laoshi

I've just longed a Eur/Yen at 155 if anyone interested.

Reasons? It's wanked down about 1300 pips in the last few weeks. Equities are bottoming out and I expect the carry trade to resume...

Om Bak

Damm it happen agained last night. Locked in 400pips went to bed, market moved down another 400 before it bounched and stopped me out.
-----
I'm in NZ 6 hours in front of LoS.
-----
To early to tell really. I've only been on margin FX a month. It does look promising though I'm up 23%. Not a bad way to pass time reckon

The wife as she puts it "teerak your like the old people who stare all day at share market prices at the Mall Bangkapi"

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.

tafy68

Thats easy m8! Just put a trailing stop on it, problem solved

likewise

Good to know

__________________
What's love got to do with it...........

Om Bak

Are you using a trading platform? I believe some trading platforms may have automatic trailing stops.

I'm not at the moment, I have to ring the broker to move the stops.

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.

likewise

FXCM has got a pretty good trading platform. PErsonally I'm using both, MT4 platform which has very good and easy to read charts. FXCM then again seems to work faster.

__________________
What's love got to do with it...........

Om Bak

Carry trades likely to resume on high yeilders if not already like the AUD and NZD, there seems to be exaustion in the sell off.

I'm thinking about an order to buy on stop 7025 for a target of 7200.

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.

tafy68

Im sure u could ask your broker for a trailing stop, why don't u use an online trading platform?

I like FXCM too, and I use MT4 for their charts

Om Bak

Cheers for that. By any chance do they have an S&P rating?
I've only got a small account but as a rule I always check who I'm dealing with.
-----
My broker doesn't do trailing stops. He will though log an alert and call me, then I have to give the order but who really wants a phone call at an ungodly hour.
Platforms seem to be the way to go, most likely I will make the change

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.

Nanog

Most day traders trade the Asian/European and European/US market times. These times denote an overlap in the markets and when the markets move the most. Sorry if you already know this. Om Bak, you seem to be using fundamentals as reasoning for your trades. I am not sure if that works for the small guy. Good news for the pound will for example come out and the next thing that happens........it drops like a stone. Everybody would have expected it to strengthen. With hindsight, reports will give the reason why. I might be wrong....it might be possible to trade succesfully this way but I am not convinced. Somebody here said they traded trends.....I think that this might be the best way. In a trend.....you will see tops or bottoms formed. These are the places to place your stops. The stops should be a ratio of say 1/3 to the likely/possible win. What time frames do you use?


You can put a widget on your desktop which will tell you the market hours......Here is the link.

http://fxlabs.oanda.com/cgi/fxlabs.pl?id=13

laoshi

Yup boshed through to 157++ Stop moved to breakeven ...

Om Bak

Hey thanks for that. I don't place much emphasis on trading fundementals though, I trade with the trend, range trade, trend reversal, I've only started on margin FX but have been investing in the share market 19 years, same story there as you would probably know, prices can rally on bad news or fall on good news. Not sure what you mean by time frames, if you mean time held on open position, it isn't all that long. I move my stops until such time the trend changes or a pull back stops me out.

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.

Nanog

I meant what time frames do you use? I look at the 5 minutes charts and try to see if there is a trend forming there. If there is.....I wait for a pull-back or retracement and try to enter on that. I look at a 1 minute chart to try and pin point an entry. Look at the GBP chart for today and indeed going back yesterday. You can almost draw a trend-line linking the lows. Once of these lows or ratracements would have been a good place to enter.

Om Bak

Good tip that the 1 min chart. I've been trialing it today and can see what you mean, gives clearer picture for immediate entry. I usually start off with the day chart to see the overall picture, then switch to 60min chart once again looking at the overall picture working out support and resistence and trend formation, then 5 min chart for entry and moving stops.
With range trading I look for exaustion near the resistance and sell as close as I can get with stops just above resistance, then same with retracements buy as close to support with tight stops. In a up trend buying close to higher bottoms and down trend selling close to lower tops. Just recently I've started trading break outs, this week the NZDUSD ran a tight range 7025-6900 for most of the week . The break of resistance 7025 saw a quick run up to 7182 but not before a sell off at 5.15 which stopped me out at 7100 and pull back to 7075.

__________________
All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.