Forex trading live calls and set ups

[leerees]

so at one point one of your trades was + 63 and one -63. If that is correct did you intend it that way. If you didnt think carefully about what we have said. im not sure how new you are but you have have inadvertantly done something you didnt realise realise. In the type of trading you appear to be doing there is no point in having one trade long and one short,one completely balances the other.

Ok let me explain, I am new to forex so you'll have to forgive me but here goes.

Basically on the 5min chart the EUR/USD was ranging however I noticed that it had previously gone down and bounced off S1. With this in mind and the fact that we are in a longer term down trend I decided to take a short and a long. The reason I took the long was because at the time we was in a range and I did not have confirmation, just first signs. Had it not dropped I'd have waited a little longer, eventually closing both trades paying the spread cost.

However the price then started dropping down to S1 and at this point I closed my short.

The price then went back up to the range (where I initially placed the trade) and thus I closed my long.

Obviously I'm not as experienced as other traders but for me I feel the hedge was a safer bet for that particular trade.

 

[Dinos]

Long eu 1.3224

 

[Vaco]

Ok let me explain, I am new to forex so you'll have to forgive me but here goes.

Basically the trade was ranging however I noticed that it had previous gone down and bounced off S1. With this in mind and the fact that we are in a down trend I decided to take a short and a long. The reason I took the long was because at the time we was in a range and I did not know if it would drop. Had it not dropped I'd have waited a little longer, eventually closing both trades with no profit.

However the price then started dropping down to S1 and at this point I closed my short.

The price then went back up to the range (where I initially placed the trade) and thus I closed my long.

Obviously I'm not as experienced as other traders but for me I feel the hedge was a safer bet for that particular trade.

Have you considered what you would have done if after closing your short at s1 price continued to fall?

Flashy,

you are right it is pointless to do this if entering both trades at the same time, my argument was that it is possible and brokers would allow it.

It can however be used as a stratagy on different tf's. for example you could be in a short on the daily holding for weeks to months but be taking longs off the 5min chart when opps present themselves.

 

[Vaco]

Long eu 1.3224

I like this trade because its: Following the trend = following the money = going with the flow = barking with the big dogs.

 

[leerees]

Have you considered what you would have done if after closing your short at s1 price continued to fall?

Flashy,

you are right it is pointless to do this if entering both trades at the same time, my argument was that it is possible and brokers would allow it.

It can however be used as a stratagy on different tf's. for example you could be in a short on the daily holding for weeks to months but be taking longs off the 5min chart when opps present themselves.

Yes I had considered this also. If it fell through S1 I would have kept the short open and closed the long at loss creating the new BE point. New profit would come from a continued drop from S1.

 

[Lord Flasheart]

Ok let me explain, I am new to forex so you'll have to forgive me but here goes.

Basically on the 5min chart the EUR/USD was ranging however I noticed that it had previously gone down and bounced off S1. With this in mind and the fact that we are in a longer term down trend I decided to take a short and a long. The reason I took the long was because at the time we was in a range and I did not have confirmation, just first signs. Had it not dropped I'd have waited a little longer, eventually closing both trades paying the spread cost.

However the price then started dropping down to S1 and at this point I closed my short.

The price then went back up to the range (where I initially placed the trade) and thus I closed my long.
Obviously I'm not as experienced as other traders but for me I feel the hedge was a safer bet for that particular trade.

sure i see that,but all the time you were in both trades your position was flat,it would have been cheaper to have just taken the long when you closed the short.
I know some people have longs and shorts during news items etc. I hope you see what im saying and wish no offence,ive not seen that strategy used like that before.I would welcome other comments and advice. At least it made you money

 

[Dinos]

EJ, M15 starting to look like a short might be coming, have to sit and wait and watch

 

[Vaco]

EJ, M15 starting to look like a short might be coming, have to sit and wait and watch

its gotten stuck in a bit of a range but more times then not it breaks in the same direction that it was heading in before it got rangey so I still see it reaching 111.97 to complete the days range.

 

[leerees]

sure i see that,but all the time you were in both trades your position was flat,it would have been cheaper to have just taken the long when you closed the short.
I know some people have longs and shorts during news items etc. I hope you see what im saying and wish no offence,ive not seen that strategy used like that before.I would welcome other comments and advice. At least it made you money

I could have took just a short but then I would have to have waited longer for confirmation of the trend, thus I would have made less money anyway.

The hedge trade allowed me to get in at the beginning. The long broke even and the short made the full amount. I beleive I increased my profits and minimized my risk by taking the hedge.

 

[Lord Flasheart]

I could have took just a short but then I would have to have waited longer for confirmation of the trend, thus I would have made less money anyway.

The hedge trade allowed me to get in at the beginning. The long broke even and the short made the full amount. I beleive I increased my profits and minimized my risk by taking the hedge.

i hope others join in and may explain better than I can here,you should not do what you did. If there had been a 50 piont spike during a news item for example, you could have been taken out one way in seconds only for price to return to its original price. The long and short served no helpful purpose for your type of trading

 

[Dinos]

Long eu 1.3224

Closed 1.3239 +15

 

[Lord Flasheart]

short eur/usd at 1.3214 s/l 15..rules are rules,so off we go again

- 15 x 2, not the best start to the week

 

[LiamH]

i hope others join in and may explain better than I can here,you should not do what you did.

Woah there... Calm down Flashy - What he's said makes sense... Each to their own and all that. He possibly got a late entry due to the hedge but with smaller risk, where's the problem?

 

[Vaco]

Interesting the eur is rising against the $ but at a standstill against the yen

 

[leerees]

Guys EUR/USD
at 1.32477, I predict a bounce or a range.

May take a second short if we get the bounce.

 

[Lord Flasheart]

Woah there... Calm down Flashy - What he's said makes sense... Each to their own and all that. He possibly got a late entry due to the hedge but with smaller risk, where's the problem?

lol Liam, im trying to help a new trader,i am totally calm.What he did he may not realise the disadvantages of trading like that. He could only lose the spreads and possibly worse and could not gain while in the two trades. If he takes one off, there was no point in having two in the first place

 

[Vaco]

Yes I had considered this also. If it fell through S1 I would have kept the short open and closed the long at loss creating the new BE point. New profit would come from a continued drop from S1.

You misunderstood me, i'm asking what you would have done if AFTER you closed your short for a profit it broke down through s1.

what was your get out point, stop loss whatever you want to call it??

 

[Dinos]

I got my EU long, and to be fair, I doubted myself, until I saw Vaco's comment. The reason for the doubt was I had previously seen 3 other posters going short before I took my trade, and for me this is one big issues I have with posting on threads, anybody else feel the same?

 

[LiamH]

lol Liam, im trying to help a new trader,i am totally calm.What he did he may not realise the disadvantages of trading like that. He could only lose the spreads and possibly worse and could not gain while in the two trades. If he takes one off, there was no point in having two in the first place

He doesn't seem new to me... Maybe new to Forex but not trading? Maybe he could inform us?

Either way though, do you not see how this trade worked? He left the hedge until his drection was confirmed and then closed one side once he could see where it was going. I really don't see why this is a problem as, like he said, it reduces risk... Or am I missing something (wouldn't be the first time)?

 

[LiamH]

I got my EU long, and to be fair, I doubted myself, until I saw Vaco's comment. The reason for the doubt was I had previously seen 3 other posters going short before I took my trade, and for me this is one big issues I have with posting on threads, anybody else feel the same?

I feel the same... I either get shaken out or diverted by others' opinions or just outright trade badly whenever I post live calls. No more for me, ever.