be very careful of blindly entering and exiting trades solely on the MA cross overs.
Masterillegal, About the trailing stop in metatrader. If you set a 75 pip TS and the price goes to 76 pips in profit then you have a guarantee of 1 pip profit. The 75 pip TS is there to give the trade room to go up and down. The good thing is you will not loose anything. One suggestion to take profits is when the price gets in profit by 50 pips or so close half the trade and let the rest run.
Most traders look one time frame ahead to see trend. I use the 100 EMA to show trend right on my daily chart. I am not familiar with looking back a time frame. I don’t know all that much about forex but, I do know that everyone is different and each person has to find their style and what works for them. I think this daily cross is a good foundation but again it should be used with other tools to help filter entries and exits. Just my two cents worth.
Hi there, those who are using phantom system, do you know when to exit? lets say if you exit at the next cross, then it will be too late… cos if you exit at the next cross, it will be a losses… as when it about to cross, means it is going the other way… My Current pending trades:
- Short GBPUSD 1.5837 (+ 53 pips)
- Long USDJPY 89.99 (-17 pips)
My previous trade of long USDCHF had already lost 100 pips close trade…
You all think is advisable to go long for EURAUD ?
Hi masterillegal, Did you set a 75 pip SL as suggested by the Phantom. I am thinking I will try exiting half the trade at +50 pips and let the rest run with 75 pip TS. I am currently short the GBP/CHF for +45 pips. By the way what happened to the Forex Phantom I wonder?
Hi Winalot2, i dun know where is forex phantom… anybody can locate him?
btw, you mean set 75 pip TS? i guess my GBPUSD had already hit the trailing stop, as now the stop loss had already change to 1.5821 instead of 1.5937. I cant exit half the trade at +50 pips cos my lot is only 0.01 and i cannot exit the trade at lot 0.005
Btw, you from singapore? I am from singapore
Right now my two open trades are:
UJ LONG +57 pips
GU SHORT +85 pips
When I see a new setup and enter a new trade I will be experimenting with the 200pip hardstop and 75pip T/S. I think the system is based on letting the trade run until a stop is hit.
From what I read on prior pages, trades were generally closed out by hitting either the T/S or a hardstop. Targetting a set number of pips and closing half the position is a good way to do things. I think also if one were to do that, I’d move that hardstop to be at the BE point (trade entry).
The reason I would close half the trade at about 50 pips would be to make sure I get some profit from the trade. From what I have seen so far the system works real well for getting into a good trade initially but, you can get stopped out with very little profit using the 75 pip trailing stop. Keep in mind once the TS is activated the hard stop is no longer in play. Almost all the trades I have entered so far have got up to at least 50 pips profit but, tend to go back against me later, this way you take some pips off the table and let the rest run for those times it goes 100+ pips in your favor.
hmmm… so two of you only uses one system for trading? and only for Daily charting?
Btw, if i am using 0.01 lot, how do i take profit of 50 pips cos i cannot set to close at 0.005 lot… thanks