EUR/USD 200pip+ move

uninvited_guest · Oct 7, 2005

Quote from uninvited_guest:

I had a good run of 8 trades, but my last 3 trades have been losers. My present trade is halfway to the STOP already. If I lose this trade (- $45.00) I will take 1 week off.

Good news my trade hit the limit for +55 pips on the GBP/USD short trade. Then continued down another 100 pips by 10:30 est when I logged in. Limit was hit at 03.08 est. The GBP/USD trades have been the most profitable, then EUR/USD, USD/CAD, NZD/USD in that order.

I'm thinking of this trade while the market is trading sideways.

* GBP/USD sell.
* GBP/USD buy.
* 10k each.
* STOP at -25 pips on both trades.
* LIMIT at +125 pips on both trades.
* Cost to enter 5 pips each (10 pips total).
* Maybe trailing STOP instead of LIMIT
* Maximum loss -50 pips.
* Maximum gain +120 pips (different with trailing STOP).

FXsKaLpEr · Oct 7, 2005

Quote from consomme:

If you can't beat the interest, that's pretty pathetic for a trader.

OK, whoever you are...

open and close 17 trades in USD/JPY short this next week.

then post your results here.

Or, open and close 17 trades in USD/JPY either short OR long, afterwards post your results here.

we'll see who's "pathetic."

theskalper

cable · Oct 8, 2005

Quote from consomme:
If you can't beat the interest, that's pretty pathetic for a trader.

Quote from FXsKaLpEr:
OK, whoever you are...

More...

Consomme is a soup. I wouldn't mess with a guy who names himself after a soup if I were you, man.... I just wouldn't.

FXsKaLpEr · Oct 8, 2005

Quote from uninvited_guest:

I'm thinking of this trade while the market is trading sideways.

* GBP/USD sell.
* GBP/USD buy.
* 10k each.
* STOP at -25 pips on both trades.
* LIMIT at +125 pips on both trades.
* Cost to enter 5 pips each (10 pips total).
* Maybe trailing STOP instead of LIMIT
* Maximum loss -50 pips.
* Maximum gain +120 pips (different with trailing STOP).

what would prevent the trade from moving up, picking off your short stop loss then to move back down and pick off your long stop loss?

mahras2 · Oct 8, 2005

Hmmm interest payments are like 1-5 pips only on a 24 hour period. Doesnt seem all that hard to beat to me.

uninvited_guest · Oct 8, 2005

Quote from FXsKaLpEr:

what would prevent the trade from moving up, picking off your short stop loss then to move back down and pick off your long stop loss?

Nothing, thats why I did state maximum loss at 50 pips.

The idea behind a trade like that is to catch a stong movement in one direction without having to be glued to the computer.

illiquid · Oct 8, 2005

Setting 2 stop orders to enter 25pts above and below the market would achieve the same result, no?

uninvited_guest · Oct 8, 2005

Quote from illiquid:

Setting 2 stop orders to enter 25pts above and below the market would achieve the same result, no?

I will have to check my trading platform, as far as I know I can't enter a trade to be executed at a specific price.

I have the FX Trading Station version 01.02.09.

uninvited_guest · Oct 8, 2005

Quote from illiquid:

Setting 2 stop orders to enter 25pts above and below the market would achieve the same result, no?

Thanks illiquid

I just got off the live chat with RefcoFx and yes my trading platform does allow that trade. Under the ENTRY button.

The result would be far superior. Thanks.

FXsKaLpEr · Oct 10, 2005

Quote from cable:

Consomme is a soup. I wouldn't mess with a guy who names himself after a soup if I were you, man.... I just wouldn't.

too funny.

I dumped my USD/JPY short, btw - so I am out of that trade/direction completely.

(now watch it go to 105)