EURGBP: (1H) Present for Mick and SoulTrader2004

[Trader02]

Originally Posted by Trader02

See how nicely it is moving now, Mick?

That's what I don't like about stops. I was taken out of a move that, although profitable would have given me the real dough had I still been in.

But I'm not in and not going to bother just now as she should go up to retest the top. I'll try then, if right.

Q.E.D

Now is this going to be the final top for this sequence? Let's try.

[Trader02]

Originally Posted by Soul-Trader2004

sorry mate - wasnt watching, i just assumed - can you post a chart of the trade and when exactly you moved the stop and where to and i'll be happy to contribute

I can definitely use help in this area. Thanks.

See chart.

Entry was slightly below the top and STOP #1 was placed just above the top and remained there until price had gone down, then come up in the green candle just below #2.

When it then moved away from #2 further south I moved the stop to #2.

This #2 was then hit at the red arrow when Price just barely nailed it.

[Trader02]

6707 - 6715 with 6709 as the bulleye.

would be my best educated gues for a reversal -- if reversal is in the cards.

[Trader02]

Originally Posted by Trader02

6707 - 6715 with 6709 as the bulleye.

would be my best educated gues for a reversal -- if reversal is in the cards.

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New SHORTY @ 6698 just taken. Its a feeler position, more might be added, but this top might be the penultimate 15-min. top, if I'm lucky in my thoughting.

[Soul-Trader2004]

Originally Posted by Trader02

I can definitely use help in this area. Thanks.

See chart.

Entry was slightly below the top and STOP #1 was placed just above the top and remained there until price had gone down, then come up in the green candle just below #2.

When it then moved away from #2 further south I moved the stop to #2.

This #2 was then hit at the red arrow when Price just barely nailed it.

okee dokee.

first things first this trade was anti trend in my book so tight stops are warranted.

Your initial stop was fine and your second stop move was also fine. However personally as it was counter trend and clearly a continuation pattern i would have had a third stop placed after the thin tall doji appeared 3 candles before you were taken out. My stop would have been just above the candle before the doji.

The length of the doji showed a clear rejection of new lows and as such was reason enough to tighten the stop.

However, in my book the earlier comments about a too early stop move were incorrect on this occasion.

hope this helps and is just my opinion for what it's worth.

[Trader02]

Originally Posted by Soul-Trader2004

okee dokee.

first things first this trade was anti trend in my book so tight stops are warranted.

Your initial stop was fine and your second stop move was also fine. However personally as it was counter trend and clearly a continuation pattern i would have had a third stop placed after the thin tall doji appeared 3 candles before you were taken out. My stop would have been just above the candle before the doji.

The length of the doji showed a clear rejection of new lows and as such was reason enough to tighten the stop.

However, in my book the earlier comments about a too early stop move were incorrect on this occasion.

hope this helps and is just my opinion for what it's worth.

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Thank you amigo. Excellent critique. I completely missed the Doji. Tightening the stop to the candle to the left of the dogi is downright brilliant.
Very grateful.

[Trader02]

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.

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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

[4xis2ez]

I also am short eurbgp at .9691, stop at .9715, limit at .9661. In my opinion, this trade will take 48 hours or so to work out. So I have no intention of changing my stop anytime soon.