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Forex Discussions
Trading Systems and Strategies
Importance of stop loss placement in forex trading.
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[QUOTE="pon, post: 28065, member: 15598"] [b]No Stop loss[/b] I completely agree that you should not keep changing your mental stop loss, but i do not agree on entering a stop loss. Looking at 13:00 H4, for the 9th august 2010 as per this chart set up, you see clearly that the previous week was a double bottom at 161.8 level, clearly signalling a potential reversal to 0.0 or 9.0 or 100.0. Moreover the preceding candles were far away from the MAs, so they were retracing to meet up with the MAs. Prices often come back or move sidewards to meet the MAs after a big fall or rise. You can observe the same in weekly chart also. [IMG]http://i1115.photobucket.com/albums/k543/ponforex/forums/ed94469c.gif[/IMG] In daily chart we see that the prices were actually moving sidewards on a previous support level, the low for the month of April for close to three weeks, in fact the whole month of July. Best of all, if you look at H1, you clearly see that the yellow line was above the black clearly signalling a buy from the start of the day. Even the 13:00 H4 candle went up only on the 4th 1 hour candle meaning, the 16:00 candle in H1. (time varies between brokers). So you could have had 15 hours of prior intimation that the prices are about to shoot up. The low zigzag in H1 and H4 clearly tell us that we should enter buy than entering a sell with stop loss. BUY LOW! SELL HIGH! [/QUOTE]
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