Attachments: james16 Chart Thread

james16 Chart Thread

#17,281
Edited 7:54am Dec 19, 2008 7:04am | Edited 7:54am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

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Hi guys, I entered USDCHF, late last night at an confluence of a PB and dayli pivot.

So, the trade is going good at this time is 150 pips profits, my questions is:

What should I do now?
I put and Take profit order at 1.1131, but What should I do now to protect all that profits that I got now?

I really appreciate Any help since exit is my major problem using PA.

thank you....

Sweet trade you got there trujillo, congrats on that first off all

Now abt the management it really has a lot to do with how you want to do it but if this trade was mine here is how I would have managed it:

My SL would be around the region where you have yours.

Abt the TP I have mentioned these levels on the chart.

although i would like price to hit 1.12 (tp1 ) today only i would be more than willing to book something less than this if before Friday close i don't reach my first target. the reason is with the Xmas next week volatility is xpected to be low, and you don't want to be messing around much without anything green in the bag

In dangerous times like these you need to play it safe if atall you're playing it

Regards,
Ghous.

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I believe . . .

#17,282
Dec 19, 2008 7:13am Dec 19, 2008 7:13am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting GetSmart

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nice to see you here today ghous, where you been ?

Joe

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LOL! don't ask! when you guys were discussing pips here i was in school trying desperately hard to solve my math paper,

wish math was as difficult as trading, i would have done great. It's just far far far more difficult then trading the craziest of markets in the most foolish of times on the most dumbest of pcs and internet connection.

Anyways...

Have a great Xmas and new year guys, I am done for the year too and won't be taking any more trades this year, it's been a fruitfull first trading December and year!

Have a great one!

Regards,
Ghous.

I believe . . .

#17,283
Dec 19, 2008 7:23am Dec 19, 2008 7:23am

trujillo1980
| Joined Aug 2008 | Status: Dominican PA Trader!!! | 165 Posts

Quoting ghous

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Sweet trade you got there trujillo, congrats on that first off all

Now abt the management it really has a lot to do with how you want to do it but if this trade was mine here is how I would have managed it:

My SL would be around the region where you have yours.

Abt the TP I have mentioned these levels on the chart.

My first preference would be that the price hits 1.12 (TP 1) today i.e before Friday close the reason why i would like to be a bit more conservative is that Since next week is the Xmas week volatility is expected to be...

Ignored

Thank you Ghous, I really appeciate your advice.
What do you think moving my s/l @1.0977 (100 pip/profit), just in case this one drop fast. I let it enough space to move, but just in case I exit with profit.

What do you think about it?

#17,284
Dec 19, 2008 7:36am Dec 19, 2008 7:36am

tokwanden
| Joined Apr 2008 | Status: Novice Trader | 705 Posts

Hi all James16ers, This maybe

the last trade before I call it a day/year. See u guys next year and Merry Christmas and happy new year

.

I think I'm ready and have plan to join James 16group PF early next year as I have prove it my self for the 3 past consecutive month that this stuff is

. (as for public forum I'm reaching 500pg now:nerd:blush:

Happy pippin all.

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Go figure.. Simplicity work

#17,285
Dec 19, 2008 7:37am Dec 19, 2008 7:37am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting trujillo1980

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Thank you Ghous, I really appeciate your advice.
What do you think moving my s/l @1.0977 (100 pip/profit), just in case this one drop fast. I let it enough space to move, but just in case I exit with profit.

What do you think about it?

Ignored

IMO that would be the "knee-jerk" stuff. What you need to do is to find a way to allow the trade room to survive given that it does'nt come back and hurt you. Now moving your SL to 100 pips may ensure that you don't get hurt but at the same time your trade is far far more vulnerable to "market reactions" and in the end you may end up with a lot less than the trade may otherwise give you.

You need to respect the crazy times in the market and the low volatility does'nt only mean less movement it also refers to the crazy spikes up and down, to hedge against these your stop has to be as wide as common sense allows it to be

hope i made it clear, let me know if there is still some dought

I believe . . .

#17,286
Dec 19, 2008 7:39am Dec 19, 2008 7:39am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting tokwanden

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Hi all James16ers, This maybe the last trade before I call it a day/year. See u guys next year and Merry Christmas and happy new year.

I think I'm ready and have plan to join James 16group PF early next year as I have prove it my self for the 3 past consecutive month that this stuff is . (as for public forum I'm reaching 500pg now:nerd:blush:

Happy pippin all.

Ignored

Nice Buddy,

see you next year if all three of us survive

I believe . . .

#17,287
Dec 19, 2008 7:45am Dec 19, 2008 7:45am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting ghous

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IMO that would be the "knee-jerk" stuff. What you need to do is to find a way to allow the trade room to survive given that it does'nt come back and hurt you. Now moving your SL to 100 pips may ensure that you don't get hurt but at the same time your trade is far far more vulnerable to "market reactions" and in the end you may end up with a lot less than the trade may otherwise give you.

You need to respect the crazy times in the market and the low volatility does'nt only mean less movement it also refers to the crazy...

Ignored

another reason why i want to book profit as soon and as much as i can is because say for instance you take half your trade off at +80 before Friday close, now what that means is you now mathematically (hate to use this word

) have the license to go with a stop as wide as -80 without effecting your account atall. Not that i would actually move it this far it's just that i could or let's say i would have "complete ammunition for the next round which is next week". I can be more confident leaving the trade over the weekend and then carry the play on next week. It's on the daily remember

I believe . . .

#17,288
Dec 19, 2008 7:50am Dec 19, 2008 7:50am

trujillo1980
| Joined Aug 2008 | Status: Dominican PA Trader!!! | 165 Posts

Quoting ghous

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IMO that would be the "knee-jerk" stuff. What you need to do is to find a way to allow the trade room to survive given that it does'nt come back and hurt you. Now moving your SL to 100 pips may ensure that you don't get hurt but at the same time your trade is far far more vulnerable to "market reactions" and in the end you may end up with a lot less than the trade may otherwise give you.

You need to respect the crazy times in the market and the low volatility does'nt only mean less movement it also refers to the crazy...

Ignored

Fear!!!...to give back to the market What I have Taken from It.

Is one of the reason Im at brake even now, because I don't let winners run...

I got no problem entering in a good trade, but the problem start when the trade going in profits, I don't know what to do, and most of the time I move my stop lost to reduce the risk (or exit in profit).

So, in this case you reccomend let the s/l in the original place?

#17,289
Dec 19, 2008 8:02am Dec 19, 2008 8:02am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting trujillo1980

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Fear!!!...to give back to the market What I have Taken from It.

Is one of the reason Im at brake even now, because I don't let winners run...

I got no problem entering in a good trade, but the problem start when the trade going in profits, I don't know what to do, and most of the time I move my stop lost to reduce the risk (or exit in profit).

So, in this case you reccomend let the s/l in the original place?

Ignored

LOL don't worry mate!

All of us have been through this, and like most of us here you will grow out of it too.

exit is often the most difficult part of your trade even though at first it does'nt appear to be.

Ok so let's look at this:

option 1) you leave your SL where it is

options 2) you exit with your entire position right now with whatever you can get your hands at

option 3) you move your Sl to breakeven

option 4) you move your SL to +100

option 5) you take half off before friday close and leave your Sl where it currently is (what i would do)

let me know if you find option 5 a good one, even if you disagree with it it's fine, if so then do mention which option you think would be better and why...(regardless of wether it is mentioned above or not)

I believe . . .

#17,290
Dec 19, 2008 8:20am Dec 19, 2008 8:20am

trujillo1980
| Joined Aug 2008 | Status: Dominican PA Trader!!! | 165 Posts

Quoting ghous

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LOL don't worry mate!

All of us have been through this, and like most of us here you will grow out of it too.

exit is often the most difficult part of your trade even though at first it does'nt appear to be.

Ok so let's look at this:

option 1) you leave your SL where it is

options 2) you exit with your entire position right now with whatever you can get your hands at

option 3) you move your Sl to breakeven

option 4) you move your SL to +100

option 5) you take half off before friday close and leave your...

Ignored

option 1) you leave your SL where it is

options 2) you exit with your entire position right now with whatever you can get your hands at
Sound good, but I would like to be dicipline. I want to learn not to rush. I want to wait the market tell me when to exit.

option 3) you move your Sl to breakeven
Sound good too, but at the end If the s/l has touched I will fell bad (not good for my confidence).

option 4) you move your SL to +100
as you mentioned, should or shouldn't be enough room to move.

option 5) you take half off before friday close and leave your Sl where it currently is (what i would do)
Best of all. i was thinking on this one before.

what about this:

option 6) you take half off before friday close and move your s/l to breakeven.

this way I take some profit and there is no fear you could give back any pips to the market.

So, what do you think my friend???

#17,291
Dec 19, 2008 8:33am Dec 19, 2008 8:33am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting trujillo1980

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option 1) you leave your SL where it is

options 2) you exit with your entire position right now with whatever you can get your hands at
Sound good, but I would like to be dicipline. I want to learn not to rush. I want to wait the market tell me when to exit.

option 3) you move your Sl to breakeven
Sound good too, but at the end If the s/l has touched I will fell bad (not good for my confidence).

option 4) you move your SL to +100
[color=Red][b]as...

Ignored

Great minds mate! If you keep thinking like this you're on your way to become a great money manager

since you are +150 IMO a stop to break even should be a good idea (you'll be secure and the trade will have room) provided you take half off before friday close or when we reach an important price level.

Just wanted to share with you another trade management idea, it doesn't apply here now as we are near friday close but it's something to keep in mind for future trades.

You can follow your higher tf trades on the lower tfs and manage them there, the advantage you have is that you have the same data spread over shorter periods (i.e more bars) to speculate price direction,

for instance your current usd/chf trade shows you a single bar on the daily, look at the chart below (4H) notice how the bulls have established a nice looking trend on the 4H that you can keep an eye on for further confidence in the trade or to look for possible early exit signals while simultaneously deciding on your stop and take profit levels.

furthermore this strategy works for getting in early in a trade too

a nice tool the use of which can greatly enhance your trading skills.

ps ps this is just for general info you've been great at brigning up that option 6

. you should use it...

Regards,
Ghous.

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#17,292
Dec 19, 2008 8:50am Dec 19, 2008 8:50am

trujillo1980
| Joined Aug 2008 | Status: Dominican PA Trader!!! | 165 Posts

Quoting ghous

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Great minds mate! If you keep thinking like this you're on your way to become a great money manager

since you are +150 IMO a stop to break even should be a good idea (you'll be secure and the trade will have room) provided you take half off before friday close or when we reach an important price level.

Just wanted to share with you another trade management idea, it doesn't apply here now as we are near friday close but it's something to keep in mind for future trades.

You can follow your higher tf trades on the lower tfs and manage...

Ignored

Great mate!!...I usually look to shorter TF to have a feel of what the market is doing at the time, but since I got not much experience, most of the time I take every signal as a godd one (I think I sould learn how to see what im looking for).

For this trade I will put an t/p @1.2000 and I will move the s/l to brakeven since it goes around 200 pips profits.

And the end of the day if t/p is not touched yet, I will close half and the rest to watch for the next week with s/l at brakeven.

I; let you know later what happened with this one....

Tahnk you my friend....

#17,293
Dec 19, 2008 9:07am Dec 19, 2008 9:07am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting trujillo1980

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Great mate!!...I usually look to shorter TF to have a feel of what the market is doing at the time, but since I got not much experience, most of the time I take every signal as a godd one (I think I sould learn how to see what im looking for).

For this trade I will put an t/p @1.2000 and I will move the s/l to brakeven since it goes around 200 pips profits.

And the end of the day if t/p is not touched yet, I will close half and the rest to watch for the next week with s/l at brakeven.

I; let you know later what happened with this one....

Tahnk...

Ignored

K. No worries,

I believe . . .

#17,294
Dec 19, 2008 9:59am Dec 19, 2008 9:59am

Almfx
| Joined Oct 2008 | Status: PA Rules !! | 202 Posts

Quoting simoncs

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started off the week well and finishing strong. This has happened now for the last 4 weeks.

From now on I'm only trading Mondays and Fridays, I can't seem to trust myself on Tuesday, Wednesday and Thursday.

ah i can see the pattern now - only trade on days with 6 letters

Have a great Xmas all.

cheers

Simon

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