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Old Jun 2nd, 2010, 08:11 PM   #7
FX4Newbies
 
 
Join Date: Apr 2010
Location: United States
Posts: 574
What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level.

Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry.

And yes, they do hunt the stops...that is money for them.

Hope that helps.

FX4Newbies
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Old Jun 3rd, 2010, 01:32 PM   #8
FX4Newbies
 
 
Join Date: Apr 2010
Location: United States
Posts: 574
Hello Elite Traders,

I was not able to post earlier today as I updated my email address and had to wait for the administrators to process it etc.

I will post a few charts on the EUR-USD before the London session showing what I was looking at today, as well as what I may be looking at as the market unfolds into the night session.

Take care,

FX4Newbies
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Old Jun 3rd, 2010, 08:11 PM   #9
cstfx
 
 
Join Date: Mar 2007
Posts: 4,011
Quote:
Quote from FX4Newbies:

I was not able to post earlier today as I updated my email address and had to wait for the administrators to process it etc.
Total process takes 15 seconds, not all day.
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Old Jun 3rd, 2010, 08:30 PM   #10
FX4Newbies
 
 
Join Date: Apr 2010
Location: United States
Posts: 574
Quote:
Quote from cstfx:

Total process takes 15 seconds, not all day.
That's what I thought, but I sent a few emails before I got a response. I still had to wait for what seemed to be a 24-hour turn-around time period. When they did respond, I was given the name of someone to contact if I have further problems which was nice.
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Old Jun 3rd, 2010, 08:38 PM   #11
FX4Newbies
 
 
Join Date: Apr 2010
Location: United States
Posts: 574
This is the continuation of my chart posting for June 2nd to 3rd.
Attached Images
File Type: jpg june2-2010-2b.jpg (97.2 KB, 255 views)
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Old Jun 3rd, 2010, 08:40 PM   #12
FX4Newbies
 
 
Join Date: Apr 2010
Location: United States
Posts: 574
...continued
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File Type: jpg june3-2010.jpg (95.3 KB, 213 views)
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