Now that’s what I’m talking about…good explanatory post, Trader123!
Thank you for your positive remark, finally.:rolleyes:
I didnt mention about the cost in my previous article.
If you hedge your forex position using conventional forex option, the cost can can easily be more than US$1000. This will not be logical. Because the worst senario for my forex position is US$500 loss (due to my stop loss level), why do I want to spend US$1000 to hedge?
And some banks will only deal with u if you bought more than 3 lots of forex options.
So hedging your forex positions using MANSION118 is the most economic way, in my view.
Thank you sir for your positive remark.
Double top formed for gold, indicator also signal sell.
Shorted 1 lot of spot gold at 931.13
Stop loss at 946.00
Target level at 920.00
Hourly gold chart shows oversold so I decide to take profit at 926.63. Realised profit is US$450.
I will short gold again if it rises to the resistance level of $933.
On 4th July, I had shorted 100,000 EURJPY at 167.69, stop level at 168.62, target level at 166.50.
EURJPY keeps going up, so I decided to cut loss at 168.23, realised loss is US$534.49.
Germany industrial production is negative 2.40%, below expectation of positive 0.30%. This has weakened EUR.
Shorted 100,000 EURJPY at 168.18
Stop loss at 169.00
Target level at 167.50
My indicator shows sell signal for silver and this indicator has achieved very good profits in my back-test.
I had advised my ex-customers actively on silver trading when I was a commodity sales because silver is much more gentle and predictable compared to gold. And many customers believe that silver has much more upside compared to gold in the precious metal family.
Shorted 1000 units of Silver at 17.98
Stop level at 18.09
Target level at 17.40
Value of 1 point is US$1000
Yesterday I had shorted 100,000 EURJPY at 168.18, stop loss at 169.00, target level at 167.50.
Today EURJPY goes below 167.50, so my target limit is filled. Realised profit is US$626.84.
On 7 July, I had shorted 1000 units of Silver at 17.98, stop level at 18.09, target level at 17.40.
Good support at 17.60, silver price seems like not going lower. So decide to take profit at 17.72. Realised profit is US$260.
My indicator is showing buy signal and hourly chart is showing positive signal as well. Fed Chairman is giving a speech now, expects some solution on the credit crunch crisis, will strengthen USD temporary.
Bought 100,000 USDCHF at 1.0263
Stop at 1.0210
Target level at 1.0330
US May pending home sales is negative 4.7%, worse than expectation of negative 3%. To me this is a lousy data for USD, so I decide to take profit on USDCHF, sold at 1.0286. Profit is US$223.60.
At the point of writing this, USDCHF is still going up. So traders may want to monitor the position yourself to get a better selling level.
My back-test indicator signals me that EURJPY is looking toppish. I interprete this signal as selling on strengthen. Seeing that hourly chart is looking overbought, I decide to short this currency pair.
As mentioned earlier, weakness in stock will cause JPY to appreciate.
Shorted 100,000 EURJPY at 167.97
Stop level at 168.70
Target level at 167.40
EURJPY moves up after announcement of Germany trade balance, so my position was stopped out at 168.70, loss is US$691.34.
[B]trader123:
Since you have some experience trading, could you answer the question please
found in this link?
http://forums.babypips.com/newbie-island/14668-correlation-question.html
As I look at your trade above, I am wondering have you thought of trading
without stop losses and using less leverage?
Thank You.
[/B]
.
EURJPY is still looking toppish, I think EURJPY has peaked.
Shorted 50,000 EURJPY at 168.54
Stop loss at 169.00
Target level at 167.70
Over the past 3 years, I had tried different ways to trade, paying a lot of school fees to the market in my “trading experiment”. I had tried scalping, taking position, using options to trade.
Eventually I had found out that having a system that allows me to profit 30 - 50 pips is best for me.
If I do not place a stop and my view is wrong, where do I cut my loss?
If I do not place a stop, I would use MANSION118 to trade binary options.
GBP fell against EUR after an industry survey showed confidence among Britain’s consumers dropped in June to the lowest level in at least 4 years.
I personally think with the current weakness in UK economy, GBP is overvalued.
Bought 50,000 EURGBP at 0.7967
Stop loss at 0.7937
Target level at 0.7990
AUD/USD is supported at the middle band of bollingerband.
Double-bottomed is formed in the 10 min chart.
Bought 50,000 AUD/USD at 0.9534
Stop loss at 0.9476
Target level at 0.9580
[B]trader123:
Just wondering if you had a chance to look at the question on
correlation to which I referred?
The only way to trade with no stop losses is by using low/small
leverage. I do it all the time.
…[/B]