Strat's Long Term Stress Free Trading

"Classic" hammer on the worker at support?



Let us see if there will be any follow through buying?

cheers

NZDUSD

The buyers followed through at this support, BRN 0.72, confirmed by triple bottoms on the Boss and Big Boss.

I suppose the fundamentalists will say it was because RBNZ left the rate unchanged also helped by a weakness in the US $.

It was definitely a good place to close shorts and bank profits but I'm not so sure it is the right level to reverse and go long. I would like to see a move up followed by a retrace and test of higher support before moving into longs.

Member Performance

Another member moving on to 2 Star status

GBPUSD

This post ALONE would have paid for more than 1 year's membership!!!!!!!!!!!!!!!!



All our members had to do was place a SELL STOP under the Boss low at Strat Shadow resistance and hire SECURICOR

EURUSD

Another post giving members MORE than 1 year's subscription!!!!!!!!!!!!!!



Just place your SELL STOP and trail your profits into FAT CITY!

3 Star Member Performance

These OZ guys are good!

Hi Strat, I just wonder when to close a trade and how to determine a reasonable target price? Would you please share some ideas? Thanks

EURJPY

Closed shorts on this last Impulse Wave ahead of tomorrow's FOMC meeting in case Yellen says something negative to spook the Market

EURUSD

Closed shorts on this last Impulse Wave ahead of tomorrow's FOMC meeting in case Yellen says something negative to spook the Market

GBPUSD

Closed shorts on this last Impulse Wave ahead of tomorrow's FOMC meeting in case Yellen says something negative to spook the Market

USDCAD

Closed longs on this last Impulse Wave ahead of tomorrow's FOMC meeting in case Yellen says something negative to spook the Market

PROFIT TAKING

There are many answers to your question many of which depend on your trading personality and style of trading.

If you are trading basic PASR, you take profit when SR is reached

If you are Swing Trading, you take profit when the Primary Trend changes.

If you are a Trend Trader, you take profit on EW projections or supply and demand or when you feel PRICE is over extended and ready for a pull back to the Strat Shadow or when outside forces (Central Banks) interfere or when your Little People get the better of you or when your Trailing Stop gets taken out if you have set one.

If you are a scalper, you set your profit based on the ATR of the pair your are trading.

Reasonable Target Price? How long is a piece of string? What is reasonable to you may, and probably will not, be reasonable to me. This also depends on the volatility of the pair you are trading. Expecting a 500 pip target from a pair which only swings 100 pips is not reasonable.

If you are in a trade and you don't know where to close or take profit then your trading strategy is upside down. Your Trading Plan MUST identify your EXIT as soon as you determine your entry. Also, if you fail to Plan, then you PLAN to FAIL.

More important than anything else, we are concerned with HOW MUCH WE CAN LOSE on a trade rather than how much we win. Our #1 Rule is Preservation of Capital - we MUST control our losses.

Hope this helps

GBPJPY

2 SELL entries off the Strat Shadow

EURJPY

And spook it she did!

Note where PRICE was stopped in it's tracks

EURUSD

And spook it she did!
Note where PRICE was stopped in it's tracks

GBPUSD

And spook it she did!
Note where PRICE was stopped in it's tracks

USDCAD

And spook it she did!
Note where PRICE was stopped in it's tracks

AUDUSD

Selling BACK into the DOWN trend AGAIN

EURJPY

Normal service resumed - selling back into the DOWN trend

EURUSD

Selling back into the DOWN trend AGAIN