Currency trading (Sept. 18th > 22nd)

Cables close on Friday?

  • Total voters
    19
  • Poll closed .
Morning,

What's the verdict today then fellas?
I got the breakout strat in play for the long on cable at the mo... it is looking a little tired though so tight stop (15pips)
 
USD/JPY might be the one to sell. With EUR/JPY negative as well a break of 117 should see a big figure quite quickly
 
Yes. Use breakouts similar to the method you use. Everytime I try to think about things it goes wrong! So I try just to use calculated breakouts with fixed stop losses (30 points cable, 20 points everything else) and move stops to b/e when 30 (or 20) ahead. I have copied you in that i close at 4 p.m. ish. I only trade intra day
 
Offshore Trader said:
Went short USD/JPY at 95 but looks like I will be closed out at B/E soon :(
Click to expand...
...just took a look at the 4hr USD/JPY and i'd be short at the next bar if it opens below 88. Looks good for 80 odd pips from there imo.
 
Offshore Trader said:
Yes. Use breakouts similar to the method you use. Everytime I try to think about things it goes wrong! So I try just to use calculated breakouts with fixed stop losses (30 points cable, 20 points everything else) and move stops to b/e when 30 (or 20) ahead. I have copied you in that i close at 4 p.m. ish. I only trade intra day
Click to expand...
...know how you feel. As Hopefull pointed out to me the other day, most long term successful traders he knows use purely mechanical methods with a positive expectancy; no reasoning, no discretion, the trade is on or off.
 
ChowClown said:
...just took a look at the 4hr USD/JPY and i'd be short at the next bar if it opens below 88. Looks good for 80 odd pips from there imo.
Click to expand...
...short not triggered.
 
I was closed out at 95 which was pretty near the top but one of my aims is to avoid losing money, so disappointing as it will be if it now goes down to 116 there will be other trades. Long cable from 58 so that's looking ok. Hopefully now the figures are out of the way we can make an assault on 1.90.

When I worked for banks, I traded mainly on emotion and it worked but the mind set is completely different when it is your own money. I think that as a bank trader greed is the stronger emotion whereas personally fear is much stronger when my own money is involved. If I didn't have a mechanical method I would keep taking myself out of positions way too early and my risk/reward ratio would be all wrong
 
Offshore Trader said:
I was closed out at 95 which was pretty near the top but one of my aims is to avoid losing money, so disappointing as it will be if it now goes down to 116 there will be other trades. Long cable from 58 so that's looking ok. Hopefully now the figures are out of the way we can make an assault on 1.90.

When I worked for banks, I traded mainly on emotion and it worked but the mind set is completely different when it is your own money. I think that as a bank trader greed is the stronger emotion whereas personally fear is much stronger when my own money is involved. If I didn't have a mechanical method I would keep taking myself out of positions way too early and my risk/reward ratio would be all wrong
Click to expand...

Same with me OT, when I traded exotics in the IB's, it pretty much was seat of pants trading. Now its my own moolah on the line, I have to have a simple "yes" or "no" element to my trading.
 
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