MoneyTec Traders Community Forum - View Single Post - EURGBP: (1H) Present for Mick and SoulTrader2004

Trader02 · 14-02-2007, 12:33

2 more things Soul:

EURGBP on 1H

I'm in the green again on the current short. entry @ 6698 and just placed a stop over the top at 6717.

Question is, should I move the stop right away now to 6696 or should I just leave it where it is?

My logic for wanting to move it to 6696 is that EURGBP has made a new closing low on 1H.

-----------------------------------

Secondly, you stated that since this is a countertrend play ...... use tight stops.

Agreed, but my reason for getting into this pair in the first place was for the continued DOWN -- soon to come (IMHO) based on the DAILY timeframe.

I've been focussed on 1H and 15-min. only for timing purposes to catch this supposed intermediate top.

So my aim was to catch the next downleg.

If my thinking is flawed, kindly correct ...

Thanks

14-02-2007, 12:33	#23
Trader02 Banned Join Date: Jun 2006 Posts: 236 Downloads: 0 Uploads: 0 Rep Power: 0	Re: EURGBP: (1H) Present for Mick and SoulTrader2004 2 more things Soul: EURGBP on 1H I'm in the green again on the current short. entry @ 6698 and just placed a stop over the top at 6717. Question is, should I move the stop right away now to 6696 or should I just leave it where it is? My logic for wanting to move it to 6696 is that EURGBP has made a new closing low on 1H. ----------------------------------- Secondly, you stated that since this is a countertrend play ...... use tight stops. Agreed, but my reason for getting into this pair in the first place was for the continued DOWN -- soon to come (IMHO) based on the DAILY timeframe. I've been focussed on 1H and 15-min. only for timing purposes to catch this supposed intermediate top. So my aim was to catch the next downleg. If my thinking is flawed, kindly correct ... Thanks