Being whipped-sawed out is a frustrating experience...

A few times I was right on track and would have made at least 50-70 pips within in an hour, but my too-close stoplosses have kicked me out. Now I place wide stop losses of at least 40 pips with 4 mini-lots.

My profit target then would be 50 pips... and I will get out and prepare to enter the next trade ...

Onece a day is enough... then one can go and "jia go pee" (sip coffee or, eat and go pee) ...

If I can do this a few times a day, it's even better...

I tried trailing stops before and they tend to get triggered very quickly because of noise. Lost money using trailing stops...

I use manual stops instead. Because I use the 10 day EMA, my stop is measured at 0.5 the daily ATR below the 10 day EMA line (for uptrending currency pair). I manually trail the stop at the start of every day.

Hahaha... If I'm not wrong, I understand Elfin's concern there... :)

If one can't stomache the huge losses (bigger stop-loss), one can easily get stomach-ache! hehehe...

I should think that bigger time frames has can have corrrespondingly bigger 'noise level' too...

Check out this website - http://www.fxstreet.com/fundamental/economic-calendar/

I think the NZD rate cut is confirmed and already factored into the NZD's value. The market is just waiting for RBNZ to announce the amount that it is cut. If they announce a cut and give hints that further cuts are along the way, NZD's value will drop even further.

Hi elf,

The bigger the time frame the bigger the stop losses.

I find that smaller time frames (1 hour or 15 min charts) tend to have lots of noise and the trade often gets stopped out. The daily or even weekly timeframes are more stable because the noise is less evident.

The downside to playing larger time frames are that you have to be able to stomach larger fluctuations in price in the day.

Though it is easy to grab chunky profits in Forex, one can easily let one's profit run away too.

This is born out by a statement made by our member Techsys in an earlier posts to the effect thatcurrency play is largely speculative in nature and not an investment, unllike companies.

Some very rich people have also lost greatly in the currency market too...  very pitiable...

Hi Baseerahmed,

 I got this one - Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets (Wiley Trading)

http://www.amazon.com/s/ref=nb_ss_gw?url=search-alias%3Daps&field-keywords=Ed+Ponsi&x=0&y=0

My favorite technique is the trending one. Just use the EMAs and ATR indicators.

Because Forex trends last a long time, trending techniques are very powerful. I don't really like range bound techniques. Too much effort in monitoring required.

It is very easy to make chunky profits in Forex...

http://www.hectortrader.com/coursechapter1.php

this something similar to this

Hi baseerahmed,

I only like to trade on the daily chart because I have no time to monitor the minute-to-minute movements. Too much noise and stress for me.

Because of that, trend is very important. So I use 4 EMAs actually. The 10 day, 20 day, 50 day and 200 day EMA.

If all 4 EMAs are in proper order - meaning that 10 day above the 20 day above the 50 day above the 200 day EMA (for uptrends), then the trend is pretty strong. Plus the candles must be supported by the 10 day EMA line.

Go read this book by Ed Ponsi. Its one of the best around about Forex.