mornin' fxmo
I'm late on parade this morning and see you've been busy.
A couple of refresher questions if I may:
1. What spread are you working with on eur/usd and eur/jpy?
2. Is your 5 point stop loss 5+spread or spread inclusive?
3. What are the prices you quote - mid, or buy when talking long and sell when talking short or what?
4. What feed are you using - so I can square it with mine which looks a few points adrift?
5. At what level of points profit will you adopt your "free trade" type exit or is it more as the fancy takes you.
Not trying to trip you up here, just want to be sure as a senile old codger that I know what you're talking about.
OK Jon
1 - spreads under 1 pip in these pairs and as low as 0 2 pips on EU this morning with one ECN broker. Trouble is you have commissions on top - but I still work out its under 2 pips cost normally
I cannot scalp pairs with speads over 4 or 5 pips - unless I expand stop to over 7 pips - and therefore prefer not to do that
2 Yes spread is included in stop
Normally if under 1 pip or even up to 2 pips - 5 pips stops are OK - you just need great timing off the tick chart or 1 min
3 the buy price on scalp buy and sell price on scalp sell - ideally less than 0 7 pip in it 70% of time
4.I use 3 feeds - but only 2 brokers
Yes all can differ from 1 to 3 pips normally - sometimes more on quick moves with delays of say 3 seconds
i have to quote the price i have on the brokers chart i use for the trade
5 I am going into free trades more on the other thread
Will explain in detail - as it also depends how much i am already up in the session or day
i dont like setting 30% stops under entry - but if the scalp as made over 15 pips I dont normally have to
Sometimes if i take a free trade under 7 pips - then I miaght set it still 5 pips under entry - as the 70% profit will still cover it
Hope this helps Jon and you are welcome
Regards
F