Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; 4 hour red dashed (20) moving average above blue dashed (50) ma, both sloping upward. Also above red solid (daily ...

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Old Apr 6, 2010, 1:31pm   #15
Joined Dec 2009
Re: gbp usd

Leia started this thread 4 hour
red dashed (20) moving average above blue dashed (50) ma, both sloping upward. Also above red solid (daily 20)
Price retraced to 61.8% fib of last up move (pale blue dotted lines are the 50% and 61.8% fib levels)
objective is to hold with 4 hourly up trend to test last month (March) highs
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Old Apr 6, 2010, 1:41pm   #16
Joined Dec 2009
Re: gbp usd

Leia started this thread Initial (later invalidated) set up
15 min time-frame, hammer candle @ 4 hour 50% fib level
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Old Apr 6, 2010, 2:07pm   #17
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Indices Tuesday April 6th

Leia started this thread The US open looks to be pulling prices lower after Easter

I will keep an eye on S&P for a pullback to the 4 hr 20ma, or to between the 4 hr 20 and 50 and then a signal on a lower timeframe to get me into a long position (the daily and 4 hourly trends are very strongly bullish)
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Old Apr 6, 2010, 4:42pm   #18
Joined Dec 2009
Re: Eur gbp - update

Leia started this thread I have just moved my stop to 0.88 75, locking in 40 pips profits at roughly 1:1 risk / reward of the opening position, because its just above what I perceive to be the current resistance level at 88.60, prior to the current push lower (purple line)

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Here is a 1 hour shooting star candle, providing a potential set up to get in short

Lets see what happens (entry @ last weeks low: 0.89 18; stop @ 0.89 50 which is 50% fib just beyond the tip of the candle wick and target @ 0.87 50 being the last significant 4 hourly support level)
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Old Apr 6, 2010, 4:53pm   #19
 
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Re: Eur gbp - update

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I have just moved my stop to 0.88 75, locking in 40 pips profits at roughly 1:1 risk / reward of the opening position, because its just above what I perceive to be the current resistance level at 88.60, prior to the current push lower (purple line)
Hey,

Do you move your stops to 1:1 on a discretionary basis or is it a rule to use trailing stops with initial stop distance as increment?
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Old Apr 6, 2010, 7:33pm   #20
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Re: gbp usd - update

Leia started this thread The news @ 7pm UK time has been kind to this trade and I have now moved my stop up to a break even position.

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Stop is 1.5120 (risk = 60pips) and Target 1.5380 (reward = 260pips)
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Old Apr 7, 2010, 9:32am   #21
Joined Dec 2009
Re: Eur gbp - update

Leia started this thread I knew I would benefit from having an open journal, thanks for that challenging question.

I hadn't really thought about having a rule for trailing a stop on a successful trade. Previously I have moved my stop to breakeven as quickly as I perceive to be possible and then left the trade to either hit the stop (no loss) or target.

This particular example is moving slowly in the 'right' direction and I felt that I could move the stop to lock in some profit and still leave plenty of room for the price to retrace against me with out being stopped out.

I suppose that answers the question then, its discretionary, based on where I think a very strong support / resistance level exists that will not hinder the progress of my trade, but will still give me some reward should my target not be hit before the trend I am attempting to trade with reverses.

Great question though and something I need to give more thought to

thanks again

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Hey,

Do you move your stops to 1:1 on a discretionary basis or is it a rule to use trailing stops with initial stop distance as increment?
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