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Do you mean the dip when all four majors went back and found support/resitance at the 50 ema? Nina, I think that this is an excellent example of when one should trade with several lots, maybe three and having banked some profit then moving other two stops to breakeven then banking the second at a pre-defined levle an allowing third to run with maybe trailing stop. But the question for now if I may ask is at what points? And of course, any good system I think would require these levels to be pre-defined. What do you think? Forgive me if I seem a little too novice.........
The only pre-defined levels are fibos, pivots or trend lines. For instance, EURUSD has broken up a very strong and old one: From 1.3479 (11-03-05) to 1.1978.
We only had two signals today within our trading time zone: both on cable.
GBPUSD was a sell at 1.7257 (14:30CET). Made a low at 1.7256 and then went up crossing 50EMA to 1.7288. A lost of -22 pips. I have said that we should avoid news time. Inverseind hardly validated that trade.
GBPUSD was a buy at 1.7288. Made a high so far at 1.7463. That is +175 pips.
When I meant predefined, I meant for example, bank 1 lot after 20 pips. Than another at say 35 and let the other run with trailing stop. Move stops to breakeven at the same time as banking 1 lot. That is what I meant. I am just explaining what I meant and don't mean to sound prescribtive.......Thanks.
As I said, I trade multiple lots at a time. I have not established any rules about where and when to start closing some of them. I like to feel the mood of the market. I like to see if we have speed or not and so on.
Today, for instance, I bought cable at 1.7309 (I was late) and my 5 lots are still opened. As it has made a high at 1.7463, that means I had +$7.700.
I'm going to close 3 and I will let 2 opened with target at 1.7531 and s/l at 1.7423.
Cable needs to break now 1.7475 and hold above 1.7459 if we want it up. Level to watch is 1.7424. As far as it keeps above 1.7424, it will keep going up.
OK thanks Nina.....but now I see the beginning of the end of it being "the easiest system of the FOREX world." I am still fascinated by it though and thanks....
OK thanks Nina.....but now I see the beginning of the end of it being "the easiest system of the FOREX world." I am still fascinated by it though and thanks....
Almost 5 years I've been trading Forex. That time gives you "knowledge" or it should. CatFx50 makes money 98% of the time. It is free. You have a powerful entry. You only need a EMA and an indicator (a filter) to validate the cross. That's all you need. Now we are tweaking the exit. We'll make it. Sure.
Cable needs to break now 1.7475 and hold above 1.7459 if we want it up. Level to watch is 1.7424. As far as it keeps above 1.7424, it will keep going up
Can you tell us how you came to this conclusion then we can learn to do this ourselves
hi dear nina,good your target in cable at 1.7531 , this morning hit new max at 1.7536,and next down,a question,how make you to see this target yesterday night?
hi dear nina,good your target in cable at 1.7531 , this morning hit new max at 1.7536,and next down,a question,how make you to see this target yesterday night?
High (bid) on cable has been 1.7532 so far. Just a pip above my target.
61,8 fibo from 1.7808 is 1.7542. I always deduct some pips .
Linear Mode
