Win ratio

Beginner Questions
308

someone help me with placing my orders. Am I suposed to be putting a buystop and sellstop? I put a buystop 6 pips above the high of the range and when I tried to put a sellstop it says hedging is not allowed. What am I doing wrong?

I’m new and have been following this thread but haven’t placed an actual order yet.

am I suposed to be doing buystop and sellstop? right? not limit orders but stop orders right?

also when I try to put a take profit and stop loss I get a message that says my order has to be at least 30 pips above market price and invalid sl or tp

IBFX demo account by the way

309

Things to consider tonight:

(1) During the day on Monday, the GBP/USD retraced 200 pips of last night’s 233-pip down-move. As we approach 04:00 GMT, the price is essentially where it was 24 hours ago.

(2) During the Monday/Tuesday OVERNIGHT PERIOD, the GBP/USD has formed a neat channel between 1.6235 and 1.6296.
This 61-pip channel over a 10-hour period screams BREAKOUT.

The bottom of the channel is essentially sitting on the weak support level at 1.6232 (see the S/R list below). If the pair breaks to the downside, there is an area of congestion between the support levels at 1.6232 and 1.6208. Once the price has broken below this congestion area, there is only weak support at 1.6187 between there and yesterday’s low price of 1.6095.

(3) The period HIGH was made on the 23:55 GMT candle (12:55am London, 7:55pm New York).

And the period LOW was made on the 18:30 GMT candle (7:30pm London, 2:30pm New York), and re-confirmed (within 3 pips) at 01:45 GMT (2:45am London, 9:45pm New York).

(4) World news: so far today and tonight, there is nothing in the news to rile the G/U.

(5) Economic Reports: Tuesday morning at 08:30 GMT (9:30am London, 4:30am New York) British Manufacturing Production figures, month-over-month, will be released. This report is rated High Impact for the GBP pairs. The report measures change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities; expected number + 0.1% increase.

(6) Resistance and Support: We will add Monday’s high and low (these are NOT the period HIGH and LOW prices) to the list of Nearby Resistance and Support, as follows:

R: 1.6429 (July 2 and 3)
R: 1.6328 (Monday’s high)

S: 1.6232 (June 25) ------------ WEAK support
S: 1.6208 (June 15 and 23) ----- WEAK support
S: 1.6187 (June 18) ------------ WEAK support
S: 1.6095 (Monday’s low)

On my chart, the period HIGH is 1.6296 Bid. I will add 9 pips to that to get my Buy price.
The period LOW is 1.6235 Bid. I will subtract 6 pips from that to get my Sell price.

Here are my ENTRY ORDERS for tonight:

Buy 1.6305, SL 1.6275, TP 1.6315

Sell 1.6229, SL 1.6259, TP 1.6219

[B]This post is intended for general guidance only.

This is not a signal service. Be very careful, if you choose to trade my numbers.

You should learn this strategy, do your own analysis, and trade your own numbers. [/B]

Clint

898×714

310

Thanks Clint for the analysis, that’s pretty much the way I was seeing so makes me feel like I’m on the right track to understanding this stuff.

311

Morning,
Clint, Almost the same,
1.6304
1.6229

Actually I seldom count the spread since it varies between 2 and 4 pips GU.
EU is 1.5 right now. Actually never checked if the broker is charging the spread now or when the order is triggered. Hmmmmm, something to look into it. :slight_smile:

312

Morning, Oskar

Scroll back about 4 pages on this thread to post #265, where SanMiguel explains adding the spread to the Bid price when you are Buying.

As for when the spread is charged, it happens when your entry order is triggered (or when you place a market order).

As soon as your order is executed, you are in a loss position by the amount of the spread. That means the price has to move in your direction by the amount of the spread just to get you to break-even. After that, if it keeps moving in your direction, then you are making a profit.

313

I know the spread show right away as minus but Oanda is changing the spread often so it could be at trigger time it may only be 2 pips.

Nice analysis, now we wait for +200 pips profit. :slight_smile:

I actually assumed you enter your orders with SL and TP and then go back to bed. :smiley:

314

Guys,
I’m in for the first time this morning. 0500 hours is a very early start for me.
I agree pretty much with the entry points. Going for 12 pips with a SL of 24.
Do you guys fire and forget? or do you sit by your screens ready to manually manage?

315

After your order is executed, if the price changes, your P/L changes. Also, if the spread changes, your P/L changes.

Let’s say at the time your order is triggered, the spread is 2 pips. Initially, you are down 2 pips. Now, let’s say some news hits the market, and the price suddenly moves 50 pips in your direction, but your broker widens the spread to 10 pips.

Now your P/L = 50 - 10 = 40 pips profit. Make sense?

So, you’re expecting to make 200 pips tonight?

Going to bed? What is this “going to bed” that you’re talking about?

316

Sit and manage. Can’t help it.

Edit: Actually, I don’t sit at the computer, waiting for my order to trigger. I let the platform call me when it triggers — then I run to the computer and manage.

317

The hundred-pip milestone (1.6300) is very close for the long trade here, and it may act as an additional resistance. Ref: yesterday for example. Therefore I’m taking the long entry some 20 pips higher. I’m also trying the 24/12+24/48 strategy today.

To answer your question, I would like to get this system work for me as fire and forget. I may do more harm than profit in the long run by manual management. Besides, it requires much less work that way.

318

I’m with you Clint. I don’t think I could go back to sleep anyway.

319

I’ll probably keep my finger over the close deal button for the next few mornings. Then hopefully I’ll feel comfortable enough to fire and forget.

320

I am always optimistic expecting (200+), unfortunately it does not mean it is going to happen.
Have no problem to walk away with 5 or 10 pips. :slight_smile:

321

Is your 24/48 SL=24 TP=48
If so, a very good r/r ratio

322

Yes, credits to SanMiguel for this. I’m managing (at least today) 80% of my position size with the 24/12 strategy and 20% with 24/48.

323

We got the 12. But that was stressful. I was worried for a while when it was heading north fast.

324

I also have an account with IBFX and hedging is not allowed one of the recent rules. However I also have an account with forex.com and you will not have that problem.

325

i had to go back to bed this morning not often o do that i prefer to manage but i was to nakered, i set em up then woke back up 7am local time to see all was ok i actrully earnt some money while asleep, i LOVE forex hehe

326

I love the “Earn while you sleep” concept. Nice one Trev.

I’m using ig index to spreadbet because it’s easy to understand. I had �5 per pip this morning and made �60. I’d like to move to fxcm but lot sizes etc confuse me (new to all this). Would you recommend moving to fxcm or other specialist fx broker as ig index have a poor reputation and maybe spreads are bigger.

327

if you are happy whith em why change ?

i can tell you i use alapari UK they are one the best MT4 based brokers out there, however use who you feel comftable with also spreadbetting in the UK is tax FREE