Quote:
Originally Posted by forexgreenland
so for friday, we could see a mini 123 bottom formation on GBPUSD15 min chart..so a buy stop
@ 1.5090...1st target @ 1.5165..2nd target @15244..3rd target @ 15315..sl @ 1.5015
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Quote:
Originally Posted by Reealjrd
Today being Friday and last day of trading for the week it can be a
mixed day for forex market. This i have been observing in the last few months that Friday
has been some times mixed and some times a black day for forex traders.
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Yes,though this time, our 75 pips on our 1st target would have offsetted any ''Black
Friday'' losses..
Helloo folks, We thank God for bringing us into a brand new week...Most would call it the
Christmas Week so I'm wishing all a Merry Christmas and Prosperous New Year ahead.
As we approach Monday, we could see 3 crosses on the GBPUSD 15m chart, the first candle
upturned. That was a region of indecision that paused price advance to the upside.To be or
Not To Be?
MACD is giving us positive divergence to price, which is more or less, a green light.
We put a buy stop @ 1.4960..1st target @ 1.4999..2nd target @ 1.5049..3rd target @ 1.5125...
Quote:
Originally Posted by fasi26
hi Stallion,pls tell me wht is trailing stop basically n hw n when to use
it .and i noticed dat u mostly hav trade in Gbp/usd.... dnt u hav trades in eur/usd
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Helloo fasi, you could check out the userguide on any mt4 platform..Here's an excerpt:
''Stop Loss is intended for reducing of losses where the symbol price moves in an
unprofitable direction. If the position becomes profitable, Stop Loss can be manually
shifted to a break-even level. To automate this process, Trailing Stop was created. This
tool is especially useful when price changes strongly in the same direction or when it is
impossible to watch the market continuously for some reason.
Trailing Stop is always attached to an open position and works in client terminal, not at
the server like Stop Loss, for example. To set the trailing stop, one has to execute the
open position context menu command of the same name in the "Terminal" window. Then one has
to select the desirable value of distance between the Stop Loss level and the current price
in the list opened. Only one trailing stop can be set for each open position.
After the above actions have been performed, at incoming of new quotes, the terminal checks
whether the open position is profitable. As soon as profit in points becomes equal to or
higher than the specified level, command to place the Stop Loss order will be given
automatically. The order level is set at the specified distance from the current price.
Further, if price changes in the more profitable direction, trailing stop will make the Stop
Loss level follow the price automatically, but if profitability of the position falls, the
order will not be modified anymore. Thus, the profit of the trade position is fixed
automatically. After each automatic Stop Loss order modification, a record will be made in
the terminal journal.''
Trailing stop is also used when your 1st target is hit and price is still going your way, up
or down..It enables you to take the maximum outreach in price movement before any major
retracement/correction. Depending on the daily range and volatility of the currency pair
that you are trading, a 15 to 35 pip trailing stop would be in order.
EURUSD has a 2 pip spread..GBPUSD has a 3 pip spread and GBPJPY has like 7 to 9 pip
spread...cable is like euro on steroids, which is more stable than pound-yen. That is where
we look for balance, the median..
Due to popular demand, a la fasi, we put a buy stop on EURUSD @ 13945..1st target @
14015...2nd target @ 14085...3rd target @ 14155...50 pip sl for both..
Yea, I know, most seasoned traders might say the general trend is down..why buy? well, in
trading, you can make money both by going with the trend, and going against the prevailing
trend..if you know what you are doing. Top football strikers learn score goals with both
feet, even under pressure...so only time will tell if it would measure..to find the buried
treasure..