Thanks for the advice, I'll check the Christchurch library for it..barring that.....I'll pry open the wallet
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Thanks for the advice, I'll check the Christchurch library for it..barring that.....I'll pry open the wallet
Yes thanks Arco, I have bitten the bullet and ordered that book. I do need to sharpen up on TA...
I added to my short NZD position at .7335, with another unit at .7308 last night (then saw it promptly move to 7340...)
Will add another unit on a break of 7260 (or MAY add on a rally back to 7290)
Everything looks heavy agst USD yeah? possible exception GBP which looks a bit oversold right here
Xerof
Xerof
I entered a large short position overnight at 7303
Currently + 35
LDI
Check it out at the library if you are able, but
you will need to buy it and refer often. Check
the web for a good discount - Amazon maybe.
arco
Arco, I like it when I've got good company:):)
LDI, US50.40 plus freight from amazon.com.
Buy it quickly, before the Kiwi drops out of bed :D:D
Just got out at .7266 for +47 on the dip.
It was a "large" position, relatively speaking, for my wee account :D
Hopefully, I'm not being too quick to take the money off the table(which from what I've read is a common rookie mistake).
I've reserved An introduction to foreign exchange & money markets. from Christchurch Library;
AND I've creaked open the wallet and blown the dust off the credit card for:
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
as suggested...thanks again.
Having rid your wallet of the moths, once you get into the book, you'll be able to replace them with butterflies LDI;);)
Nothing wrong with money in the till.
I've just added another unit to my short at 7255
Xerof
anyone worked it out yet?Quote:
quote:NZ'S FINMIN SAYS EXPECTS NZD TO RETURN TO HISTORIC POST-FLOAT AVERAGE
circa 55 cents I would guess
So Arco, we have good company - Michael is short too!
Xerof
A 50 % retrace of the long up-move would take NZD
to 5689, and a 38% retrace to 6106.
http://futures.fxstreet.com/images/figure2.gif
A swarm of Butterflies indicate initial targets
over-lapping between 6550 and 6900. So these may
be the medium term regions to watch.
Clearly there could be a long way to go if this is
the case.
arco
Sold again at 7231.....
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