London Breakout 1

d-pip · October 28, 2009, 5:01am

Doesn’t it look like GBP is in a great bulls vs bear battle?

If you’re a bolls band fan you’ll see that GBP is near the middle of both the 1h and 4h band.

Both 1h 20MA and 4hMA are right around the 1.6360 range.

Wonder who’ll win?

muthusai2000 · October 28, 2009, 5:40am

muthusai2000 · October 28, 2009, 5:43am

Euro’s stops moved to BE and trade is running with a small lot.

Regards,
Muthu.
Chennai.
India.

system · October 28, 2009, 5:48am

The bears won…:D.

My T/P is 1.6289=S1. A spike outside lower 3:20 BB on 1h and we should be there.

Great morning for Breakouts…EU + GU.

wrtm_19 · October 28, 2009, 5:52am

Wow what a morning! Do you have a rule about moving stop loss at break even?

muthusai2000 · October 28, 2009, 5:58am

Hello Clint,

Sounds good. Hope you bagged the pips during the move.

Regards,
Muthu.

muthusai2000 · October 28, 2009, 6:04am

The lower fib level (profit target) looked a real teaser and with the new hour and a green candle, i decided to close the trade at this level.

Regards,
Muthu.
Chennai.
India.

system · October 28, 2009, 6:05am

I move S/L manually…as per PA on 5m & 15m…10/15 pips at the time until break even [I adopted that strat from R. Carter]. Get as quickly to break even as possible.

Then I watch PA on 5,15m,1h,4h and move S/L accordingly depending what PA tells me.

wrtm_19 · October 28, 2009, 6:08am

Thanks a lot Cas!

muthusai2000 · October 28, 2009, 6:10am

Hi,
I think you directed the question to me. No i dont think there is any rule that is there as far as i know regarding moving stops to BE. May be other learned members here can enlighten further.

Regards,
Muthu.

wrtm_19 · October 28, 2009, 6:14am

And what’s your criteria to mover your stop loss to break even Muthu?!

muthusai2000 · October 28, 2009, 6:42am

l look for a target of 20 to 25 pips for euro and 30 to 35 pips for cable. If there is good momentum, i try to make use by moving stops to BE at this point and trade with a small lot. Fib levels are also used as target areas.

Regards,
Muthu.

d-pip · October 28, 2009, 6:54am

Some of the bulls still think they’ve got a chance and don’t seem to be too happy about giving up :mad:

system · October 28, 2009, 7:09am

I bailed out…candle color change @1.6325 after wick @outer 1h 2:20 boll.

You’re right…bulls have come back for now.

Gives me +25 pips.

EDIT: That what happens when PA spooks ya…you get out and moments later your set T/P target get’s hit. :rolleyes:

system · October 28, 2009, 7:53am

[B]Muthu[/B]

That EU breakout ain’t over yet…

I entered two positions…

@1.4836…break upper trendline which is “about” daily PP
@1.4807…break lower trendline

T/P for both is [email protected]

I reckon there is more than a good chance EU “arrives” @my T/P.

antonioforex · October 28, 2009, 8:14am

Muthusai,

are you still using the 0:00Candle, 01:00,02:00, 03:00 and 04:00AM candle for your swing highs and lows? Or did you change anything with London now at GMT? What time zone do you use?

Thanks,
Antonio

antonioforex · October 28, 2009, 8:15am

Muthusai,

are you still using the 00:00, 01:00,02:00, 03:00 and 04:00AM candle for your swing highs and lows? Or did you change anything with London now at GMT? What time zone do you use?

Thanks,
Antonio

muthusai2000 · October 28, 2009, 8:38am

Hi Cas,
Yes afer i closed out of Euro trade, price came down after a retrace :mad:

Muthu.

muthusai2000 · October 28, 2009, 8:41am

Hi,

I think i am breaking the rules left and right . I am only looking for early breakouts. I am at GMT+5.5 and I use IBFX which is in line with GMT.

Regards,
Muthu.

d-pip · October 28, 2009, 8:49am

Cas
thanks for the heads up on this one, I’ll keep an eye open for it too

I like your optimism with your T/P! Oil day, right?