Not a good day for day trading GBP/USD. I was stopped out twice . End with -2 R loss. GBP/USD reversed the direction around 3am EST.
I call it a day for day trading system. I am still holding GBP/USD for my weekly system.
Summary:
Long GBP/USD; Result: -1 R
Short GBP/USD; Result: -1 R
[photopress:GBPUSDDayTrade03April07.PNG,full,pp_image]
I get whipsawed like that too every once in while. It sucks to watch your stop get hit and then the price zooms back up (or down) in the direction you were thinking.
I get whipsawed like that too every once in while. It sucks to watch your stop get hit and then the price zooms back up (or down) in the direction you were thinking.
Gav,
I have a few suggestions for you when trading futures/forex.
– Take partial profits as soon as it is available so you can pay your trading costs. You can choose to close 1/4 of the position when the trade goes X number of pips on your way.
– When using SAR technique, consider reversing close to your entry point if you reached a profit level, and took partial profits.
Hope I could help somehow.
Best Regards,
JH.
Gav,
I have a few suggestions for you when trading futures/forex.
– Take partial profits as soon as it is available so you can pay your trading costs. You can choose to close 1/4 of the position when the trade goes X number of pips on your way.
– When using SAR technique, consider reversing close to your entry point if you reached a profit level, and took partial profits.
Hope I could help somehow.
Best Regards,
JH.
I’m in and out of cable all the time. It largely tracks EUR/USD, although it’s more volatile in terms of pips (not percentages). My pet hunch is that there could be a bucket load of stops and option barriers at the GBP/USD 2.0 handle. As we approach that level, I can imagine some large players attempting to protect the level, but I’d expect the tide to win out and would look for a short, sharp rally through 2.0 as the damn breaks. Just a hunch. all the best.
I’m in and out of cable all the time. It largely tracks EUR/USD, although it’s more volatile in terms of pips (not percentages). My pet hunch is that there could be a bucket load of stops and option barriers at the GBP/USD 2.0 handle. As we approach that level, I can imagine some large players attempting to protect the level, but I’d expect the tide to win out and would look for a short, sharp rally through 2.0 as the damn breaks. Just a hunch. all the best.
@TOM: Yeah, that was the worst scenario (intraday) I can see in my system. And , it just showed me so early. LOL
@JH: Thanks for the comments and ideas. I am still studying the possibility and the effectiveness of taking partial profit. For 2nd point, that is what I am doing now. I will move my reversal entry up when the initial position is gaining certain number of pips. For this trade, it just failed to reach that point. Well…
@Caravaggio: Thanks for the interesting and insightful comments. To be frank, I had never thought of the point you’ve just mentioned.
Time for me to do a little bit studies again..
Hope you all have a great week.
@TOM: Yeah, that was the worst scenario (intraday) I can see in my system. And , it just showed me so early. LOL
@JH: Thanks for the comments and ideas. I am still studying the possibility and the effectiveness of taking partial profit. For 2nd point, that is what I am doing now. I will move my reversal entry up when the initial position is gaining certain number of pips. For this trade, it just failed to reach that point. Well…
@Caravaggio: Thanks for the interesting and insightful comments. To be frank, I had never thought of the point you’ve just mentioned.
Time for me to do a little bit studies again..
Hope you all have a great week.