Ok here is a trade I am looking ahead. It hasnt triggerred yet.

Pair: CAD/JPY
TF: H4 or 4 hour

Entry: Possible Dark Bold Red line
SL : Dotted Red line
TP : Dotted Green Line


Disclaimer: The trade hasnt been taken yet. Looking for the bar to complete and PA to confirm the trade.

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Learning Basics of Forex
"It was never my thinking that that made the big money for me. It always was my sitting."

EURGBP on a steady rise past couple of days. Looks like it has bottomed out.
0.8641 looked like a good support. even after TL break it held up quite well.
Went long on the bouce at .8657 with a 16pip SL at .8641
Target no idea. Looks like it can go on for a few days will be monitoring.

__________________
Whoever said picking tops and bottoms is not possible was lying, I always buy at the top and sell at the bottom.

EURCHF in a accelerated downtrend.
On H1 1.0615 look liked a good support that was taken out buy a WRB after a 2hr pause low of the WRB taken out so shorted. Unfortunatedly TSL triggered, closed with $41 profit.

__________________
Whoever said picking tops and bottoms is not possible was lying, I always buy at the top and sell at the bottom.

Originally Posted by Kittu

Ok here is a trade I am looking ahead. It hasnt triggerred yet. Pair: CAD/JPY TF: H4 or 4 hour Entry: Possible Dark Bold Red line SL : Dotted Red line TP : Dotted Green Line Disclaimer: The trade hasnt been taken yet. Looking for the bar to complete and PA to confirm the trade.

The said trade was of course not taken. The reason is clear in the following pic. See how the PA changed the entire picture.

__________________
Learning Basics of Forex
"It was never my thinking that that made the big money for me. It always was my sitting."

Update for post #12 EURGBP long:
No trades today markets closed
The EURGBP went well .8641 has been a good base. Trade went in favour so moved sl to BE and went to bed. Position right now is $307+ (trade with one 100k lot) if I was up could have booked profit at $500+

__________________
Whoever said picking tops and bottoms is not possible was lying, I always buy at the top and sell at the bottom.

Originally Posted by lazytrader

Update for post #12 EURGBP long: No trades today markets closed The EURGBP went well .8641 has been a good base. Trade went in favour so moved sl to BE and went to bed. Position right now is $307+ (trade with one 100k lot) if I was up could have booked profit at $500+

I wouldnt advise you to keep trades open taken on H1 over the weekend. The reason is when the markets reopen on monday morning, you would be asleep again and many a times a gap open occurs after the weekend. As of now you are only in about +30 pips profits which is more of sort of a scalp on H1 TF.

I know you are trading demo, but still thought of giving my inputs here.

__________________
Learning Basics of Forex
"It was never my thinking that that made the big money for me. It always was my sitting."

This one has been in an uptrend for about 3 days now. I was thinking this could continue up. Anyway thanks for the info I don't know such things. Keep them coming.

What is the usual size of a gap? i think on this one it's about 18.7pips above the entry not 30pips.

I was thinking about putting a trailing stop but those thing get triggered very early. Many times I have seen $200-$300 profit and then the TSL gets triggered closing the trade at almost at breakeven and then continuing in the original. Infact now I remember why I stopped trading forex - because the stops were getting triggered too many times and wasn't making anything. Now I manage stops manually and it has been going good.

__________________
Whoever said picking tops and bottoms is not possible was lying, I always buy at the top and sell at the bottom.

Originally Posted by lazytrader

This one has been in an uptrend for about 3 days now. I was thinking this could continue up. Anyway thanks for the info I don't know such things. Keep them coming. What is the usual size of a gap? i think on this one it's about 18.7pips above the entry not 30pips. I was thinking about putting a trailing stop but those thing get triggered very early. Many times I have seen $200-$300 profit and then the TSL gets triggered closing the trade at almost at breakeven and then continuing in the original. Infact now I remember why I stopped trading forex - because the stops were getting triggered too many times and wasn't making anything. Now I manage stops manually and it has been going good.

1) The 3 week uptrend. The uptrend is visible on a H4 chart best. But you are entering on H1 and I cant see a good PA(sorry for my ignorance) for you to enter long on it. If bounce off the TL was a reason, you should have put a SL there which I dont see on your chart. Going into the weekend with an entry taken on H1 without a great PA....Not a good idea.
I would rather take it as a Hit and Pip trade and get out before week closes.

I have trades running over the weekend, but they are taken on Daily and weekly TF and thus have to be kept open.
Its all about what TF you are trading.

2)Gaps: No general or average size. Like I said, I trade higher TFs so these gaps dont bother me.

3)Trailing SL or TSL: Now this is an art in itself. Your TSL should be large enough to give your trades breathing time and small enough to lock in good profits.
Also, the pair you are trading will affect the TSL. While a 100 pip TSL on EURUSD will keep you in untill a major reversal takes place, a 100 pip TSL can be eaten up by one candle on H4 of GBPJPY.
You will understand more about the spreads and volatility of each pair once you trade them over some period of time. TSLs are to be kept and punched very skillfully and it comes with more time and practice.


Kittu

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Learning Basics of Forex
"It was never my thinking that that made the big money for me. It always was my sitting."

Well, the reason you don't see my stop is because I moved it to the breakeven
I mentioned it in the update as BE (breakeven)

About the volatality and things it think I would get more used to the pairs if I traded fewer pairs. I was thinking of shifting to fxpro because I only get to trade 8 pair properly with Alpari. 4 are redundant and they give only 12. What is your opinion?

About the size of the TSL if you remember I said they don't allow to place a limit less than 30pips? Likewise it shifts from pair to pair depending on volatiliy.

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Whoever said picking tops and bottoms is not possible was lying, I always buy at the top and sell at the bottom.

Originally Posted by lazytrader

Well, the reason you don't see my stop is because I moved it to the breakeven I mentioned it in the update as BE (breakeven) About the volatality and things it think I would get more used to the pairs if I traded fewer pairs. I was thinking of shifting to fxpro because I only get to trade 8 pair properly with Alpari. 4 are redundant and they give only 12. What is your opinion?

Well moving stop to BE is good, but a gap over the weekend might kill you on H1. Just be aware of that possibility and trade, thats all

Yes FXPRO is a good idea for demo MT4. They have MAX, yes MAX number of pairs along with Indices like DJI,S&P500 and Gold,Silver too.

On live account they offer much more assest classes.

Also, being redundant, you might see that on Fxpro too because of the co-relation of the pairs. Like all JPY pairs will show a similar PA(not same). But having more choices means you can trade best of the set ups available.

__________________
Learning Basics of Forex
"It was never my thinking that that made the big money for me. It always was my sitting."