Hello Hcour, http://www.reuters.com/article/blog...gVrP3OshCz3FPmqS4L0VMB9aZn9qFwE7nB5dspQHHGgBW Kind Regards, Captain Currency
Hello Traders, THE EARLY BIRD CATCHES THE WORM! A nice easy trade set-up on the Ducks earlier this am on Gbp/Usd, I bought at 2.0235 when prices crossed the last high and the sma on the 5 min chart - All 3 Ducks Lined UP! my stop-loss was placed 30 pips away from the entry, it would have been too expensive to place the stop-loss under the last low (about 40 pips) so I used a fixed stop-loss instead. I took profit just before the past daily high. A 30 risk for a 60 pip reward and a fairly painless trade, a great way to spend your Friday morning! Have a great weekend guys, Captain Currency.
How did you determine your profit target? Your 1:2 risk reward is good, but did you know it was 1:2 before you entered the trade? I understand how you are choosing your stop losses, but not your profit targets.
Hello IronFist, I will have a look on the daily chart for past highs and lows and use them as potential profit areas. I will also say "If Im risking 30 pips, I will be looking for X amount of pips in relation to my risk" obvisouly better than 1v1 if possible. If my target is not reached and prices start moving below the sma on the 5min chart I will close the position for a profit or a loss. Did I know I was going to get twice my risk before I entered the trade? No, but I thought it had the potential to get into the area of the high 2.0315/2.0300, so I did'nt mind taking a 30 pip punt on it. Pity I did'nt think it would go to todays high at 2.0465, which would have been more than 1:7 risk v reward! but trading is not a perfect game and you wont always get the max profit out of a trade. If you are using this "system" in your trading, make it your own ie enteries, stops, target, adding to winners, pairs etc. The above works for me, but you may want to trade it differently, so make it you own. Hope that helped. Captain Currency.
Hello Sim, Your going to have to help me on this one, where do you think I need to lose the apostrophe? Kind Regards, Captain Currency.