Some thoughts

thread: Some thoughts

  1. #1
    Junior Member dokoxke's Avatar
    29

    Some thoughts

    I'm v new to Currency Market and trying to figure out what's a stop, trailing blah blah. . Its is not just a system. Just a approach that I though would be good in trending market. Don't hesitate to comment.

    1. Look at the daily chart

    2. Look at the trend, check out your MACD, RSI or other indiors which u always use and latest news updates. Do your home work.

    3. Open your position. ( decide in your stop loss)

    4. ) Wait till the market moves to 20 pips in favor of your opening price.

    5. Place a stop loss 15 pips behind the price of step 4.

    6. If the market moves in your favor any another 20, pips, boost your stop loss by
    just another 5 pips.

    Keep repeating step 4- 6 until stop loss is hit.

    I love the use of Stop loss in this mtd cos even when I struck SL, it's still a profitable commerce.

    However Downside is that I want to monitor the charts always to adjust my SL lvl also it appears to work just on trending market.

    When you have suggestion how to adapt this on ranging market. . I look forward to ur suggestion.

    I tried one spot on GBPUSD. on Christmas eve in my demo account. My colleage was asking me about the sterling pound scenario feel that its great time to go in as the fall is only temp and some economic POV.

    Therefore it was a doji on the daily chart on 24th Dec.. . And

    I open long @ 1.9885, tried adjust SL lvl as mention above till its hit @ 1.9985 on 26 Dec07.

    Did a few trade for the next 2 days.

    When you have suggestion about how to improve this mtd. . Don't hesitate to comment.

    Current position...

    Long at GBPUSD 2.0053
    Current price as I'm typing now 2.0095
    My stop loss is 2.0063

    Let's see the number of day I can keep this position. =D

    Cheers.

  2. #2
    Throw a chart if you would and let's examine it my friend. Do you have a photograph program? Otherwise, contact me personally.

    Happy New Year to you

  3. #3
    Hello buddy,
    Please note your chart with notes..is better. .

    Kind regards,
    Marcelo Marques

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