OK, very cool information … now I see how you use the 2 separate charts and why the 5/10 is icing on the cake.
Since we have a really interesting example here with cable, maybe you can go over this trade as your strategy applies to it … i.e. I think we both shorted around 1.9970, I added a couple higher but then got really spooked … so I just observed (did not close trades) and she shoots up to 2.0134!! I’ve never seen the GBP/USD move like that. I shorted one more around 2.0120 … but as someone who is used to this strategy, how did you or does one handle a rapid & strong move up like that? I guess you just figure “what goes up must come down … sometime??”
To be honest I already took profit at 50 and so pips on some just to free margin and put profits on balance. I am still in the hole. I will just have to wait and have faith. I have never seen this before either. This is a great start to my strategy.
This is a true test of my patience. Will I stick around long enough to ride the other side of the 200.
OK, I know I am being dim here … but what is a 1:1 order??
We close all orders when price crosses to the other side of the 200 ema. We close
these orders in profit or in loss. This point is both our take profit and stop loss.
OK, this confused me for a moment … how could it be a loss? But now I see with the cable shooting up like that, it’s 200 ema is rising … so if it lingers up here for awhile, the 200 could rise high enough pass the average price the shares are owned at (in my case 2.0007). So you just hold on figuring sooner or later price will meet the 200 again … but if the b/o was real and price just goes up, the meeting will be because the 200 is moving up.
I am wondering in that case, why keep money tied up, why not exit at b/e or at a small loss on any big dip?
Cable is illustrating my point … she has reversed and is heading back up again with no signs of slowing…
At what point would you just say … this is a huge b/o and may not end anytime soon… do you have a way of determining that? Is a time factor involved … like if x hours or days go by and price is not reversing, then it is time to bail?
Your thread is only open one day and already you need a support group?? :D:D
Yes this is very wierd … I guess we are both too new to this game to draw on past experience … it looks like the $ is committing suicide but hasn’t told anyone yet! The analysts I follow are saying that both the euro and cable are way overvalued … and should retrace majorly … BUT in the meantime the $ has beat them to it on the weakness scale. Has another bank failed? Have all of them failed??
Luckily mine is a micro account & I am still learning
Cable just finished this 15’ candle as a shooting star … I picked up another one, my average now is 2.0021. I may chicken out & bail at b/e.
Must … be … strong…
M2P you doing a very good job over there (pat, pat on M2P back :D)
That’s me being dull probably - am I missed anything about S/L in your stretgy ???
Or will be irrititating BiG Brokers again :rolleyes:
Regards
I still have to figure out this leverage stuff. My leverage is set to 100:1 … so how do I take a trade that is 1:1 ?
If that question is too basic, just ignore it … I’ll head over to Newbie island for the answer
Thanks for the pat. My s/l and t/p are already explained. Maybe I will have to elaborate more in the future. Right now I am tired and can’t do much more. The London session is hard on us westerners.
I will give a long post about true leverage and account leverage manana. Right now I am just too tired. I am going to go to bed and see how I need to manage this cable trade when I wake up.
The cable really paid off and I didn’t even go all the way to the cross for the official exit.
Why? Because I was already well in profit and it was time to stop being greedy.
Also because I decided to up my trading to start at 2:1 leverage for each order. I don’t suggest you do this until you are really comfortable with this strategy.
Last night (early morning) was a real nail biter. I decided to trust the charts and not bail with fear and I woke up to my best single day performance ever.
Does it mean that you just closed all positions before crossing 50 EMA at about 2.0044 ? Are you holding anything for crossing 200 EMA (1.9555) ? I’m fighting with my greed to keep it till then. On the other hand momentum players will be defending 2.0000 barier like crazy (I suppose) . Still not sure what to do. I’va banked some pips -THX M2P A LOT !
No … I must have bought them initially too low … I didn’t sell any at the top, but they would have to come down to 1.9950 for me to break even. So I sold off a few as they came down just to ease the load.
There must be something about the entries here that I am majorly missing…
I don’t get how you say you "scalped down"
and bought more up … after it hit that top, it did not go up there again… ??
