NAME 10 FX PAIRS...

Mike-in-Paris wrote: Have any of the pairs hit the SL by the way or are they all still in play ?

No Mike, all 10 pairs are in play. KI.

diver993 wrote: KI,

Might be time to close the EUR/JPY as its just about hitting the long-term trend line going back to 2009 and there's bearish divergence on the RSI??

screencast.com/t/GK4adIEieLW

Just MHO

Great call mate. 30 points in profit so now its a free trade.
If that level does break then this can fly higher. So this worked great on a first touch basis trade.

Thanks diver

Mike-in-Paris wrote: Ki,
On your trading plan for this, are you completely hands off, or do you come back to a pair to move a SL to break even.... (for me that is too tempting to resist doing) or even having a TP if you are approaching a major resistance.
And you close everything Friday evening regardless ?
thanks
Mike

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Sorry Mike just noticed this post. Some good questions there mate. Firstly, with live trades i will look for a 75 point proffit before i move my S/L to zero. I always like to monitor this type of trade, however i always go in with my eyes wide open to any losses, so i can trade this quite calmly.

I have seen this sort of trade go into minus by 600 odd points and then reverse itself in the same week. Taking proffit is important, and if you get to say 500 points and you are happy, then take it. I tend to look at the charts of the 2 strongest and the 2 weakest performing pairs to get a view to there potential limmits, the rest falls into line.

If you notice the GBPUSD it is losing at the mo 73 points, now silly as it may seem i want it to go to my S/L which is 100points, because if that hits then my whole total will rise whilst the 100pt S/L approaches. KI.

clip2net.com/s/2wV6l

Thanks for the reply Ki,

I'll have to give this a go next week and let you know my results.

Just a quick question; do you spend each weekend going through all the charts of the different majors working out which buy / sell position you are going to take or is it a quick decision Monday morning based on your indicators eg MACD, EMA's etc

And come tomorrow evening at 5pm will you have closed out all the trades as per your plan ?

Thanks

Mike

Mike-in-Paris wrote: Thanks for the reply Ki,

I'll have to give this a go next week and let you know my results.

Just a quick question; do you spend each weekend going through all the charts of the different majors working out which buy / sell position you are going to take or is it a quick decision Monday morning based on your indicators eg MACD, EMA's etc

And come tomorrow evening at 5pm will you have closed out all the trades as per your plan ?

Thanks

Mike

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Dont spend any time at the weekend looking at charts if i can help it. I either place the trades before the close on fri evening or if i am trading heavy money i will place the trades at the open on sunday evening, to save on overnight charges.

Closure can come at anytime after 7.00am on the monday morning, depends what your happy with as proffit, but normaly it will run for 2 days min. Although these are major pairs , i could change them to either minor or exotic pairs for a bit of volatility. KI.

Opening before close of business on Friday !!!

I thought holding positions over the weekend in Forex was taboo