Finally, my first short position in this pair. Things are looking good for now. I'm aiming for 1.3900 for this position. Go! go! Fiber.
I entered a long position at 1.4115. The trade is looking good despite my suspicion that the market is near it's short-term top.
The Fiber shot up like a rocket!!! At times like this all we have to do is to trail our stop loss. Will Fiber break through 1.4100 on Friday ? We shall see. The bull is strong, really strong! Like a RedBull =).
Fiber is showing signs of exhaustion. I closed the previous trade at 104 pips profits. The next step is to re-enter long position at 3700-ish. It seems to me that most of the traders are already in. When everyone is long, it's time to short/close long position and take profit. =)
| Originally Posted by yakumojpn  Everybody is talking about how important the money management is, but still there's only threads about EMA5 crossing over EMA13 and so on with 30 pips stop and 60 pips limit. I guess there should be much more about money management than some stop loss, limit order, trailing stop, trade per 1% of your account. So please share some clever ideas for my money management, thanks. |
Woot! That's a huge jump ... almost 100 pips in a few minutes. Let's hope that the price will stay above 3700 till end of the day.
| One last thing - you yourself said that "normally"(with no initial position) you would have waited for break confirmation with a close outside. So what makes your current profit so expendable that you didn't think it more sensible to wait in this situation as well? Had you seen this move and behavior without seeing the triangle, would your behavior / trade handling have gone differently? Which way of dealing with the setup, if it is one for you, is the more profitable/sensible one and does it change merely by the outset of your open positions or is it a self-contained logic each time, regardless of whether what you have already have open before it or not? Nothing of the above meant as an insult, but as thought provoking. |
| Originally Posted by SeekingLight  Hi cesarnc, I don't. I'm actually really curious about the questions. So far neither you nor luqmanz really answered them(although luq answered/gave a suggestion for the "what does it mean" part, thanks! =) ). There's a reason I asked them because even though sure I can project targets around into space(high-low-point of wedge/triangle, projected from possible break area), I was wondering what the point of the info was if there is no setup attached to it. No setup = no trade. ... SeekingLight |
What a crazy night!
The trailing stop at 1.3630 got hit and 30 pips of profit is secured. Price dropped further down to 1.3600 and triggered my buy limit order before bouncing up again. 1.3600 seems like a strong support.
Trades are working fine. I wonder what will happen by Tuesday. Will it break the level 1.3700?
Trades are working even better. I've moved the stop losses up. The first position is now my long-term position. I'm aiming for around 300-400 pips profit (100-150 pips stop loss) with this position and the second position is the short term position with tight 50 pips stop loss.
The last trades were gone. Lost some money again. Here's the current Fiber position bought at 1.3400 and Cable bought at 1.3800-ish.
Here's the current positions that I have. The last 2 trades were stopped out at break-even. Hopefully, these two new trades will make some money. Let's what will we have on Monday.
On Monday, I checked the charts and I found out that Fiber's low on Friday was 1.3620, 20 pips away from my target of 1.3600. So I decided to jump in.
I lost some money there. Stop loss was hit at 1.3790. The Fiber suddenly crashed 100 pips, down to 1.3700 yesterday.
There isn't much to talk about Fiber. The price retraced a little bit before it hit the support level at 1.3790 for the third time. I choose to do nothing for now.
Let's see how Fiber's going to behave today.
