We always like taking some profits as we go , so we’ve taken a few off at +60.

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A few members asked for an explanation of how to place orders where a range is given for entry.

Let’s  take an example from Friday evening.

Eur.Usd.

Suggested Entry Zone.  Short circa 1.4140 – 1.4240

In any situation you can place a number of orders within the range, or at the extremes.

In this case let’s say we’re using $300. Each order will use $100 of that.

If you look at the chart below you will see 3 orders we placed at 1.4140, 1.4190 and 1.4240 (denoted by the yellow squares). Presently the lower order of the 3 has been triggered (as denoted  by the yellow triangle). Others are still waiting, and may or may not be triggered depending on the price action.

This is one method of ‘scaling in’, the other being when you actively watch the price and make your own judgement whether to place further orders in that trade.

Eur.Usd. #23 I feel the stop might be better slightly further out of the way, because I wont be around to watch it,  and I have moved mine to 1.4370

Gbp.Usd #37 has done well, and all orders were filled – I just took a few off the 6270 order at +50 which allows me a buffer on the stop

We will be placed these orders targeting approx 600-800 pips

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Gbp.Usd was the star performed and gave us a nice move overnight maximum profit of circa +140 pips. Some members have mentioned taking some profits off.

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Order Ideas update

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We talked on comments about correlation of Euro/Aussie. Here for reference are the 2 charts side by side. We see at times there are some wild differences. The patterns look a bit like a  ‘W’ – now compare the Euro centre point for one example of being out of sync.

is the comparison

I’ve been keeping my eye on this one for a potential move of 600-1000+ pips, and here’s what I’m looking at right now. Price action is sitting on the second …………

The following information and chart is only available to members

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Not a good week for the set and forget mechanical systems.The Euro got to circa +29 pips (within 11 pips of its target) and then withered. After I read an article yesterday that certain members in the Euro community could stand the Euro up as high as 1.6000 I though that might spur it on to greater heights.  Unfortunately not the case. I know a few members pulled their orders, and several active traders took some early profits or got out around break even, but in fairness to our ‘set and forget’  members I will still reduce the monthly count by 40 pips.

The markets are suffering from some very wild and erratic movements at the moment which are not easily contained by  the set and forget systems.

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