26 Feb 2008
GJ not an easy pair. After trying Nicotina method to trade, it seems for me for the last 2 weeks, not much a success.
I still held on to the short position at 210.21.
If I have trade in accordingly, my short position at 210.5 would have been triggered and take a 100 pips lost. But on the contrary, my long position at 211.47 would have been filled and TP at 212.47. Net gain = 0.
I will take a break from trading Nicotina method for GJ, until I understand more about the phychology behind. Maybe the 25 pips offset is not enough, like the case of yesterday, a low was made at 210.47, which 25 pips below 210.75 = 210.5 was not enough to miss it.
This pair in general has a 7-10 pips spread, and one good placement was to made a 30 pips, instead of 25 pips.
At current, I place a long limit order at 213.2, with double the lots compared to the number of lots I place in the open short order.
I too place another long limit order (same number of lot) at 211.4, halfway between EMA100 and EMA200 (1 hour chart).
Should a breakout ocur at 213.2, I will take gain which is double the lost from my open short order. As such, once the breakeven point is made, I can then decide to cut lost.
Should GJ goes down below 211.4, I will hold on to my long order and gain in carry trade interest, while waiting for either the market to go down, then if possbile locse the short order with profit.
I still held on to the short position at 210.21.
If I have trade in accordingly, my short position at 210.5 would have been triggered and take a 100 pips lost. But on the contrary, my long position at 211.47 would have been filled and TP at 212.47. Net gain = 0.
I will take a break from trading Nicotina method for GJ, until I understand more about the phychology behind. Maybe the 25 pips offset is not enough, like the case of yesterday, a low was made at 210.47, which 25 pips below 210.75 = 210.5 was not enough to miss it.
This pair in general has a 7-10 pips spread, and one good placement was to made a 30 pips, instead of 25 pips.
At current, I place a long limit order at 213.2, with double the lots compared to the number of lots I place in the open short order.
I too place another long limit order (same number of lot) at 211.4, halfway between EMA100 and EMA200 (1 hour chart).
Should a breakout ocur at 213.2, I will take gain which is double the lost from my open short order. As such, once the breakeven point is made, I can then decide to cut lost.
Should GJ goes down below 211.4, I will hold on to my long order and gain in carry trade interest, while waiting for either the market to go down, then if possbile locse the short order with profit.
posted by Ernest Seng at 10:29 AM
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