Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; The US open looks to be pulling prices lower after Easter I will keep an eye on S&P for a ...

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Old Apr 6, 2010, 2:07pm   #17
Joined Dec 2009
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
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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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Originally Posted by Leia View Post
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
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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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Old Apr 7, 2010, 9:38am   #22
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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, 9:43am   #23
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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, 9:45am   #24
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Re: Indices Tuesday April 6th

Leia started this thread
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Originally Posted by Leia View Post
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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