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    Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

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    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Fri Feb 18, 2011 5:49 am

    Going to give this one a shot.

    Reason for trade. Descent looking pin bar (although would have preferred close to be in the range of the previous candle), in the range on previous long term resistance, although not exact science here, 3,2,2 stochastic oversold and MACD divergence.

    Entry: 331

    Stop: 341

    1st target: 306 - 312




    Last edited by fxtrades on Thu Mar 10, 2011 11:47 am; edited 4 times in total

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Barc (Barclays) - Sell *Trade Open*

    Post  fxtrades on Fri Feb 18, 2011 11:01 am

    Short order triggered. Trade now open from 130.5 (to account for the spread triggering me in early)

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Wed Feb 23, 2011 1:29 pm

    I've closed 2/3rd of the trade out for +1.5 R:R at yesterdays previous low and based on price again reaching near term suppport on the hourly.

    Top line on chart is entry, bottom line on chart is 2/3rd fill for 1.5 R:R. Will run the remaining 1/3rd with stop at BE and hope for a 100% fill at 310.5 (next support level) for a 2:1 R:R.



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    Wig

    Posts : 616
    Join date : 2009-10-02

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  Wig on Thu Feb 24, 2011 1:29 pm

    nice trade management

    Looks like BARC might have fallen off its steep looking uptrend, surely 300 is a good bet?



    If it gets back to 280 I'll be looking to get on long as was original breakout level from descending triangle... got to be all sorts of characters watching that one with interest cyclops Suspect affraid Shocked bounce What a Face

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Thu Feb 24, 2011 1:57 pm

    Thanks Wig, I hadn't gone as far as analysing lower levels, therefore wasn't aware of the triangle breakout.

    I guess a 310 vs 300 target is all about trade management. Just working through options:

    1) Close remaining 1/3 at 310 for 20 pips profit. For ease of working this out at £1 a pip this would be £20.

    2) Close out half of remaining 1/3rd at 310 and remaining half at 300. At £1 a pip this would net £25 (£10 + £15) or only £10 if 310 is reached but 300 isn't.

    3) Close out all at 300. At £1 a pip this nets £30.

    Looking at the above, shooting for 300 with an all other nothing attitude seems a bit reckless, so this leaves option 1) or 2) - A guaranteed £20 or a guaranteed £10 with another £15 possible, with a possible fallback for another £10 at 310.

    I think option 2 seems the right one to me, which option would you take based on your trading style?

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Tue Mar 01, 2011 5:26 am

    Despite some large candles and spikes, I'm still in this trade after 2 weeks, stop remains at 330 for the remaining 1/3, limit removed to 300 (major previous support and resistance)



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    Wig

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    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  Wig on Tue Mar 01, 2011 4:49 pm

    Hi fx sorry I didn't respond to your post - I've only noticed the updates today somehow scratch
    not sure which option i'd trade to be honest mate, maybe 310 is the better target if that was your original aim...



    you're probably right, looking at the intra levels, price is sat on a bit of support around 314 then you've got a clear pivot at 306ish so is it worth waiting for 300 if 310 fits the bill

    cheers

    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Fri Mar 04, 2011 9:04 pm

    Ascending trend line now well and truly broken, however price is refusing to close below 311 SR (red line), really want this one to fall away now.


    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Tue Mar 08, 2011 12:15 pm

    Further 17% of the trade closed at 308.5 at 2.2 R:R to avoid greedyness Smile

    Remaining 16% shooting for a 300 total close at 3:1. Stop moved to 322.5 above previous daily highs for a guaranteed 0.8 R:R for the remaining 16% of the trade.


    fxtrades

    Posts : 119
    Join date : 2010-05-18

    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  fxtrades on Thu Mar 10, 2011 11:49 am

    Barclays took a dive today and hit my final take profit at 300. Last 17% of the trade closed for 3:1 R:R. Full 100% of the trade closed for 1:67 R:R.

    This could have had a max return of 3:1 R:R, but not bad management so relatively pleased with this one Smile

    Thanks Wig for the readjustment on the final Take profit level cheers
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    Wig

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    Re: Barc (Barclays) - Sell *100% trade closed for total average of +1.67 R:R*

    Post  Wig on Fri Mar 11, 2011 12:27 am

    very nice trade!

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