forexkunta
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Nice job GumRai,
I took the short late on Friday got out before the weekend with about 65 pips profit.
I am not a fan of holding a position over a weekend unless I am in major profit, like more than 100 pips, due to the possible gapping when the markets reopen. I actually had 5 trades open with 3 only up around 5, 3 trades on GBPJPY, and 2 on GBPUSD. The wave down is just restarting so an entry on Sunday around 0000gmt is a good bet. I know I will be in. The only problem with trading Sunday night is the fact that Uk has a holiday on Monday and will be off. We will have to rely on the Asian session to get things going, and with the lack of volume, It could be iffy.
Hope everyone has a good weekend.
Regards,
Kent
I took the short late on Friday got out before the weekend with about 65 pips profit.
I am not a fan of holding a position over a weekend unless I am in major profit, like more than 100 pips, due to the possible gapping when the markets reopen. I actually had 5 trades open with 3 only up around 5, 3 trades on GBPJPY, and 2 on GBPUSD. The wave down is just restarting so an entry on Sunday around 0000gmt is a good bet. I know I will be in. The only problem with trading Sunday night is the fact that Uk has a holiday on Monday and will be off. We will have to rely on the Asian session to get things going, and with the lack of volume, It could be iffy.
Hope everyone has a good weekend.
Regards,
Kent
Jerry,
Yes, it's the same chart that you posted a little while back.
I guess that it's one of those times that good fortune was smiling on me. After taking a small loss on the short given earlier, I'd already gone to bed (6PM UK is midnight here
The Long alert was given at 7PM, 27th August and fortunately I was looking at the chart when the histos matched about 15 minutes later. That was at 1.6233.
I placed the deal at 1.6239 (only missed out on 3 pips, taking the spread into account).
Within about 30 seconds it hit 1.6275, so moving fast and maybe I was lucky to get the deal without a re-quote.
It peaked about 1.6300 and then started heading south again
Breaking the rules, I set the stoploss at break even and went back to bed.
To be honest, I expected to find the deal dead and buried by the time I woke up, but no it had found the energy to stay up, albeit pretty much sideways.
After resting for a while, it must have taken another dose of Forex viagra and kept going up for a few more hours.
When it hit 1.6380, 140 pips profit, I looked at the sniper stop from the previous candle and it was still only 15 pips above my entry point! At this stage, earlier posts from Greenfield came to mind. I may be a seasoned trader in shares, but I'm still human, and thought about how I would feel if the market turned and all that profit disappeared.
So I closed half my position with 130 pips profit, knowing that I would be happy with whatever the future held.
The following H1 candle closed lower, the next hour was rising, but couldn't go above the high of 2 hours before, stockmarkets looked to be faltering and when it moved back below the bollinger band, the sniper rules went out the window and I quit the deal.
130 pips on half, 100 pips on the second half, so aggregate profit of 115 - not bad for a deal against the recent trend!
Sorry if this is a long post - stop me if you are bored
This deal has proven to me just how difficult it is to blindly follow a system that I cannot follow the reasoning for entry and exit. It's probably easier for someone with absolutely no knowledge of chart movements and influences.
I just couldn't help myself. I couldn't stick to the rules and just had to use my own judgment to exit the deal. If you remember some of my posts, I have said that with a system like this you must follow the rules
In this case I was right. I managed to exit at just about the right time.
I think that without an automated EA placing trades, very few would have managed to enter this position at the same level as I did, I just happened to be looking at the chart at exactly the right time
Following the rules, using a stop at sniper stop +/- 10, the deal would have been closed at 1.6281 and shown a profit of 40 pips. That's still a nice profit, but 115 pips is better - this time.
I think that it will take a few experiences of missing out on some really good runs before I will be convinced to stick to the rules.
I see a short was given and then confirmed around 7PM UK time. Late on a Friday, I expect most people left it alone. So if conditions are still in place Monday, is it a good idea to take this trade? Is it best not to trade currencies paired with GBP on a UK bank holiday?
Have a nice weekend everybody.
