That's a very tight stop loss - price can easily trade lower and touch 2690 before trading higher - that's why I have an entry order close to 1.2690. This is the example I referred to in the previous post - we know that we got a bullish close in the 30/60 min but can optimize the entry using a smaller time frame as the 5 min. It does not always work as we might be left behind if price takes off. Stop should be placed under the lows.
5 min time frame
I agree with Alejandro, that tight a stop will hurt your trade as it will very likely get executed. It might range trade beforehand and then you will get hit too early to hit the next level.
I agree with Alejandro, that tight a stop will hurt your trade as it will very likely get executed. It might range trade beforehand and then you will get hit too early to hit the next level.
I have been learning this the hard way also.....Most of my thoughts on price movement are correct only to have my money taken away by my tight stops....I have started to place wider stops and be more patient before entering a trade which is helping
I have a buy order at 1.2600 anticipating a sell off, a spike to clean out longs, before 1.28+
stop 1.2450
Wow....150 pip stop....you have a lot of confidence....I'm afraid to place a trade today, but Greed is telling me I should gamble.....
I think I should sit this one out....
Hi Alejandro, I am faily new to trading, (you can call me a baby when it comes to trade) and making small profits on my demo as I am not sure where to enter and exit. Since following you however things are looking brighter. The only problem I have is understanding your charts fully. I take it that the S1, S2 etc and R1 R2 etc is support and resistance, but what does the P stands for?
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Last edited by Gregory McLeod; 06-20-2012 at 09:10 AM.
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I agree. I have very similar Long Positions.
Originally Posted by Alejandro Zambrano
That's a very tight stop loss - price can easily trade lower and touch 2690 before trading higher - that's why I have an entry order close to 1.2690. This is the example I referred to in the previous post - we know that we got a bullish close in the 30/60 min but can optimize the entry using a smaller time frame as the 5 min. It does not always work as we might be left behind if price takes off. Stop should be placed under the lows.
Lighten up People!
