couple of good calls there Xerof
Printable View
couple of good calls there Xerof
This is the trade we have been waiting for.
The signs were showing (previously mentioned)
and now the worm has finally turned.
Ticking away nicely +142
Trailing stop.
If you don't mind me asking, what depth do you guys run your trailing stops at?
I ran at 50 the other night and got taken out on several pairs when they bounced. (volatile night though)
tia
Slam
yeh good question slam. I'm very interested in Arco's answer, hes obviously had a lot of success with his trailing stops in the past.
As I commented recently I'm just putting them in at something like 150-200 out of the money only when I leave the screen - only to prevent catastrophe not to establish a risk/reward ratio.
Slam/Peat
Stop ranges can vary depending on your time scale, and whether
you are a short/long term trader. That you will need to decide
independantly. Xerof has mentioned the FIB 50 idea, and the
2% money management rule.
There are many indicators that can be used as a stop,
and using a combination is advisable.
These are the SL techniques I use.
Last Pivot. (see site below)
Moving average.
Candle Reversal Pattern.
Chuck Le Beau's Chandelier.
CBL 3 or 4. Tighten as trade progresses/faulters 4-3-2
Fibonacchi Retracement 50-618. (As mentioned by Xerof)
Gann Support/resistance.
Gut feeling.
As a start, I suggest you experiment with some of the
SL techniques discussed here.
http://www.thepitmaster.com/tricks/stoploss.htm
Trust that will be helpful.
Good trading.
arco
Speaking of Fib retracements, .7153 is 61.8% of the .7015 to 7378 rally, so it might be a bit sticky here, .7100 is 76.4%.
Momentum seems strong enough though for it to test 100%, which is of course .7015
Hmmm, Friday with no US data, maybe thats enough for the week - just a thought. Next week will determine validity of this run I think
Xerof
Cheers Guys
Xerof
Yes the 618 fib is bound to have some effect
because TA's will be monitoring that point.
On a reversal at this point there is always the possibility
of a rally to test the old brokwn support at 7195/29th April.
This ties in with the 50% FIB just broken, and may align with
possible MA resistance following from above.
arco
Yes thats as far as I see it going - 95/00 area. I have my trailing stops at 7215 for tonight and might have a look at the rugby instead of FX this evening!
cheers
Xerof
I do note thats the 50 sma on the 30 mins;);)
nice resource arco
have saved it for future references
am waiting till 2nd semester of uni be4 i start this stuff :D
man cant wait to start this baby rolling
*prob with demos et al, have tried tricom and marketech
they use the similar programs..
somehow when i want to query a price or place an order.. i always get a SEND error...
at least i got my IG markets i guess