Haha yes up in Canada.
Update on my EUR/AUD Trade:
T/S has been activated locking in +7Pips profit. Another successful trade. This is already after closing 0.1lots on the +50pip move and letting the second 0.1lots run.
Great news! I got in a little later than you. I had already closed half my position at +53 and the other half is running at +51 pips right now. Is Ontario in the eastern (NY) time zone or what?
ok, no problem. thanks a lot. btw, it will only alert if i open my MT4 program right? so if at the time, i open my MT4 program, it had already pass the 50 pips and gone back to 49 pips, i wont get anything right?
Btw, i still not sure about the trailing stop, i had get the profit of 80 pips for the EURAUD by changing the lot size from 0.1 to 0.05. And now i set my trailing stop to 75 pips because u all say so, but i dun know the meaning of setting 75 pips and why 75 pips and cannot be 50 pips, 100 pips?.. ( please see attached)
If you want to have a 75PIP trailing stop, make sure you’re entering 750 into that window. It takes into account that 5th decimal.
The reason 75pips was chosen is from reading from earlier in the thread, phantom was using it I beleive or it was concluded that it worked well to let profits run longer incase there was a news event or something during the day. It could be anything you want, but 75 worked the best so far.
I’ll have to look into leaving MT4 open for the stops to happen. As far as I know, stop losses and take profits will still work even if MT4 is closed; orders are sent to your broker’s server so you don’t need to have MT4 open. I’m not sure about T/S though.
Yep, EST. Right now its GMT-4 here with the daylight savings. Youre also EST?
I have been using the 75 pip TS because it was suggested early on by the phantom. You can play around with the TS. Some pairs will not require that much and some pairs require more. BTW be careful with the TS if you are on a 5 digit broker like me you have to add a digit to it, thus you enter 750 TS. If you enter 75 you will surely get stopped quick because that amounts to 7.5 pips.
Also it was mentioned some time back that the GBP/JPY is probably to volatile for this system, I am not sure because I haven’t opened a trade on that pair yet
i see… cos it wrote pips on that windows, so i thought 75 pips = 75 pips… so i have to change to 750 pips on that window, right?
But the problem is that i still dont know the usage of trailing stop, even though u and winalot had teach me but i still dun understand… maybe i am not that smart enough. lol
Yup, i know that if you close ur MT4, the stop loss, profit and trailing stop still goes on. But how about alert? normally do you set alert or you let it send a email? there is one more option called File, what is that?
Soul, Yes I am in EST (GMT -4). It is cool we are in the same zone it makes it much easier to communicate:D
i am in GMT +8… what time is it over there? my time here is 1049pm
Masterillegal, Are you on a 5 digit broker? Where are you in the world?
i am in singapore… i think i am on a 4 digit broker… currently using ibfx…
Masterillegal, If none of the currency pairs show price with 5 digits after the decimal then you are on the traditional 4 digit broker, in that case use 75 TS. BTW you are 12 hours ahead of me and soul. You will probably be going to bed soon and we are just getting started (11:00 am)
EST time here is 11:05 am at time of this posting. haha big time difference.
And if you’re on a 4digit broker, ignore my post about setting the input to be 750, 75 is the correct input then.
thanks a lot… soul and winalot… already change back to 75.
But do you mind can explain to me in layman term on what is trailing stop? maybe can give more example? sorry about it… i really blur on that…
Sure. Here’s how I see a trailing stop.
A trailing stop is a level that will constantly change BUT it will keep its set distance from your profit.
The trailing stop is a STOP LOSS that moves in the PROFITABLE direction of your trade. Therefore when price action goes against you, that stop loss will stay where it is and you’ll never lose more than that level. When price action moves in your favour again, the trailing stop will move only when the gap is greater than what you set it (in our case 75pips). This way, as price moves more and more into profit, the stop ‘trails’ behind 75 pips.
Tell me if this makes more sense. If you’d like a visual example, let me know and I’ll draw up something in photoshop for you.
thanks for the effort… do you mind if you can quote an example so that i can visualise? thanks
I don’t think my explanation of it is too clear but I did some searching, hopefully this link doesn’t get removed. It’s a youtube video which explains the concept of trailing stops. The person explaining gives a simple scenario also and videos usually help explain better. Tell me if it helps.
See link below.
Hey guys, Check out the NZD/JPY looks like a good short entry setting up. BTW my long on the EUR/AUD that I am currently in looks like a real strong trade based on looking at S&R, Trendlines and stochastics. I may very well be wrong but l think this one could be a 200 - 300 pip run;)
I just entered a short on the EUR/CHF with 200 pip SL and 75 pip TS
thanks a lot. I will go thru it later… Just woke up and is 8am in the morning… preparing to go for work…