Hi Muthu
Where exactly do you put your protective stop. Just got stopped out on cable. According to the strategy “[B] A protective stop is placed just above/ below the candle that broke the trend line”[/B]. That doesn’t make sense to me, because when the candle breaks the trendline and my trade gets activated, How can I place a protective stop just above(short)/below(long) a candle that is still open?
Please shed some light.
Hi,
Look for support/resistance lines/ fib levels and keep your stops above it. Today’s Cable, my stops were above S1 line. However, when you look at yesterday’s failed trade my stops placed below R1 got it. Every day is different. Where were your stops today ? Where did you enter ?
Regards,
Muthu.
My trade was triggered on the 6th candle. On the candle that you exited. My stop was just above that candle. I was stopped out(lost 22 pips), but in hindsight looking at the chart, I would have lost a lot more, because its up now. Thanks for the insight.
Muthu
What S/R did you use for you exit target on Cable today?
Today’s exit was not on any s/r level. It was just based on number of pips. Looking for target ranging from ten to twenty pips. S2 was too low at 6228 so didn’t eye it as a target area today. Let see how the day unfolds.
Thanks,
Muthu.
Hi Muthu
On which candle do you enter? I’m still waiting for the 5th candle and you are already done. I wait just before the end of the 5th candle, before drawing my trendlines.
Hi,
I trade EARLY breakouts and not the regular london breakout and today my trendlines were drawn at the open of 0600 candle.
Thanks,
Muthu.
Have you found that to be more profitable?
Got 15 pips on the sixth candle:)
You got little more than I got.
Keep it up.
Tenpips
Did you also enter on the 6th candle?
FB
No, I enterd at fifth candle.
This one didn’t work. Entered on the last green candle, was stopped out for 30 pip loss. My stop was the bottom of the candle I entered on.
I see everything went crazy, maybe it was the news at 15:30 GMT.
Every system has its own time limit. In this pericular one I enter only one trade within first 2 hours. Besides there are so many news are coming out. I got out with 8 pips while some one got out with 15 pips.You must watch support and resistence for entry and exit for EVERY system every tarde. Always have atleast five different systems in hand to make 2 or 3 trades per day to make a living.
The Frankfurt/London breakout relies on trading momentum at the [B]open [/B]of the market. FX market starts to wind down later in the day. There is a lot of movement at the moment due to the US stock market dumping out and the president being on TV.
Generally you want to take the trade near the open and have it unfold within a few hours.
Regards,
Muthu.
Chennai.
India.
Hi,Mutu;
Where was your stoploss today?