My Live trades

This is a discussion on My Live trades within the Trading Journals forums, part of the Reception category; bought gbp/chf at 15458...

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Old Sep 23, 2010, 12:22pm   #190
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Re: My Live trades

wirraltraders started this thread bought gbp/chf at 15458
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Old Sep 23, 2010, 12:34pm   #191
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Re: My Live trades

wirraltraders started this thread setting -70 SL for volatility
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Old Sep 23, 2010, 12:37pm   #192
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Re: My Live trades

wirraltraders started this thread not happy with this yet exited at 15430
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Old Sep 23, 2010, 1:00pm   #193
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Re: My Live trades

wirraltraders started this thread waiting for after US unemployment news at 1.30
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Old Sep 23, 2010, 1:50pm   #194
 
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Joined Jun 2010
Re: My Live trades

LOL, I knew someone who bought a bicycle for more than that.
I read in another post you went long on the GBP/CHF. Nice one! You should be bagging about 100 pips or more.
Check out the USD/JPY. I just went long. Not many pips, but it should be 70 from the current position.


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Originally Posted by wirraltraders View Post
Young colleague has just come into the office having spent £914 on 4 tyres! Could have bought 2 cars for that when I was young!
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Old Sep 23, 2010, 2:47pm   #195
 
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Re: My Live trades

How do you plan to explain to your traders how you keep moving your stop and targets?
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Old Sep 23, 2010, 3:41pm   #196
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Re: My Live trades

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Originally Posted by Lord Flasheart View Post
How do you plan to explain to your traders how you keep moving your stop and targets?
Hi Thats quite simple. Use a series of local s&r tests to determine whether a trade should be cut early for both profit or loss. If it is in profit for instance, you will notice that I have given a running commentary on these local s&r areas and indeed refered to them frequently as "tests" which the trade needs to pass to remain valid. Providing these areas are dealt with, then you will also have seen that it allows you to justify letting your profits run. It also gets you out of trades that are not going to fly or go any further.

Just to give you an example. cable has just retested the 15700 area 3 times before breaking through off an ascending triangle shape on the 4hr view. The triangle plus a previous consolidation pattern was the clue to the likely break through this time, as opposed to previous occasions, but allowing the market to retest the resistance area allows you to see it through and let your profits run.

Unfortunately, I am not trading today since earlier on due to a bad headache - and may have to sign off for a while to get rid of it, so I'll check back in when the nurofen has got on top of it...

Had cable not been able to break this figure at third time of trying, then it would have become clear that the trade was not going to work and better take some profit.
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