Currency Trading; October

Nice move kinda glad i stuck to my guns and didnt try to trade the channel... pah! what channel... trend support now with mr hindsight retested text book fasion next supoort @1.6622 and 1.66 after that 1.6530
next short @1.6615 for me and am so glad its the weekend for a couple `o` days off
yes i know looks a mess but am cleaning them up as you read this lol
 

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euro/$ definately the better to have traded today short on the break of the low @ 1.1675 now trading 1.1595
shame eh cant trade them all
 
Sssshh! NB,
We're both showing our age now, 'cause I remember that. lol.

New boy fwiw, just let the stops take care of the exit, unless you are doing intra day, (I do love a bit of excitement me.)
As long as you manage the trade by adjusting the stops as the trade goes your way. you don't really have a lot to worry about.
I still can't get it right all the time. I often stop myself out of a winning trade cause I think it's run its' course and it hasn't.
But it's a banked profit, rather than a possible larger loss by just leaving it.
And when you do trade for real. try not to be too eager to get into a trade. Pick your moment. You will find it all very, very different.
Good trading for when you go 'live'.
 
Thanks options i am trading intra day and the way NB's strategy works out makes it very relaxed,i tried scalping a few early on but reverted back to NB' method and the points just poured in.Know what you mean about being to eager i am concentrating on£/$ at the momment.
Regards newboy
 
Newboy

Options makes a good point about letting trailing stops take you out a trade. Top traders focus more on exit strategy and risk management than entries. I knew a chap who traded the Indi 25 Index Future on SAFEX (a volatile beast), who would take a position at the open, based on a dartboard. He made loads of dosh because of his regimented risk management strategy, i.e. win/lose ratio min 2:1, leverage max 10:1, max 5% equity at risk per day, etc, etc.

Search this BB for risk management ideas - there are some good posts on this topic.

Goober.
 
goober
yes it was although there was a larger drop on euro/$ too
as regards to why who knows i just trade off the charts, us equities premarket had a big rally gbp and others dropped, gold surprisingly didnt budge but then it wasnt a massive drop so perhaps to be expected i would like gold to come a bit low for me to get an entry

newboy
am really pleased that it is working for you
options and goober are correct, have a plan and trade it decide on your stop and entries and if you can see a target then aim for that too, otherwise let the marker dictate what it gives you
there is a matrix that i threw together earlier in the thread which you may find useful
 
And employment figs. Made for nice move if you were the correct side of it.

A lot of people do not like trading when these figs are due out, but you can miss out on very very quick profits. Not to worry if you miss it. Jump aboard on the way back. Sometimes safer to go for the return. Invariably, though not always, it retraces back to where it was. If not, then at least a 50% retracement.
 
cheers goober, ive got a list of the key economics that i pay attentions too i just never wrote it in my diary this month... just goes to show that long or short the strat takes care of its self...cha-ching$$$
...boo just looked 100% retracement but at least the figures may have given a clue to the short term direction, failing that its another scratch and look for an entry :(
 
That spike lower on the eur/usd contnued to fall from 1.1700 to 1.1600 Then retraced approx 50% before falling back down once again to 1.1600
 
GBP
and heres the same view for gbp, not quite the 100% but who cares as long as your short :cheesy:
 

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In a range:?:
the range target varies depending on which levels you use... min range is 130ish points going up to 220ish points

Ascending triangle:?:
310ish points for the asc. tri.
My money is on the asc. tri :cheesy:
 

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euro/$ decending triangle

Ive not been watching euro/$ at all today clearly it was the better of the two currencies i look at to trade.
Had i been looking to open a position on euro/$ i can only speculate on my seeing the dec. tri. (105pip targ) at the time. Even putting the pattern aside and just using the ema for entry you would have taken a small loss going long from the BO of the overnight range, then reverse short for 100+pips

Had you seen the divergence in rsi you may have avoided the early long or reversed sooner... even trading just on the bo of the pattern would have given you some decent points, its hit its target with a divergence at the bottom of the move to get out shut up shop and go to the pub early :cheesy:
 

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Hi NB

Excellent posts. I have been following your thread for a few weeks with great interest. I'm not trading at the moment, just not got the time to consistenly apply myself. Dam pesky full time job!

Anyway, I'm trying to set up Sierra for the CU.BP with the RSI but it only ranges between 5 and 25. So it only draws on the lower section of the study. Is there something I need to change on this or is just my system going nuts?

Cheers

Lard
 
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