FXjake's Free Pips

This is a discussion on FXjake's Free Pips within the Trading Journals forums, part of the Reception category; Hi Jake, Just been reading the thread with great interest, like the way you trade, almost set and forget and ...

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Old May 29, 2009, 12:18am   #51
 
7 Posts
Joined Jun 2008
Hi Jake,

Just been reading the thread with great interest, like the way you trade, almost set and forget and relatively stress free!

Could you please advise what timescale you use when posting your charts? I notice that you used a 4hour chart on one of your posts, is this true of all the charts you post?

Keep up the good work, hope this cable trade works out. I notice you managed not to get stopped out (just!)...

Cheers,
Vno
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Old Jun 2, 2009, 9:09am   #52
Joined Oct 2008
USDCAD trade

FX_jake started this thread Bought at 1.0955

Looking for at least 150 pips here

Will watch 1.1100 - hoping for 1.1200 or higher

Stop at 1.0809
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usdcad_060109.jpg  
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Thanks! The following members like this post: trendie
Old Jun 2, 2009, 9:12am   #53
Joined Oct 2008
FX_jake started this thread
Quote:
Originally Posted by vnobeen View Post
Hi Jake,

Just been reading the thread with great interest, like the way you trade, almost set and forget and relatively stress free!

Could you please advise what timescale you use when posting your charts? I notice that you used a 4hour chart on one of your posts, is this true of all the charts you post?

Keep up the good work, hope this cable trade works out. I notice you managed not to get stopped out (just!)...

Cheers,
Vno
Thanks Vno for the kind words.

That GBPUSD trade was obviously stopped out. On the 1hr chart you can see it bounced really hard off of the 60 level, so it went 80 pips and then reversed hard. I actually exited 1/2 of the position at basically plus a few pips when I saw that, then the rest was stopped out. I don't do that unless I am watching, of course, and this one just looked bad with that huge bounce.

Happy Trading!
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Old Jun 2, 2009, 9:16am   #54
Joined Oct 2008
FX_jake started this thread
Quote:
Originally Posted by FX_jake View Post
Bought at 1.0955

Looking for at least 150 pips here

Will watch 1.1100 - hoping for 1.1200 or higher

Stop at 1.0809
That's wrong - stop at 1.0780
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Old Jun 3, 2009, 12:58pm   #55
Joined Oct 2008
USDCAD trade still on...

FX_jake started this thread
Quote:
Originally Posted by FX_jake View Post
That's wrong - stop at 1.0780
The reason I put the stop under the recent low (or above the recent high) is in case we see it double bottom (or double top), it appears as though this happened with the USDCAD here, we shall see.....
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Old Jun 3, 2009, 1:01pm   #56
Joined Oct 2008
usdchf

FX_jake started this thread sold usdchf at 1.0662
stop at 1.0709
target #1 1.0605
target #2 1.0570 or lower, if it can get there.
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Old Jun 3, 2009, 1:33pm   #57
Joined Oct 2008
exited this trade

FX_jake started this thread
Quote:
Originally Posted by FX_jake View Post
sold usdchf at 1.0662
stop at 1.0709
target #1 1.0605
target #2 1.0570 or lower, if it can get there.

Dropped this trade. It went 20 pips in the expected direction and then reversed quickly. Loss of -13 pips
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Old Jun 3, 2009, 8:55pm   #58
Joined Oct 2008
usdcad update

FX_jake started this thread the stoploss is at breakeven now as this is 130+ pips in the money. Hoping to drop some of the position at 1.1100 and then wait to see what happens next (hopefully we can get more pips if it breaks through 1.1100)
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Old Jun 3, 2009, 9:33pm   #59
 
7 Posts
Joined Jun 2008
Nice trading Jake. I liked the look of the udscad trade and took it myself. Great to see that the stop loss was behind those previous lows - kept us in the trade. Now at over 1.1100 and well in the money... Now up +150 points and thinking I may close it out before the momentum runs out. Alternatively, may stick a rolling stop on the trade and see what happens. (SL of 50 points and move it up in steps of 10, would guarantee at least 100 pips).
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Old Jun 4, 2009, 4:14am   #60
Joined Oct 2008
usdcad trade

FX_jake started this thread
Quote:
Originally Posted by vnobeen View Post
Nice trading Jake. I liked the look of the udscad trade and took it myself. Great to see that the stop loss was behind those previous lows - kept us in the trade. Now at over 1.1100 and well in the money... Now up +150 points and thinking I may close it out before the momentum runs out. Alternatively, may stick a rolling stop on the trade and see what happens. (SL of 50 points and move it up in steps of 10, would guarantee at least 100 pips).

Yeah, I am nearly always below the lowest recent low or above the most recent highest high with the stops just in case we see a double top/double bottom..... which obviously happened here.

I like how it is acting up here and will keep 1/2 the position to see if I can get it all the way to 1.1300....... but the trade won't lose, and that is a great thing.

Happy Trading!
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