Hey Steve 
Hope everything's cherry blossom for ya.
I saw you've recently considered some exit strategies and I have to admit they are still one of the most crucial parts in my own trading as well.
Today was a great example. Like you, I am long AUDUSD and NZDUSD and have held them even through today's massive monster selloff/washout dip. (AUDUSD at 0.8290 and Kiwi below even 0.7300. I have been long since 0.7147 and have confidence these two will astonish a lot of people this year. Next stop move will most likely go to 0.7330-60.)
My stops were below the prior plateaus and quite a far way away.
I ended up adding near the lows and am now nicely up on the new stuff and back to even / slightplus on the old stuff.
My point being - for really trying to follow a larger trend it can be devilishly hard trying to set the correct boundaries. I've also followed USDCAD down from 1.1500 (even though I had originally tried to short 1.17-1.18 but given up after failing twice, just to see that 600 pip drop start to kick off...), which only worked, because I kept the stop generously far away for quite a while.
I've seen a link by Twoblink who seems to have stumbled upon some sort of massive insight for himself along his FX way and I just thought I'd share it with you. It's a tad too complicated for me, but it just adds to the point that using "gigantic" stops seems to be warranted initially....but that thingie also adjusts for a tightening range/stop size or summat....
Anyhow, maybe you can figure it out, I'll try to stick to simply finding those "if it comes back past here, it's just plain WRONG" spots and putting stops a bit outside of there
http://taylortree.com/2006/01/innovating-exits.html
Fitting url, too
Btw, it's big consolation to me that Turbo and you both are struggling with this month as well. I usually start every day feeling shitty as the market seems out to destroy me - and arrive in the evening realizing it wasn't really all that bad and actually ending in profit overall.
So I am very happy to report that April so far for me has remained net positive - here's me wishing the same to you guys
Take care,
SeekingLight
Hope everything's cherry blossom for ya.
I saw you've recently considered some exit strategies and I have to admit they are still one of the most crucial parts in my own trading as well.
Today was a great example. Like you, I am long AUDUSD and NZDUSD and have held them even through today's massive monster selloff/washout dip. (AUDUSD at 0.8290 and Kiwi below even 0.7300. I have been long since 0.7147 and have confidence these two will astonish a lot of people this year. Next stop move will most likely go to 0.7330-60.)
My stops were below the prior plateaus and quite a far way away.
I ended up adding near the lows and am now nicely up on the new stuff and back to even / slightplus on the old stuff.
My point being - for really trying to follow a larger trend it can be devilishly hard trying to set the correct boundaries. I've also followed USDCAD down from 1.1500 (even though I had originally tried to short 1.17-1.18 but given up after failing twice, just to see that 600 pip drop start to kick off...), which only worked, because I kept the stop generously far away for quite a while.
I've seen a link by Twoblink who seems to have stumbled upon some sort of massive insight for himself along his FX way and I just thought I'd share it with you. It's a tad too complicated for me, but it just adds to the point that using "gigantic" stops seems to be warranted initially....but that thingie also adjusts for a tightening range/stop size or summat....
Anyhow, maybe you can figure it out, I'll try to stick to simply finding those "if it comes back past here, it's just plain WRONG" spots and putting stops a bit outside of there
http://taylortree.com/2006/01/innovating-exits.html
Fitting url, too
Btw, it's big consolation to me that Turbo and you both are struggling with this month as well. I usually start every day feeling shitty as the market seems out to destroy me - and arrive in the evening realizing it wasn't really all that bad and actually ending in profit overall.
So I am very happy to report that April so far for me has remained net positive - here's me wishing the same to you guys
Take care,
SeekingLight
Trust price. Know yourself.
