Brilliant start to the day - GBP wins 15 pips - Thanks David.
The reported figure is where most money sits on the bid/offer, but there are other bids/offers normally within a 5-10 pip radius of the reported level (smaller) The technical resistance is 78.60-64 and the OPT barrier is 78.50… I’m just trying to get a better price… all be it 5 pips more… if I miss the trade because of this then so be it…
Would the buy stops prevent you from taking a short @1.5650 for a scalp on the OB, offers and resistance there?
Are there more offers at 1.5690/00 level? If so will it be wise to place a buy order at 1.5655, Stop @ 1.5645, tgt @ 1.5680?
Just to test if i am reading the flow correctly.
Stops have been filled, so they are no longer active… the old stop levels may attract bids later on.
With the stops so close to the 5650 level I wont scalp it as the momentum is strong.
If the stops were say 20-25-30 pips lower then yes I would have scalped it.
Yes I believe there are reported offers around that area.
My question to you is why would you place a buy @ 1.5655? There are no reported bids there at this time after the recent move. Its only been a few minute since the buy stops and offers were flushed out the system around 1.5650. New flow will have to be reported now in coming hour/s at this zone for it to be of any interest to a flow trader.
Only trade what currently exists and hasn’t been flushed yet.
Some reports that there are sell stops below 0.9975 on USD/CAD with bids reported @ 0.9955 then down @ 0.9925.
USD/CAD [B]Pending SHORT[/B] order @ 0.9975,(reported sell stops) Stop loss @ 0.9985 above yesterdays low, Target @ 0.9955(reported bids)
Will leave order in place until the NY cut 3pm UK time.
the other orders are to be held till 3pm too?
78.55 uj sell
8160 nu buy
7925 buy eg
[B]My complete order/trade board today…[/B]
[B]GBP/USD[/B] [B]Pending BUY[/B] order placed @ 1.5635 (buy stops), Stop placed @ 1.5625, Target @ 1.5650 (barrier). [B]This Trade Hit Target For +15 pips[/B]
[B]USD/JPY[/B] [B]Pending SELL[/B] order placed @ 78.55 (78.50 is barrier), Stop placed @ 78.65 (yesterdays high), Target @ 78.30
These are scalps with a short term outlook. Will hold orders until the NY cut @ 15:00BST.
Been told from a contact in Asia who has just finished that there is good sized BIDS sitting on [B]NZD/USD[/B] @ 0.8160-70. Thats also around the NZD high from Friday’s NFP and other techs.
So incase the NZD actually makes its way down there today, I want to play those bids. There is no report of sell stops below market price, so not sure if it can test the bids, but I have my order there on the off chance that we can slap the good bids below.
[B]Pending BUY[/B] order placed @ 0.8160, Target @ 0.8185, and the stop is 0.8150. I will leave this pending order sitting until North American close tonight.
IFR [B]EUR/GBP[/B] [B]“Bids tipped @ 0.7920-30 (0.7924 = Aug 3 high). 0.7925 option expiry today.”[/B]…
0.7923 is last weeks low, 0,7917 is yesterdays low. If this zone is reached it will offer you a scalp trade to the upside. It is technical support combined with order flow.
[B]Pending BUY [/B]order placed @ 0.7923, Stop loss @ 0.7910, Target not set… use a trailing stop. Start by moving stop to entry @ +8, then trailing it every +5 pips.
Order will be left in place until NY cut.
[B]USD/CAD[/B] [B]Pending SHORT[/B] order @ 0.9975,(reported sell stops) Stop loss @ 0.9985 above yesterdays low, Target @ 0.9955(reported bids)
Will leave order in place until the NY cut 3pm UK time.
Thats it… probably wont place or take anything else today apart from whats above… the orders will either trip or they won’t.
Wow this thread is becoming very interesting. Seems to be more put together then the original thread and seems to be staying on topic a lot more too!
Thanks for posting the trades too David, not so people can copy them but so that we can follow by example and learn more through the good and the bad. Hats off to you, Glad to see you back.
Move stop down to entry @ 0.9975.
We have been scratched at breakeven on the USD/CAD.
USD/JPY Still active and EUR/GBP is looking to trip the entry order.
Dave,
Would you take off a 1/4 position or 1/2 a position say at half your target.
So using the USD/CAD as an example. 9965 (half way from entry to target) of take off 1/2 (or 1/4) and then move stop to break even
Or you just All In - All Out
I manage the trades differently to what I think will happen based on whats going on at the time. There is no set rules. Rules are for system traders.
You have to call it as you see it there and then. If thats something you think is the right action to take on a trade, then thats what you should do. As far as the USD/CAD trade went, I was happy to breakeven on it while trying to catch the full 20 pip move at full stakes.
Thats the way I called it today, and therefore I made nothing on the trade and lost nothing on the trade…I’m fine with that.
On another day I may call it differently based on what I think and view the “currently” action.
EUR/GBP missed my entry BUY order by 1 pip :20: and has now rallied up without me. Therefore I have now cancelled the order.
1 bloody pip… USD/JPY missed by 1 pip last night and now the EUR/GBP missed by a pip…:18:
Great, Thank You!
What to do with USD/JPY now that NYC has past?
Is there still any flow left to drive price down or if we get back to break even do we look to close it out?
I’m staying with it… why fiddle with it. It will either stop out or move in our direction.
Only fiddle with it once it moves in your direction, otherwise where is the point in having the stop loss where it is. You may as well place a 2 or 3 pip stop if your going to fiddle/close it.
There is flow still there. But momentum is weak.