Welcome to fenaghfx

This blog is not for specific trades,but to share my experience and what I have learned over the last few years, Trading involves significant risk and may not be suitable for all investors.

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I have been trading since 2008 in the fx market, trading mainly eur/usd my approach is technical,using support/ resistance .But always keeping one eye on the news

Tuesday, May 10, 2011


This is how I like to place my stops ,my defence strategy is to place a stop at 15 pips with a limit of 15 pips, I tend to go in at market and place a oco order immediately,and then place a new order with a stop of 6/7 pips ,because I go in at market I need the 15 pip stop to start ,in case of a quick move past my entry,  as soon as I am up 4 pips I will move my stop to break even ,   If the trade goes my way then this all tends to happen within 60 seconds if the price stalls I tend to tighten my stops to within 1/2 pips of price, Over the last few years  it has taken me quite a time to do this without question.                        The charts above were an actual trade I took today, 10 may 2011, the reason for entry was the break and fast drop on the 15 min chart and then the pullback, I was looking for trapped longs too get out close to break even. I find I can control my emotions much easier with tight stops, and now its starting to become a reflex without thought, Now attack and take profit is another ball game.David

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