[lilpip]

Originally Posted by GEfx

Hi lilpip,
I hope you are having a good weekend. I saw your question re: staying in trades, but also noticed your post on levels in the G/$. They raised a question in my pea-sized brain: are you frustrated about not trading to these levels? That would be approximately 600 pips either way from the 6498 level. If this is not your situation, then I think more information about what is going on with your trading is needed before an answer can be presented here on this thead. Perhaps you could post a trade with explaination and the group could go from...

Its a wrestling, I rerview the terrain and consider areas of extra interests, as I lay plans I try not to get hung up on levels once action starts.
On the other hand I try to go by feel and what shes telling me,because of my inexperience or maybe lack of patience I exit before I should thinking shes trying to turn around and shes not.

As far as 600 pips my problem is Ive cleared most off the table by the time it reaches and no serious money is being made on the long sword be it looking at a quaterly, monthly, weekly or daily always cutting myself short.
I have to believe with experience I will recognize whats transpiring.

example, e/u fri.
bias south 4850 for week.
as I watch day info @ 4838 to see how she reacts.
Its a go but I got crossed up @ 4784 area closing trade.

Not to make excuses but for the exceptions of a couple hours a day most of the time Im tied up doing other things as I trade (which was the case fri.) still no excuse, I carry the laptop everywhere as I consider part of my schooling as I learn to keep a pulse on the market.

[j-pax]

i have read the new market wizards this weekend. i realy liked the story of currency trader bill lipschutz and i believe that everyone who did not already read it should read the story and lessons of Randy McKay.

i don't know if i can post a pdf of the book here.... or download it if you can.

[auxesis]

Originally Posted by lilpip

Im very aggrevated with not leaving profits run I have been cutting myself short, so I have a question.
With not trying to play god to the markets and not having a fixed point to reach, how are ones doing with leaving profits run and not cutting ourselves short by taking most off the table to early?

An area of extra interest for this week is e/u 1.4754.

Lilpip,

As I started studying FTI's teachings, one of the key things that really hit home to me (and one of the hardest at times to incorporate) is that no one knows how far a move will go. Now that is in stark contrast to a lot of teaching out there where price action is contained or measured in certain percentages or lines ect...

If you look at fib levels, how do you know what exact level, in advance, it will retrace or extend too? The same applies to any level or measuring technique. Price will do what is does, and there's no way of knowing in advance of the outcome. That being said there are some techniques that seem to measure price action at times. My old favorite is Andrews Median Lines or pitchforks, statistically they will say price will meet the median line 80% of the time. That's a deceiving statistic, but when price action fails to meet/or extends past it's targets there are rules to help you understand what the market is doing - even here we are seeing price do what it wants and we have to adjust.

So it's just a fact that we will never know how far price will go once we enter a trade, heck sometimes it's going in the wrong direction.

We will know how far once it reverses, not when or where beforehand. But price will give us hints.

So the answer is ( and much harder to accomplish due to our nature) to stay in the trade until price reverses.

That being said, and because we never know when or where, we take profits along the way and try to let some ride to that point where price tells us differently. Sometimes its just a ruse and price continues?

But what I do know in advance is that I will never catch every move, every pip - the goal is too learn and get better.

regards,

[j-pax]

Originally Posted by lilpip

Im very aggrevated with not leaving profits run I have been cutting myself short, so I have a question.
With not trying to play god to the markets and not having a fixed point to reach, how are ones doing with leaving profits run and not cutting ourselves short by taking most off the table to early?

An area of extra interest for this week is e/u 1.4754.

i am not shure i should comment... but i will:

Randy McKay, in the interview i mentioned, said he does not picks tops and bottoms. i think with a scout i could try catch tops and bottoms.

my suggestion is during a run keep taking profits but not closing all before there is proof the impulse wave is over.

it's not like i do this allways but it is what i am trying to do.

to me this is one of the most importand things i got from this thread, averaging OUT of a position. due to lack of time i enter more agressive than my exits, because like you, i don't like cutting myself short

kind greetings, pax

[lilpip]

although my bias was up from g/u 6398 looking at the weekly time frame, looking at the here and now ( daily ) Im watching how 6435-49 responds.
Ive took note of the bounce @ 6440.

[auxesis]

Originally Posted by lilpip

although my bias was up from g/u 6398 looking at the weekly time frame, looking at the here and now ( daily ) Im watching how 6435-49 responds.
Ive took note of the bounce @ 6440.

All 3K's seem to have an outside reversal going on the hourlies, will be interesting to see if this continues.

[hcong168]

Originally Posted by lilpip

Im very aggrevated with not leaving profits run I have been cutting myself short, so I have a question.
With not trying to play god to the markets and not having a fixed point to reach, how are ones doing with leaving profits run and not cutting ourselves short by taking most off the table to early?

An area of extra interest for this week is e/u 1.4754.

My 2 pips:

I think we should factor in price action and the risk of the current position(s) when price reached some "fixed point".

a. Price Action
If we think that price will go from point A to point B (based on whatever analaysis), then we have to see that price actually did that in the candles that follow. If it does move from point A, then our "bias" is correct. If it does not, we manage (rescue or cut). When on the way to point B, watch price action to see if "on the way" is prevailent in price action and manage (attack or reduce) accordingly. When reaches point B, see if price action show sign of weakening or reversal, scale out or exit as appropriate. If there is no sign of weakenign or reversal, stay on and watch the next possible point B. And repeats.

b. Risk of Current postions
This is a harder nut to crack, very much depend on individual's. When price approaches certain "fixed points", depending on how far stretch and its run up, there is alway a risk of retracement. If price action indicates that there is a possible retracement, scaling out (attack) positions to lock in profit is an option. As to one wishes to scale out all or part of the attack position, that will very much depends on the chart terrain, one's trading skill and risk appetite.

Of course we are all talking of guestimate here, no price reversal is sure until it happens; we just have to manage from there.

Hope that I do not get things wrong here .

[imjscn]

It's nice to learn from auxesis and hcong168's experience. I'd also add my thoughts--- TP aggressively during ranging, TP slowly during trending.

[Setebos]

Here's something interesting from the old school. Worth having a look in my humble opinion

http://www.ft.com/vftm

[maheswara]

that us data numbers is wow
when something looks too good to be true , it probably isnt true...

good trading

[M-H Trader]

Originally Posted by maheswara

that us data numbers is wow
when something looks too good to be true , it probably isnt true...

good trading

Well first time home buyers are acting faster to get that $8,000 Tax

[maheswara]

Originally Posted by M-H Trader

Well first time home buyers are acting faster to get that $8,000 Tax

8k taxbreak?

[M-H Trader]

Originally Posted by maheswara

8k taxbreak?

Not really a tax break, first time home buyers get $8,000 when they purchase a home.

[auxesis]

A quick 2 minute recap of a traders day emotionally,



I think this one is better

[Gro]

Originally Posted by maheswara

that us data numbers is wow
when something looks too good to be true , it probably isnt true...

good trading