GBP/USD trading
- Thread starter nik1033
- Start date
Good call on this one nik. Buying tail with lots of short covering on the way up = nice trade.
Sounds more like another nik trade that didn't pan out.
Here's a possible trade for the NA session
Price is currently at 2.0386.
If price moves down to 2.0373, then set longs and target 2.0456.
If price moves up to 2.0406, then set shorts to 2.0325.
Price is currently at 2.0386.
If price moves down to 2.0373, then set longs and target 2.0456.
If price moves up to 2.0406, then set shorts to 2.0325.
I use a methodology that updates every hour. What I do (normally) is close a trade if price "settles" below my dynamic level. It fluctuates based on volatility. Likewise, I will follow it upwards also, sort of like a trailing stop. I try to use the logic that price needs to be in a certain "area" to prove my decision wrong.
For instance, on the current trade as of 9:20 AM the stop level or what I call "Low Tide" is now at 2.0378. I would get out on a significant hourly close below this level. If it is just a few ticks below, I would watch further price action before deciding to close.
A little long winded, but an important question.
For instance, on the current trade as of 9:20 AM the stop level or what I call "Low Tide" is now at 2.0378. I would get out on a significant hourly close below this level. If it is just a few ticks below, I would watch further price action before deciding to close.
A little long winded, but an important question.
....... price moved back down over the last hour. We are now trading at 2.0374. My stop or low tide level is now at 2.0370. Just to give you a feel for how I do it.
