I'm short from 1.2176 sl: 1.2265. I took the position Friday
morning around 8AM EST. I wanted to trail the stop, but
fell asleep because of whacky sleeping patterns last week.
Luckily price didnt suddenly reverse on me through my stop
again. I'm thinking about moving the s/l asap to 1.2170, about
breakeven. I'll cover on another bounce around 1.1205 area,
but I'd like to leave the trade open and hopefully make some
decent gains on a break below 1.2060 area. I wish I wouldve
gotten in earlier, but have been focusing on the GBPUSD and
Is anybody in this trade?
What do you think about moving my stop to 1.2170? Too tight?
I placed it here because I'm thinking there is at least two levels
of resistance from where we are now on Fri close @ 1.2124:
1)1.2140 Fri high after bounce from 1.1203 (near Fri low) and ~50%
fibo from Friday high to 1.1203
2)just above 61.8% fibo (1.2159)of 1.2213->1.2077) and a prior intraday
support for Friday
If it breaks these, then I will wait until a break of 1.2213 to glong
or play smaller fibos to look for small pip gains until there is a clear
I want to be in a somewhat of a decent position just in case if it
breaks out of this daily consolidation. I might be able to re-enter
on a bounce of 1.1205 area and back down off of 1.2200 area. What do you
think of my reasoning?
How can I improve this type of fibo support/resistance analysis ... maybe with some indicators? I noticed the intraday and daily double tops and headandshoulders, btw, but didnt mention them. Both are trend reversal signals, so it is a high probality we will see more downside, but it's still kind of iffy as to when for me.
I had a great return...I sold off half for a 150pip profit....then I unfortunately ...
didnt adjust my limit order.......and my remaining lot brought in around 125...
I did nt jump back in Overall I was happy with the results
What trade did you do this on? What day? Im trying to follow the euro and I must have missed it !
how's everyone doing with the euro lately.
Stopped out today.
Long did nt recently go well.
Pretty shitty 100 pip profit vanished on Tuesday. Re-entered long; up 75 pips -- that vanished as well. Then entered short @ 1914. Stopped out @1944 for another 30 pip hit. I cannot afford to keep allowing profitable trades turn into losses, waiting for the 150 pip target according to the 5MFX system. From now on I am going to have to start taking profits whenever I have them.
Misery loves company.
I though I was doing well too...then it dried up. I had a little voice on my shoulder telling me.."you re ahead...why not take the gain and run"...but I did tn listen and the rest is history
Tearlach, if you're exiting before 150 pips, how much of a profit do you target with each trade?
I'd rather miss a big move than see a nice profit evaporate
the 150 pip strategy may work at times, but this month has been tricky
out of the 12 successful trades, only 3 cracked 150 pips
Beau recommends moving your stop to breakeven "once you are ahead 75 to 100 pips"
I'm thinking of taking one lot off at +50 or 60 pips -- or at least moving the stop to +25
but, with time (i.e., experience), maybe I'll get more comfortable with Beau's trade mgmt -- I'm sure he's got the history to back up his strategies
But look at those entries! clearly there's value in those TRLs -- wouldn't you agree? and based on recent performance, I'm just going to focus on the euro and cable
disclaimer: I'm just an advanced beginner at this -- keep that in mind
Take the Money and Run, Run Run!
I know exactly how you feel. Trying to learn this forex business and the old standard of cut your losses short and let your profits run just did not work for me. Running 3 demo accounts doing this all started sucking big time (2 that is). I treated that funny money like my own. If anyone other than my wife had seen how guarded I was with this virtual money they would of had me committed. I used not nice language in loud tones and, and , and...... MY WIFE said "Why not take the profits when you are up?" I spend my life right now in front of the computers watching the blue and red bars girate all day and all night. Soooo - in my $10,000 demo I started to take the money when I was up. Named the account after her "Macro-Mai". In about 2 weeks got that sucker up to $12,900.plus by taking whatever when the market started to turn back on me. Prevented losses as best as I could with 2 -10 pip gains and even some even-stevens. I am a bottom and top picker and that creates a lot of emotional turmoil. I find that I am greedy and do not wish to give away that top or bottom 40 - 150 pips. Step in Elliott Wave. Because of bottom and topping I am entering into a lot of 1st waves. They are generally corrected a great deal and I see in this marketplace a terrific amount. This is where stops can get hit trying to let it run. If you traded 3rd waves and "C" corrective waves it would be no sweat. (Just reading this makes me want to change my bad trading habits). Personally it may be chickens...t but the money is in the bank by taking profits. When you do wake up late and by chance get yourself into that 3rd or C wave chase price up with stops and protect. I guess this is where limits will work. Just can't take 50 and see 200 past that point. Feel I have missed something.
Hope this helps and good trading.
P.S. Any consolation I am batting 1,000 this week. Everything is wrong and gone!
I should probably set a +50 stop when the price reaches +100
Have you gotten Beau's opinion on this strategy? Merlin what is your take on adjusting the stops? I am getting desperate I am down $1000!! As sure as I change the strategy though it will go yard. That has been my luck so far. I plan to just stick with the original management rules until further word from Beau.
I agree the best thing to do is to follow the rules. As we all know from our school days, however, rules exist to be broken . If you are going to break the rules, its preferable to do so to take profit when it is staring you in the face, than doing something stupid like cancelling a stop loss. I repeat though, that the best thing to do is follow the rules.
Get Them Losses Back!
P.S. Watch for the sideways shuffle at this time of day. Correction may take a while for entry.
A psychological take profit is as non-productive as a a psychological stop loss. IMHO, it is better to learn and understand time/price movements and than to trade those movements rather than deciding it has to go 150 pips.
As far as the euro goes....there were a great deal of pips on the table. Count the pips on the swings of the hourly chart. If your system or strategy did not produce positive pips with such swings, you may want to consider alternative strategies or systems.
What would you reccommend?
While I, like most traders here, have been short on the USD for a while, now I am flat.
Reason: When a trend or stock etc becomes front page news, is on the television & radio every day, and everyone you bump into everywhere is talking about it - it is time to take profits and re-evaluate before jumping back in to the market.
It never hurts me to take profits and be flat even if I leave a lot of pips on the table because I can never, ever seem to call the top or bottom and I don't bother to try.
It always hurts me to give back pips to the market because I was too greedy to take profits when I first started becoming uncomfortable with a position.
I will be looking for a strong confirmation of trend continuation or reversal before placing any long or mid time frame trades.
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