Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; I knew I would benefit from having an open journal, thanks for that challenging question. I hadn't really thought about ...

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Old Apr 7, 2010, 10:32am   #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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Originally Posted by The Artist View Post
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 7, 2010, 10:38am   #22
Joined Nov 2009
Re: Dax

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4 Hour uptrend in place since 17th Feb

Now 'correcting' into the 20 / 50 moving averages area and (solid light blue line) recent support / resistance level and (dashed light blue lines) 50% and 61% fib levels of last upward move

Looks like this afternoons US session (next two or three 4 hour and lower time-frame bars) have the potential to set up for a long position trade

The solid dark blue levels are (thin) daily high and low (yesterday); (medium) weekly high and low; and (thick) monthly high and low. The February monthly low is off bottom of the scale of the current 4 hour chart screen shot

Christian has a 'buy on dips' stance. He quotes cash levels though and my chart is futures so the actual levels are of less significance to me than the direction he's looking at (also long)
This DAX chart looks bearish to me.. I like the shooting star formation which when found at a high price area (like this) is a failrly strong sell signal!.. guess that is what makes a market (2 different views!)
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Old Apr 7, 2010, 10:43am   #23
Joined Dec 2009
usd jpy

Leia started this thread I noticed a hammer on my 4 hourly chart formed overnight inside my 'get long' zone between the 20ema & 50sma.

Price has been retracing back towards it this morning so I have placed an order to trade it. I'm concerned that due to the strenght of the last up move, this may not be the full extent of the retrace, having not even reached the 50% fib level. Other than that it has potential so lets see what happens
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Old Apr 7, 2010, 10:45am   #24
Joined Dec 2009
Re: Indices Tuesday April 6th

Leia started this thread
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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)
The pull-back didn't quite get to a level I was comfortable with before whizzing off to post new highs, so no trades taken on indices yesterday
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Old Apr 7, 2010, 11:09am   #25
Joined Dec 2009
Re: Dax

Leia started this thread
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Originally Posted by dealer911 View Post
This DAX chart looks bearish to me.. I like the shooting star formation which when found at a high price area (like this) is a failrly strong sell signal!.. guess that is what makes a market (2 different views!)
Of course, price goes up & down. I have been looking for short levels all year on the indices, but they resolutely keep marching higher. That doesn't mean you can't get some good pips out of all the 'down' moves too.

My trading style (on this thread) is to try to find an entry that will take me with the 4 hour trend for a few days or possibly even weeks. Therefore I am only looking for potential set ups to get me in long at the moment.

Hope that makes sense & thanks for your post (if you are short today, are you targeting yesterdays low or lower?)
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Old Apr 7, 2010, 2:34pm   #26
Joined Dec 2009
gbp usd

Leia started this thread
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The news @ 7pm UK time has been kind to this trade and I have now moved my stop up to a break even position.
Just stopped out of this trade. However I also see a re-entry opportunity, once again relying on the Daily 20ema to act as support, the recent low makes (hopefully) a double bottom with yesterdays. I misses the first 15m entry set up (hammer), so have taken the next 15m option (the bullish engulfing / outside candle) with my stop below yesterdays low

My 4 hourly trend is still bullish (based on 20ema being above 50sma and both sloping upward). However this is right at the bottom of their 'channel' and the last 4 hourly High was a lower High than its predecesor, so this could signal the start of a trend change to either ranging or downwards. Time will tell...
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Old Apr 7, 2010, 2:38pm   #27
Joined Dec 2009
Re: usd jpy

Leia started this thread
Quote:
Originally Posted by Leia View Post
I noticed a hammer on my 4 hourly chart formed overnight inside my 'get long' zone between the 20ema & 50sma.

Price has been retracing back towards it this morning so I have placed an order to trade it. I'm concerned that due to the strenght of the last up move, this may not be the full extent of the retrace, having not even reached the 50% fib level. Other than that it has potential so lets see what happens
Stop hit.... If it rallies from here I merely had too tight a stop by 1.5 pips!!

Anyway

Second trade to close on this thread = -35 pips
First was cable at be

therefore cumulative result is -35 pips
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Old Apr 7, 2010, 2:47pm   #28
Joined Dec 2009
cad usd - getting ready?

Leia started this thread Has the news provided the push back up to allow a short set up to be taken?

watching 15m & hourly for opportunities around this price
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Old Apr 7, 2010, 2:56pm   #29
 
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Re: Seeking consistency

Hi,

Another question, since you just bid on cable; since you have a "medium-term" strategy, how do you handle days like tomorrow?
You have already committed to trade within 24h of the most important econ data release of the week, but does it affect your target, stop? Are you not concerned about liquidity drought when today's european session ends?

I am just a curious about how structured your trading plan is. I am more mechanical in my trading in the sense that I need to have most scenarios covered with associated risk management conditions beforehand, so I can automate everything. It would be interesting to know how it works out for you who is more discretionary in application.

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Old Apr 7, 2010, 3:25pm   #30
Joined Dec 2009
Re: usd jpy

Leia started this thread 1 hour timeframe offers an entry opportunity too:
(risk 30 pips)

Quote:
Originally Posted by Leia View Post
Stop hit.... If it rallies from here I merely had too tight a stop by 1.5 pips!!

Anyway

Second trade to close on this thread = -35 pips
First was cable at be

therefore cumulative result is -35 pips
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