I would like to add a comment to the last trade – the EUR JPY.
There are, without doubt, times where the swing trades will suffer losses, which could have been avoided if I had watched the price action closely.
However, the very nature of the swing trades, is that they are “set-and-forget” trades. You set the order, and you review perhaps in the morning and in the evening. Otherwise, I do not monitor the currency pairs, unless the order is executed.
The EUR JPY trade is an example of a fast-moving market, where I would have preferred to enter later. The momentum to the downside was strong. The nature of my swing trades are designed to capture the extremes, but sometimes the stop is not big enough to contain the momentum.
I am constantly researching the optimal price stop out point. No doubt I would have more winning trades, if the stop was bigger. However, it would also mean that my losses would be bigger, when I get stopped out.
I am trying to find that “sweet spot”, and I believe it is important to tell you that I judge my success or failure in swing trading over say 100 trades, rather than one isolated trade.
I am about to board a flight to Bangkok. I imagine there is internet on board, so I can observe my orders. If however, you feel that a triggered order could use with a tightening of the stop loss, well then act on your instinct.
Yours sincerely
Tom Hougaard
There are, without doubt, times where the swing trades will suffer losses, which could have been avoided if I had watched the price action closely.
However, the very nature of the swing trades, is that they are “set-and-forget” trades. You set the order, and you review perhaps in the morning and in the evening. Otherwise, I do not monitor the currency pairs, unless the order is executed.
The EUR JPY trade is an example of a fast-moving market, where I would have preferred to enter later. The momentum to the downside was strong. The nature of my swing trades are designed to capture the extremes, but sometimes the stop is not big enough to contain the momentum.
I am constantly researching the optimal price stop out point. No doubt I would have more winning trades, if the stop was bigger. However, it would also mean that my losses would be bigger, when I get stopped out.
I am trying to find that “sweet spot”, and I believe it is important to tell you that I judge my success or failure in swing trading over say 100 trades, rather than one isolated trade.
I am about to board a flight to Bangkok. I imagine there is internet on board, so I can observe my orders. If however, you feel that a triggered order could use with a tightening of the stop loss, well then act on your instinct.
Yours sincerely
Tom Hougaard
Close rest now at 1.6502
Plus 53 2nd half
I am going to try to sleep now. I am flying to Bangkok.
Good night.
Plus 53 2nd half
I am going to try to sleep now. I am flying to Bangkok.
Good night.
ALERT
I am cancelling some orders and inputting new ones, ahead of the NonFarm Payroll news today.
I am cancelling some orders and inputting new ones, ahead of the NonFarm Payroll news today.
ALERT
I am cancelling these orders:
GBP USD = https://t.me/SwingTradingTraderTom/3893
EUR USD = https://t.me/SwingTradingTraderTom/3891
AUD USD = https://t.me/SwingTradingTraderTom/3906
I am cancelling these orders:
GBP USD = https://t.me/SwingTradingTraderTom/3893
EUR USD = https://t.me/SwingTradingTraderTom/3891
AUD USD = https://t.me/SwingTradingTraderTom/3906
⚠️⚠️
⚠️⚠️
NEW ENTRY ORDER = GBP USD
Currently at 1.2830
BUY ORDER at 1.2710
STOP = 1.2685
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer
⚠️⚠️
NEW ENTRY ORDER = GBP USD
Currently at 1.2830
BUY ORDER at 1.2710
STOP = 1.2685
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer
⚠️⚠️
⚠️⚠️
NEW ENTRY ORDER = EUR USD
Currently at 1.0930
BUY ORDER at 1.0890
STOP = 1.0865
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer
⚠️⚠️
NEW ENTRY ORDER = EUR USD
Currently at 1.0930
BUY ORDER at 1.0890
STOP = 1.0865
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer
⚠️⚠️
⚠️⚠️
NEW ENTRY ORDER = AUD USD
Currently at 0.6650
BUY ORDER at 0.6580
STOP = 0.6555
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer
⚠️⚠️
NEW ENTRY ORDER = AUD USD
Currently at 0.6650
BUY ORDER at 0.6580
STOP = 0.6555
TAKE PROFITS = Not set
REASON: TREND Trade, Entry retest of previous swing high, Daily horizontal.
https://tradertom.com/disclaimer