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Long EUR/AUD. Trade Explanation

Daytrader21 Przesłąno 17 Sie  w #Trader's blog #Technicals #Support #Trader Contest #EUR/AUD #Stop Loss
Currency Pair: EUR/AUD
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 1.43679
Close Price: 1.432972
PnL: -38pips
Open date: 15.08.2014 02:55:25
Close Date: 14.08.2014 09:24:32
Reasons Behind the trade: This trade was based just on technicals alone and although I was trading against the main bearish trend I only expected a small bounce but as it can been seen trading against the trend can be costly. Another big mistake I've done is that I've moved my SL to soon and to close to market action …
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5 Komentarze
Stix avatar
Stix 18 Sie

I have EUR/AUD open as a possible opportunity today or further in the week. For now, I am looking for a possible entry long into the bias around 1.4355 area. :) I don't anticipate that I have Leverage for it this morning.

Daytrader21 avatar
Daytrader21 18 Sie

Stix I don't know what to say about that because for me it was just a short term trade taking is consideration that I was trading against the main trend and there may be the case the current euro bearish trend may weight more and keep the pressure to the downside.

Stix avatar
Stix 18 Sie

I agree. It's against the Weekly bias, so any long is limited. I see a long Daily bias, so I was thinking it's an opportunity for a trade to 1.4420 area and then a short back into the main bias. Technicals move all the time, so that's just a rough drawing for what I see this morning. :)

Daytrader21 avatar
Daytrader21 18 Sie

Stix I hope it will work for you but for now I'm going to stay out and wait for a better opportunity.

Stix avatar
Stix 18 Sie

Thanks. I too hope my judgment is good this morning. In hindsight, EUR/NZD is about 30 pips a better opportunity. I was unhappy with the support and still think it will come back for 1.5755 area. I might have waited for it - I still have much to learn, Daytrader21 ! Thanks. :)

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Does Your Broker Hunt Your Stop Loss

Daytrader21 Przesłąno 21 Sty  w #Trader's blog #Forex #Broker #Liquidity #Stop Loss #Hedge #Hunt #Artificial Price #License
As I've been promised yesterday today I'm going to cover an interesting subject that many aspiring new trader are very confused about. You'll see this subject popping up on trading forums on a daily basis by novice traders who blame anyone else except themselves for their bad trades and losses. Many new traders and even traders who are in this business for years have this flawed idea that somehow your Broker hunts your SL order. So, Does your Broker hunt your stop loss?

The short answer to this…
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18 Komentarze
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aslamhammad avatar
aslamhammad 24 Sty

In the game of plus/minus with currency and commodity pairs, we have a 2 options, 1) try to trade with trend, 2) if the trend is gone against you, go with it until it decides to reverse :p, which works for me in live, but in demo we can only trade 1 side :p, so during fundamental release when i'm not sure, i try to trade both sides, in this way i'll be able to maximize profit along the trend, but the other side would of course be in minus for some time, as you guys know that, forex grows with time and also falls down with time, so you just got to keep track of the trend until you make profit.

aslamhammad avatar
aslamhammad 25 Sty

the brokers in the market that cheat, cheat with higher spreads :p....and dukascopy spreads are far better than many other brokers in my opinion :)

aslamhammad avatar
aslamhammad 25 Sty

here's an example http://www.youtube.com/watch?v=bDJllx8DW2g

Daytrader21 avatar
Daytrader21 25 Sty

@aslamhammad I don't want to sound as an authority voice here but having a bad tick in the stream quotes can happen to even the most reputable broker and that can be happening due to some tech issues. I have already covered that situation in my blog post if you're having a bad tick you can fill a reclamation paper to your broker and I'm sure they will restore that trade in your favor.

Daytrader21 avatar
Daytrader21 25 Sty

@jezz it's very hard to trade with a broker that makes money from the spreads, because most likely they have wide spreads. Best option is to stay with brokers like Dukascopy who charge you a standard commission and you have tight spreads.

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