[B]anyway…im not saying stop using stop loss…that is the way i trade…but its not for everyone…im just saying watch and see what you learn.[/B]
l understand your point here but l hope you at least put in an “emergency” stop loss even if its pretty far away from present PA just in case of Black Swan events (they do happen eg Flash Crashes) or a power outage/computer failure etc.Better to lose 200 pips than 1000! l know the pros do unless they are scalping and even then they have fail-safe contingency plans in place for unforseen events. One mishap can wipe out an account and/or months of profit.
Anyway, l am sure you do as you have obviously thought this through.
right now if i my position gets large i put in stop loss at 20 percent ish of my total equity.
basically like trading without stop loss…its not like im using it for anything but act of god.
i use certain money management so position does not really get too large too start with…not until i have a real big equity pot.
by large position i mean under certain circumstances my position could lose me 10 percent of my total equity…but this can oonly happen if something has gone wrong several times. and it can only happen for a very short period of time.and doesnt happen that often…
i would rather it didnt happen at all
but in emergency i could be in position to lose 10 percent of my total equity…and when this happens i dont mind setting stop loss for about 20 percent of total equity …just in case for some reason in the short time that 10 percent was on the line…there was a catastrophe of some sort…or i had a black out …the worst case scenario is 20 percent loss…
but if i am alive and online then worst case scenario is about 3 percent loss…and sometimes under dire emergency once every blue moon could turn into 10 percent loss.
Wow this thread has taken off without me, I wasn’t getting the email notifications that new posts had been made
Hey DnB have you moved your SL to BE also on this or you took a loss?
No I took the loss, the markets the last 2 weeks have been difficult and I am currently down for the month. I am actually looking long the AUDUSD again from the Inside Bar signal that has formed.
EURUSD giving tell tale signs that it has bottomed out, Bullish rejection candle off weekly support, gaped from the EMAs, there are actually 2 candles with lower tails off the weekly support but Friday closed and a nice strong bullish rejection candle. I don’t think I’ll be trading that one Ill stick with AU since it’s already in a clear uptrend.
Good work on the GBPUSD trade evermore, price ended up breaking down you must off made some good ground there.
Would you wait for PA to short or given how key the level is consider just a breakout trade?
Is this a great situation for a counter trade again given how key the level is? I would have thought a nice big pin here could easily be the start of a huge move upwards…
im no expert …but i personally would avoid anything jpy today…
as jpy is bank holiday…this is based on my limited market structure knowledge (extremely limited)
i would expect the yen moves to be miniscule.
but if chf is looking good then that could be a possibility for you. usd/chf
Anyone taking the inside bar short setup on the daily GBP/NZD? Its formed at a pretty significant resistance level and at the 10/20 EMA dynamic resistance level. Only problem is that it didn’t close bearish.
I am not trading this session, the gap up and cave back down price movement make me nervous. I want to see how the Daily candle closes this session before making a trading decision. This month has been challenging trading conditions to say the least!
hi evermore…
yes its a nice downtrend…but its a cross pair…plus i think it is probably gonna retrace a bit…maybe got some more steam left in it for today …but steam may be in other direction.
be wary of anythgin euro…
im nearly done with it for the day…
i got about 80 pips out of it…
i think the bulk of todays move is over…but you are probably thinking more long term about the move.
the euro
alot of the cross pairs a producing some good trends. Damm good ones too.
I would say you’re going to need a fair wide stop there Evermore. But it looks valid to me, probably take a while to hit target, but if that market keeps moving like it has been that shouldn’t be a problem.
I am with brink, I would feel more comfortable entering in after the market has corrected/retraced and drops a good signal. It’s just been moving down in a straight line, one has to ask the question how far is it going to go before it retraces, everyone knows the market doesn’t move in straight lines.
yes dnb your right…a lot of the crossess have fantastic trends.
i just personally have a bit of a hang up about them
not really bad reasons.
just dont like paying the extra spread to broker.
and i always think there are 3 parties to worry about …2 is enough
you got an extra central bank involved that may want to start playing with the currency
the daily ranges are extremely unpredictable…maybe 25 pips to 120 pips
and if there is a market maker for them …then it is much less liquidity that the standard pairs.
but dont get me wrong i will take A+ set ups on any pair…
but other than that i tend to stick to the cable and fiber.
massive liquidity …top class news updates… typical daily ranges…plus cause i deal with them all the time…i think you get a feel for their price action.
but all that aside…any profitable trade is a good trade.
hi michael…
some say it is called fiber …because its something to do with fibre optic cable running from france to somewhere…
and britain is called cable because of the large cables run fromengland to america.
others say it is called fiber …sometihng to do with the local french currency is made of a cotton like fiber.
so they call it the fiber
