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[thebeez666]

The small horizontal lines represent where the hourly trendline is for those 12 5minute candles.
The long horizontal lines are my targets for adding to the position.

 

[ZEN archer]

yes it's looking like an ugly chart day.

I was thinking the same, but again it depends on a trading style.

I didn't trade this way - it's only an idea.:idea:
I would say it's important to see if the market is trending or ranging (choppy). If it's a ranging market I can draw couple of lines (high and low for today before UK open). Then once it starts chopping I wait for the price on 15 min candles to come close to either side and as soon as there is an opposite colour candle - just put an order to buy/sell above/below the opposite colour candle's high/low with the stop at the extreme of the last move and R/R at least 1/1.

Look at GU chart today - it doesn't look ugly any more - 4 profitable trades and only 1 losing.

 

[thebeez666]

brave into a strong upward move out of that range. I dont trade trendlines. but good luck anyway.

Not my usual trade. You can tell by the EMAs still on my chart that i'm usually a trend follower but with a tight stop and a big R/R I will try to pick a top every now and again.

 

[ChocolateDigestive]

long eurusd 1.3083 20 pip SL looking for 10 pips.

 

[thebeez666]

long eurusd 1.3083 20 pip SL looking for 10 pips.

Ha

I would wish you good luck on that trade but im afraid it would be to the detriment of my PnL

 

[thebeez666]

Long FTSE100 @ 5939 sl @ 5899 trgt @ 6000

Mainly taken as a hedge. If it falls to my stop it should mean that the US indices will fall also to an area i would consider buying them again. If the US indices continue their rally they will drag the FTSE up with me on board.

 

[ChocolateDigestive]

look at the way cable went for the round number on the 5min chart.

 

[ChocolateDigestive]

long eurusd 1.3083 20 pip SL looking for 10 pips.

i book my winner here for +18.

9 live trades 8 winners 1 loser +51 total, I am still pissed off with that 20 pip loser last night, i was truly pathetic.

 

[thebeez666]

i book my winner here for +18.

Nice one

Was stopped out at -10

 

[ChocolateDigestive]

Nice one

Was stopped out at -10

you need to think about who else was going to join you and sell there just because there was a descending trend line. the larger players wanted the round number in cable and euro that's what moved the price.

 

[splashy]

Nice one

Was stopped out at -10

Short EUR/USD @ 13077 sl @13097 target @13007

Chart to follow

Did you change your stop? Did you decide not to add in as you inferred?

 

[ChocolateDigestive]

i cant trade now have a meeting but I always love the action around round numbers, the larger players will often try and run over it several times, there are just so many juicy stops. If it looks like it's going to run for some stops it probably will. lol.

 

[thebeez666]

Did you change your stop? Did you decide not to add in as you inferred?

Didnt reach my first scale in point and i moved my stop on the first decent.
Didnt quite work out as hoped but not much of a problem.

 

[Lord Flasheart]

long eur/cad at 1.2975 sl 1.2955

as stated 1/2 came of at +20,rest currently at -20

 

[Lord Flasheart]

i book my winner here for +18.

9 live trades 8 winners 1 loser +51 total, I am still pissed off with that 20 pip loser last night, i was truly pathetic.

good stats so far,but the way your trading,you need to be deadly accurate to be ahead in time.hope you will be.

 

[ChocolateDigestive]

good stats so far,but the way your trading,you need to be deadly accurate to be ahead in time.hope you will be.

I would expect a 75% hit rate as a minimum standard. I start trades off with a 20 pip SL but very rarely let them go to 20, normally I cut at 10ish. That -20 last night was a shocker where I was +10 up and I left it overnight, you won't see many 20 pip losers from me.

 

[ChocolateDigestive]

short eurusd 1.3077, tight stop 10 pips. shooting for around 10 pips here.

 

[wackypete2]

short eurusd 1.3077, tight stop 10 pips. shooting for around 10 pips here.

I was thinking the same thing but not ready to enter just yet.


Peter

 

[DynoDad]

Me too, if it hits 1.3070 I'm in for a quickie. Not convinced yet.

 

[ChocolateDigestive]

i think there will be a battle at 68's so I will probably be out by then.