Making FOREX work for me - Page 2
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Thread: Making FOREX work for me

  1. #11
    Oxitedm3
    Guest
    Got involved in a brief on the cable trap bar . Set a market order on the rest as I was still a little concerned about calculating after getting stung on the usd/jpy previously. At first I was going to give it a miss because I could not get my lot dimensions small enough for a stop over the snare high but when I thought about it, I didn't really need the price breaking up the 1.63 resistance again and again when it did go through there, I'd be sweating this up to the snare high, therefore chose a stop just over the prev resistance could be best.

    It's currently 70. I am trying to hold on to it before before the trend line - I often get out at FTA, but looking at the weekly GBP/USD, it appears very bearish and has had a few clear rejections from that 1.63 level so it seems great to return some more.


  2. #12
    Oxitedm3
    Guest
    A little something I am looking at for later. The pound appearing feeble and this looks like a possible long set up. Little pin pub off the fashion line. Will reevaluate this day.

  3. #13
    Oxitedm3
    Guest
    Quote Originally Posted by ;
    A little something I'm looking at for later. The pound looking looks like a potential long setup. Pin bar off the fashion line. This evening, will re-evaluate.
    Hence the EURGBP never ended up being a pin bar, but I am wondering what to do with my receptive GPBUSD position. It's currently 110 after one day. It's still not quite at my first TP, but I keep taking a look at the weekly bar and thinking it'd be a great short for a longer term position. Just fast scanning back on the weekly, similar pin bars for this happen to be great for 500 pips roughly.

    I have moved my stop loss to break even and I have deleted my TP order. I'm going to keep a watch out for it. Then I'm likely to let it run, if it shows no indiion of reversing.

  4. #14
    Oxitedm3
    Guest
    I am out at 1.062 in my cable brief. I toyed with the idea of leaving it due to the huge bearish weekly pub, but I had the words'stick to the program' ringing in my ears. I've never exchanged a weekly pub in my life - just use them for additional confirmation on my daily transactions, and I have not done any critical backtesting. Price is now hitting on the lower trend line and BRN now and also with it being Friday, I envision a lot of folks will probably be taking profit here.

    Ended up about 200 pips. A nice stress free trade - more like that for 2013 please.

    Deposits: #1000
    Profit/Loss: # 46
    Complete: #1046

  5. #15
    Oxitedm3
    Guest
    Put a buy order in on EURGBP last night. Bought it just under 0.812 following the gap had closed. Although there were no real PA bars I believed there was a clear bounce of the lower trend line and I would be getting in with the fad. It is the kind of trade I'd take in my demo account when practicing so thought I would give it a go with limited risk.

    Although this is currently in profit, I don't think that it's a trade I should have obtained. I was profitable in my demo account, but the equity curve was eratic because of accepting trades like this. I don't necessarily just take strict pin bars and outside bars, but I should be leaving this - particularly because there's not much space over before significant resistance.

    That I will remove about 75% risk this off now and see how we get on.

  6. #16
    Oxitedm3
    Guest
    I got out of the EURGBP trade. Price has been knocking around the resistance are for a while now. It wasn't a fantastic trade and I wasn't comfortable staying inside. Out for a few quid.


    Deposits: #1000
    Profit/Loss: # 8
    Complete: #1054

  7. #17
    Oxitedm3
    Guest
    Looking at this tonight.

    We can see price has tested the top trend line and been rejected. Now it has had another pop up and once been rejected - we have a small snare bar forming.

    Also in our favour we've divergence using the stochastics and enough room to the FTA to acquire at least 1:1 if I place my stop over today's high. We would be getting in with the trend also.

    Quite several and points

    Let's see what the near looks like.

  8. #18
    Oxitedm3
    Guest
    I was just about to put my order and also realised that the spread onto this pair has become 7.2pips. Anyone know if that's normal with this pair? My initial target is significantly less than 50pips, I am not too comfortable parting with over 10% of my goal straight away...

  9. #19
    Oxitedm3
    Guest
    The spread on this came down before I went to bed last night so I put the order. It was filled this afternoon and to profit pretty quickly. I got out in the very first trouble place for about 55pips (1:1).

    Deposits: #1000
    Profit/Loss: # 19
    Complete: #1073

  10. #20
    Oxitedm3
    Guest
    Looking at a single trade tonight. BigDBHLC on nzdusd. I will just about get my lot size low enough to pay the bar full of my stop loss to risk 2.5percent (Of initial deposit), if it opens lower then I'll place my order above the gap. It will be 1:1 return to the FTA, but it's a nice bar. I'm warey trading following the weekend, so sp will be seeking to reduce risk as soon as possible.

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