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Originally Posted by Soul-Trader2004
i wouldnt trade eurgbp if you paid me - total waste of time is that pair.
if you are looking to get into the swing down on the daily then why are you moving stops based on the 1 hour? - if you are trading the daily you move stops on the daily - if you are on the 1 hour then you move stops on the 1 hour or lesser charts - which is it?
In any case i would be going long on eurgbp if it were worth a piece of snot and a baloon not short, but that's just me 
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Thanks.
Tell me more. No decent trends, too many sideays moves, etc. -- why? Sames applies to EURCHF, GBPCHF etc?
I'm fuzzy in this area regarding stop placement. All I'm trying to do is to time the reversal for a daily chart play. Until the move actually gets underway I don't want to incur a big loss in trying. Once it gets underway, I still want to use the 4H/1H to get out of segments. What do I mean? When 4H shows signs of a correction, I use the 1H to time the exit.
Just using a Daily stop would be a larger pip loss -- hence this method.
In a few days we will know whether my expectation of a nice, big juicy continuation downleg is correct or not. If there is not to be any downleg, I am definitely NOT interested in going LONG.