Have decided to take the entry:
EUR/AUD : 0.2lots : Entry: 1.62919; Hardstop 1.60919; T/S = 75PIPS
Price alarm set for +50pips profit. If/when this happens I will close half the position, and move hardstop to BE.
Lets see how this goes with the new ideas we’ve brought up.
soul786, Are you using the 1,4 MA’s or 2,8 MA’s? I am not getting a good entry signal on the Eur/Aud. I am using the 2,8 MA’s
how do u set the price alarm set for +50 pips profit? or u have to take a look at every now and then? I also go long for the below
EURAUD : 0.1 Lots: Entry: 1.6298; Hardstop: 1.6098; T/S = 75 pips.
But i dun know how to set the 50 pips profit? if you were to say to hit the 50 pips profit… that means have to get 100 pips first right or anything more than 50 pips?
Hi guys, next alert…
Short EURCHF
Short AUDUSD
Will be watching the AUD/USD for short entry.
I don’t think i’ll take the EURCHF. Looking back over past weeks, daily range is not very high. With the targets we’re aiming for in the system, hardstops at 200 and T/S beginning at +75pips, there isn’t enough movement day to day for me to think this trade is worthwhile. Looking back I saw a daily candle with a high and low difference of only 69pips.
See my next post about your question above.
Busy morning when I woke up. Here’s what happened overnight:
GBP/USD trade from 2009.10.11 hit the T/S and closed with PROFIT OF +68.3pips
USD/JPY trade from 2009.10.09 hit the T/S and closed with PROFIT OF +22.2pips
The new EUR/AUD trade from last night:
Hopefully that helps illustrate what I mean with moving the SLs and taking 50pips on half the trade.
See attached charts below for visuals.
thanks dude. just back from home.
My GBPUSD had closed trade hitting the Stop loss earning 43 pips. (still haven recovered my USDCHF of 100 pips).
Current pending are as follows:
USDJPY long @ 89.99 -32 pips
EURAUD long @1.6298 +46 pips
AUDUSD short @0.9049 -25 pips
EURCHF short @1.5170 -7 pips
Only one postive… sob sob… care to share ur trade?
I personally would not have entered your UJ trade at 89.99. Much of the move already occured after the cross. I’d wait for a better setup when I’m late on a trade.
Currently have one open position:
EUR/AUD @ 1.62919 +44pips
Prior Closed Positions:
UJ Long closed @ +22.2pips
GU Short closed @ +68.3pips
EU Short closed @ -91.3pips
EA LONG closed @ +50pips
Watching the AU for a short entry.
overall +49.2pips. Each of these are 0.1 lots.
bro, how do u set the mt4 alert? so that it alert u when it hits 50 pips?
for your case, it should get 25pips profit instead of 50 pips profit since you change the lot to half 0.1 lot, am i right to say that?
how abt EURCHF and AUDUSD? you think these two pairs cannot go short?
EURCHF I looked at. The cross is there however, look at the highs/lows of past candles. They range from only 50 - 70 pips on average. This is lower than our T/S so entering a trade on this pair may leave us in a ranging market for quite some time. Thus I will not take this trade.
AUDUSD I have waited for confirmation of cross and verified. See attachment. Entered SHORT @ 0.90612 with 0.2 lots.
When taking the 50pip profit and then moving the SL to BE point, we are still making 50pip profit but not on 0.2 lots. Remember this is like cashing out 0.1 lots out of the 0.2 we now hold. Think of it as two separate 0.1 lot trades. We are simply closing one of those trades out for the 50pips and letting the other continue for more profits.
I see, i get what you mean… for the EURCHF…
But this 50 pips profit thing, i still not sure… for example, i now already get 60 pips positive for EURAUD (see attached). What should i set to take the 50 pips profit? if i change the lot from 0.1 lot to 0.05, i am just taking half the 60 pips profit which is 30 pips profit instead of 50 pips. thanks
You’re thinking the correct way let me try explaining it like this:
As soon as you’re considering taking a portion of your earnings, RIGHT AWAY split up the trade you currently have open into half; example:
Have 1 lot open, think of it as 2 trades of 0.5.
Have 0.1 lots open, think of it as 2 trades of 0.05.
Visualize it like you opened two orders at the same time.
Now its easy. When you close that position of 0.05, you’ve still made 50 pips on THAT half. The way you’re looking at it right now is of the overall position.
The numbers are a little jumbled but its easier looking at it this way. When looking at the overall trade, yes essentially you are closing out half the pips of profit. It just seems to make better sense to analyze it as 2 separate trades to keep things neat.
Hi guys, I entered long the EUR/AUD last night before bed (1:00am eastern time)
Just closed half my position at +53 pips, will let the rest run with the 75 pip TS (unless it appears to stall and stochastics shows overbought).
Can someone tell me how to set the 50 pip alert?
ya… i know what you mean by that… i just closed the trade with 0.05 lots of 80 pips. In terms of pips i have already get 80 pips profit, but in terms of capital, is only half of it.
By the way, how do you set the MT4 alert to let you know when it hits the 50 pips?
Ah sorry forgot to post this, here’s how to add alerts.
In the bottom window where you see all your open positions, click the tab that says ‘Alerts’.
Right click --> Create
Add what the numbers and levels are. Make sure you’ve selected the correct currency pair. Select whether you’d like sound or email alert (email alert requires you to set up email through Tools --> Options --> Email(tab) and enable it).
Add in the +50pip level by typing in the new price you’d like for the alert to sound off. The bottom of the window is important. Make sure you Keep timeout at 10seconds and iterations at 1. If you have more than 1 iteration it’ll spam you emails or constant ‘dinging’ alerts which is no fun :p.
Then that’s it! See the attachment for what that window looks like. Once the alert has gone off, make sure to delete the alert from the window by right clicking and hitting delete.
Never mind about the alert. I watched some tutorial videos and figured it out:D
Thanks soul786, I didn’t know about the iterations part. That is great to know. BTW what part of the world are you in?
Sorry man, I just noticed you are in Ontario
