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I have stop levels already identified on all the potential trades. Some of them are a bit tight to the price at the moment, but if it starts to move off away from the current reversal, they'll fatten up into something a little more sensible. If the price doesn't move away and the stop become -ve then I'll obviously not be taking the trade anyway.

aud/usd stop at 9232 which is 10 pips below yesterday's high. Last bar closed just a tad below. I'll give it the benefit of the doubt and see if I get a setup.

gbp/usd stop at 5669 which is 10 pips below the weekly high and also the open session ping-pong between Frankfurt and London yesterday and Frankfurt's pitch this morning. Not now going to happen as prior bar closed well below moving average.

nzd/usd stop at 8012 which is 5 pips below today's open and the monthly R1. It's also below the a bunch of other soft s/r levels. Which is why it's only 5 pips fuzz factor rather than the normal 10. Having said that it's moving through those softies as I write this and coming up to the primary Support level. Not going to happen. Prior bar closed well below moving average.

eur/aud stop at 4340 which is 10 pips above the Frankfurt open upper boundary.

usd/chf stop at 9353 which is 5 pips above today's pivot point. Not going to happen as the last bar closed above the moving average.
 
Italian GDP data in 10 minutes. I'm thinking with the price this close to my stop on the short eur/aud, it'll only take OANDA widening their stops rather than any major deviation from the expected data to take my trade out.

One of the benefits of wider stops is distance from the impact of these short-term data events, but of course, the downside to that is smaller position size.
 
Purple Brain said:
Italian GDP data in 10 minutes. I'm thinking with the price this close to my stop on the short eur/aud, it'll only take OANDA widening their stops rather than any major deviation from the expected data to take my trade out.

One of the benefits of wider stops is distance from the impact of these short-term data events, but of course, the downside to that is smaller position size.
Click to expand...

I am still of the opinion that if one is going to scalp then don't have a stop, just keep a beady eye on it. This is best done by setting aside say 1 hour. If one has to go shopping then put a stop/TP in.
 
Purple Brain said:
Was looking at the myself earlier. Also looking now at a long aud/nzd, but it's only recently started turning up from a down bias to an up (on the 15 minute).
Click to expand...

yes it would then go with the trend but not quite there yet imho
 

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short eur/aud stop moved to 4310. 10 pips above the century and just above yesterday's low and yesterdays' Frankfurt-London ping-pong.
 
Long Aud/Nzd
a bit risky
A big commission from my broker as it went in at 1532 !!
 
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