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 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
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