Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Hi, Another question, since you just bid on cable; since you have a "medium-term" strategy, how do you handle days ...

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Old Apr 7, 2010, 1:56pm   #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, 2:25pm   #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
Attached Thumbnails
usd-jpy-07-apr.10-set-up-entry_2.jpg  
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Old Apr 7, 2010, 2:39pm   #31
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Re: cad usd - 30 min tf set up

Leia started this thread
Quote:
Originally Posted by Leia View Post
watching 15m & hourly for opportunities around this price
It appeared on the 30min timeframe and I think I have missed it. Order placed anyway, lets see
Attached Thumbnails
usd-cad07-apr.10-set-up-entry.jpg  
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Old Apr 7, 2010, 2:51pm   #32
Joined Dec 2009
Re: Seeking consistency

Leia started this thread
Quote:
Originally Posted by The Artist View Post
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.

Hi there

Thanks for taking the time to post another thoughtful and interesting comment. Yes, it will be interesting indeed.

I only look for the news release times at the start of each day to prepare me for a potential set up (for example USD CAD earlier) opportunity. The USD JPY set up I took at around the same time (twice!) was not news release related ,as far as I know.

My objective (at the moment, on this thread) is to get into what I perceive as the four hourly trend. My cable trend (my 20 and 50 ma's) are long at the moment, hence I have taken what I see as potential set ups to get long. If I'm wrong (or even spiked out by a news release tomorrow) then I'll lose on this trade.

Only time will tell me if this style of discretionary trading suits my personality, or if I need to start building more mechanical rules. If so, perhaps you will be kind enough to give me some ideas that work for you?
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Old Apr 7, 2010, 4:11pm   #33
Joined Dec 2009
Re: gbp usd - update

Leia started this thread I am nervous (as stated below) about my 4hour trend holding, so have moved my stop very quickly to break even, due to the bearish hourly candle that just printed possibly implying the 4hrly 20ma has now become a resistance level.

At least I won't lose anything if cable starts to turn downwards now


Quote:
Originally Posted by Leia View Post
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, 5:01pm   #34
Joined Dec 2009
Re: cad usd - 30 min tf set up

Leia started this thread Stop hit for -20

cumulative results so far:
result running total
GPB USD 0
JPY USD -35 -35
CAD USD -20 -55

what did I say about stops being hit in my introduction post to this thread, I think I need to allow these trades a bit more space to move

I just re-read my post number 28 regarding this pair. The attached chart has a note stating "will 1.00 50 hold as resistance now it has been broken as strong support".
So why was my stop for this particular trade placed below this level rather than (say) 10 pips above it?
Best I read my 4 hourly charts again before I place my stop and target levels on trades that have set up triggers on lower timeframes

Quote:
Originally Posted by Leia View Post
It appeared on the 30min timeframe and I think I have missed it. Order placed anyway, lets see

Last edited by Leia; Apr 7, 2010 at 5:12pm.
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Old Apr 7, 2010, 6:06pm   #35
Joined Dec 2009
Re: usd jpy

Leia started this thread
Quote:
Originally Posted by Leia View Post
1 hour timeframe offers an entry opportunity too:
(risk 30 pips)
Also stopped out for -30 this time

cumulative results so far:
(second colum is the result running total)
GPB USD 0 0
JPY USD -35 -35
CAD USD -20 -55
JPY USD -30 -85
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