Forex - stopped out

[neil]

Seems like I set my stop too close.

What do fellow traders think :?:

 

[Anonymous]

What was your entry point, stop loss point, what is the bid-ask spread, what is the contract?

 

[FetteredChinos]

try the 2nd prior swing point, rather than the prior swing low..

markets generally move to take out stops..

 

[Texas_Hedge]

Seems like I set my stop too close.

What do fellow traders think :?:

It's me by the way Peter44 (I have changed my name)

What did you trade Neil?

I can see the attachment box but nothing in it.


Peter

 

[commanderco]

Seems like I set my stop too close.

What do fellow traders think :?:

Try trading in pairs if you are not already doing so.
One contract for a points target and the other to run.
I make my points contract responsible for covering all my losses and expenses
and yet the gallant little bugger still turns a modest profit, whilst the
other contract takes all the glory.
A bit like Lance Armstrong and the discovery team.

If it all sounds a little childish, I must remind you that I still do not know what I am going to do when I grow up!

In answer to your question Neil, you did put your stop in a obvious place.
A bit like being run over on a pedestrian crossing really.

 

[neil]

attachments work ok

It's me by the way Peter44 (I have changed my name)

What did you trade Neil?

I can see the attachment box but nothing in it.


Peter

Just click on the box - it should open as it did for others -don't know how to post otherwise.
Euro/USD
entered 2068

stop 2060
(I think Phil Newton would have waited for a pull back of break out of line drawn across 2062 support and then traded the start of any continuation in direction of original break out?)



Can't win 'em all 😉

 

[Texas_Hedge]

Just click on the box - it should open as it did for others -don't know how to post otherwise.
Euro/USD
entered 2068

stop 2060
(I think Phil Newton would have waited for a pull back of break out of line drawn across 2062 support and then traded the start of any continuation in direction of original break out?)

Can't win 'em all 😉

Nothing wrong with your trade Direction . Stop was always going to get hit, being that close on a Monday..

I'm Long this morning on Sterling and the Euro. But stops are 60+

 

[neil]

In answer to your question Neil, you did put your stop in a obvious place.
A bit like being run over on a pedestrian crossing really.

That could well be the reason. Good idea about pair trading. 🙂

 

[neil]

That Monday feelin'...oh...oh..oh

Nothing wrong with your trade Direction . Stop was always going to get hit, being that close on a Monday..

I'm Long this morning on Sterling and the Euro. But stops are 60+

Thanks Texas. Is there any truth in the saying that it pays to avoid trading forex on Mondays and Fridays :?:

 

[Texas_Hedge]

Thanks Texas. Is there any truth in the saying that it pays to avoid trading forex on Mondays and Fridays :?:

OH Yes. Monday is always disastrous and Friday only gets worse...

 

[commanderco]

That could well be the reason. Good idea about pair trading. 🙂

I mentioned it once before and copped some flak because the Critic
feel that the points contract attracted the same risk but restricted its earning
potential.
In fact he is dead wrong. The win/loss ratio is higher by a good margin.
Also, I enter against the flow ie if I want to go long I will enter after a drop in the currency
which puts my entry closer the the TP (turning point) and reduces my risk.

In fact I "trade against the trend"
" catch falling knives"
" enter without entering protective stops"
I do just about everything you read that you should not do.
Why? Because 95% of the people lose their money and 100% of the people
read the books.
It took me a while to figure that one out, but if you want to trap a tiger, you must
think like the tiger.

 

[commanderco]

OH Yes. Monday is always disastrous and Friday only gets worse...

I would also be very careful trading the days in between

 

[henry766]

good point commanderco, never put ya stop loss near any sort of r/s line , smart money is always fading these!!( short term at very least)

 

[neil]

You are a wag

I would also be very careful trading the days in between

😆 😆

 

[henry766]

but yes avery funny joke also

 

[Texas_Hedge]

I would also be very careful trading the days in between

Yes it's all down hill Midweek......

 

[commanderco]

Yes it's all down hill Midweek......

Excue me while I pop out to the kitchen and cut my throat

 

[henry766]

we are such fun guys!!

 

[henry766]

any one left with the will to live?

 

[Anonymous]

What was the bid-ask spread difference?