FX Trading June 4 - June 8

The GBPUSD closed last week at 1.9823. Will it close this week at:


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  • Poll closed .
Bet JIlly B's method would of had her long 1.9910/15 is ? and delivered on the pip harvest today ? Maybe if not done , showing profit by 9.30 am cancel trade at market.

I mean if its holding for 10 hours and not going in the direction anticipated then fair chance the market want to send prices the other way ?

Maybe thats a rule that will help it ?

:D You guessed right. I did go long last night - entry at 1.9911/14 and out this morning for a conservative +10 pips.

With this method I always like to be out of the trade (if in profit) before London opens at 8.00am - I've seen it reverse too many times, not to take what pips I've got and be happy with it.
 
Hi all,
Still have my core long position. I have added to it in relatively small size at 942 SL 920 which is a little underwater at present. The market looks rather rangebound at present. I am hoping that it's going to be one of those slow grinding upwards days though it will need to break through this resistance at 50 first.
 
taking a speculative long on USDCHF 2211 15 pip stop.

edit: reducing risk to -6. stop below day's low.

edit 2: out for -6. will wait and see if last week's low holds to reenter.
 
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:D You guessed right. I did go long last night - entry at 1.9911/14 and out this morning for a conservative +10 pips.

With this method I always like to be out of the trade (if in profit) before London opens at 8.00am - I've seen it reverse too many times, not to take what pips I've got and be happy with it.

well done. Not always easy to continue when taking a knock back or 2. With the london opens, I notice they jocky for position between 7-8.30 like today seems to be support 19922/25 cap on the upside at the mo, but again 9.30 am and beyond still supporting the lows, so i think with your method somehow holding for continuation through the day but if come 9.30 no trade in your methods anticipated direction might be a fair cut point rather than hold until stop - 48 gets hit.

very very difficult if you cant screen watch at work though.

look at it this way you are prepared to hold during the day when it goes against, why not the same approach when in profit ?

hmm maybe a time exit, no profit by 9.30 stop and subject to hard stop (x points) otherwise exit 5 pm or something. you will capture some monster moves. And take what the market gives rather than what we take.

And today might example that theory.

hmm so it would of been

long 19914 hard stop 19866, time stop exit if not in profit at market 9.30 am, otherwise hold until , hmm why not hold until the next calculation 10 pm. Taking what the market gives then, still a relaxed method, as long as you dont fidget in the day. :)
 
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well done. Not always easy to continue when taking a knock back or 2. With the london opens, I notice they jocky for position between 7-8.30 like today seems to be support 19922/25 cap on the upside at the mo, but again 9.30 am and beyond still supporting the lows, so i think with your method somehow holding for continuation through the day but if come 9.30 no trade in your methods anticipated direction might be a fair cut point rather than hold until stop - 48 gets hit.

very very difficult if you cant screen watch at work though.

look at it this way you are prepared to hold during the day when it goes against, why not the same approach when in profit ?

hmm maybe a time exit, no profit by 9.30 stop and subject to hard stop (x points) otherwise exit 5 pm or something. you will capture some monster moves. And take what the market gives rather than what we take.

And today might example that theory.

hmm so it would of been

long 19914 hard stop 19866, time stop exit if not in profit at market 9.30 am, otherwise hold until , hmm why not hold until the next calculation 10 pm. Taking what the market gives then, still a relaxed method, as long as you dont fidget in the day. :)

Perhaps but there are a lot of days when this method has proved profitable for an exit between 7.30am to 8.00am, but then on the London open the direction has changed and all profits have been wiped out and the trade would have been a losing one.

Is it better to take smaller consistent profits, or wait for the large one but have more losing trades in between?

From my own personal pyschological viewpoint I would much rather have smaller more consistent profits.
 
Perhaps but there are a lot of days when this method has proved profitable for an exit between 7.30am to 8.00am, but then on the London open the direction has changed and all profits have been wiped out and the trade would have been a losing one.

Is it better to take smaller consistent profits, or wait for the large one but have more losing trades in between?

From my own personal pyschological viewpoint I would much rather have smaller more consistent profits.

I think it is personal in a way, but us wanting small profits might be us fearing them vapourate . What i just noticed is that you are o.k. or have let the -48 stop hit and disciplined in that sense to WAIT. why not the same with profit ?

Exit wise, I see a time exit or maybe a % (50)of ATR 3 - 14 you could set and forget that if you can monitor at work, but today for example 50 % atr 14 exit would be 44 points exit at 1.9958 .

would need a lot more research, just ideas.

If your trade as today you could assess new york opens maybe if you determined a time exit was the way to go and not ATR based , you could always when say 50 % of ATR 14 in profit adjust stop to entry +10, or something and let it ride or stop you out with a small profit and maybe the hard stop should also be based on an ATR % that will allow for recent volatilty and self adjust if you like.
 
I think it is personal in a way, but us wanting small profits might be us fearing them vapourate . What i just noticed is that you are o.k. or have let the -48 stop hit and disciplined in that sense to WAIT. why not the same with profit ?

Exit wise, I see a time exit or maybe a % (50)of ATR 3 - 14 you could set and forget that if you can monitor at work, but today for example 50 % atr 14 exit would be 44 points exit at 1.9958 .

would need a lot more research, just ideas.

If your trade as today you could assess new york opens maybe if you determined a time exit was the way to go and not ATR based , you could always when say 50 % of ATR 14 in profit adjust stop to entry +10, or something and let it ride or stop you out with a small profit and maybe the hard stop should also be based on an ATR % that will allow for recent volatilty and self adjust if you like.

Unfortunately I have no access to my trading platform when I'm at work - and although I can sort of monitor prices - but on a slightly delayed basis - I can't do anything about the trade. Hence why I want to get out of the trade before I go to work.

Yesterday's loss was purely 'operator error' and my own mistake of not noting down the time that the high was hit. I had it in my head that it wasn't hit until after 8pm, where as when I checked the charts again last night, the high on Friday was formed at 6.35pm - the trade was definitely a buy based on that. But I have learnt from this and will now insist that I write down the time at which the high/low was hit - so that there is no future confusion over this in my head.
 
Hi all,
Still have my core long position. I have added to it in relatively small size at 942 SL 920 which is a little underwater at present. The market looks rather rangebound at present. I am hoping that it's going to be one of those slow grinding upwards days though it will need to break through this resistance at 50 first.

Well we managed to break through 50 rather decisively so I took some off at 61 which in hind sight was a good move as it's now come back a fair bit. I've just been stopped out at b/e on the rest of the new position leaving me just with my core position again.
 
Well we managed to break through 50 rather decisively so I took some off at 61 which in hind sight was a good move as it's now come back a fair bit. I've just been stopped out at b/e on the rest of the new position leaving me just with my core position again.

I have cable to drop to 1.9890-75 regions and bounce off again. Just testing support.

Market is reacting to news - Bernankes comments regarding tightening of loans to the mortgage market and risk cautions.
 
Well we managed to break through 50 rather decisively so I took some off at 61 which in hind sight was a good move as it's now come back a fair bit. I've just been stopped out at b/e on the rest of the new position leaving me just with my core position again.

Good trading ag! Reacting off daily Fib here, good place to take profits i.e 9960 and for the brave a small stake short punt?
 
Morning all, no position on Cable yet, but looking to short in the 9975 area. Closed out my Dow short yesterday for +20 pips, but re-shorted at 13377, with a stop at 13407.

Good trading to all

Scaled out my Dow short at 13317 for +60 pips and have 50% of size still running. I have a Cable short from 9945, with stop at 9975 and looking to start to sclae out at 9895
 
Good trading ag! Reacting off daily Fib here, good place to take profits i.e 9960 and for the brave a small stake short punt?

I've been stopped out of my core position now. I had an order to get back long at 911 which I've missed by a few pips. This sell-off from the top has been rather steep and does look like a potential reversal so I'll stand aside for now to see how things develop.
 
Scaled out my Dow short at 13317 for +60 pips and have 50% of size still running. I have a Cable short from 9945, with stop at 9975 and looking to start to sclae out at 9895

How are you going to play the dow short Zuke? stops on your last 50%?
 
How are you going to play the dow short Zuke? stops on your last 50%?

Just taken another 25% at 13565 (Vegas tunnel on the 1HR) and will leave it to run on a 40 pips trailing stop or close if price closs above the tunnel.
 
GBPUSD (Cable)

The Cable may attempt to break 1.9995 resistance made on 9 May, if the current uptrend continues. 2.0000 level may be achievable.:?:
 
The Cable may attempt to break 1.9995 resistance made on 9 May, if the current uptrend continues. 2.0000 level may be achievable.:?:

I would have thought that if 9995 res is penetrated, another 5 pips wont be very far to go!:cheesy:
 
Morning all. Another winner for Jilly last night. I'm short now at 45 looking for a return below 9900, stops above yesterday's highs
 
Morning all. Another winner for Jilly last night. I'm short now at 45 looking for a return below 9900, stops above yesterday's highs

Nice entry! Im looking to short too, but will only do so with an hourly close below 9932
 
morning all,

seems like there is a lower high on the making and the shorts should become the higher probability trade.

I am flat, got to take the kid to school, but hope to be able to get back and get a decent entry. that entry at 45 is enviable OT
 
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