EURUSD

because it's in the middle of nowhere, and if you look at m5, it's building a reversal pattern.. could go for the top again.. either way, closed the shorts I had.

Somebody help me, I can't stop eating cold sausages today!

http://www.ecb.int/press/tvservices/...130307.en.html

live stream

Just google or find out on youtube what they all are made of...
I'll never touch it again.

scalping with brain

Cable taken off.

I can see what you mean... But the 4H says something quite different.. Im staying short still.

You are hitting some key topics which are part of the essence of trading itself and as such are something a trader has to adapt for themselves but here are some quick thoughts for you....

Firstly, the answers vary according to the trade that you are trying to execute, for instance assume a reversion trade where you want to short a high on intra-day where you are maybe hitting for 20 pips an entry within +/- 5 pips would seem good, but on a daily swing trade good might be +/- 50pips so the definition of good needs to be flexible.

Before you think about entry though best to think about stops.
Say you want to short resistance @ 1.3044 on EU - where will I put my stop?
The best scenario for me is a place where once the price reaches it I know my REASON FOR ENTRY WAS WRONG. I cannot emphasize this enough so many come on here and move their stops because price is about to hit it, so they give it a bit more room because they are sure it will turn....... but if they had applied that statement then they would have no need to move the stop because probability is that the trade is in the wrong direction.
So in this case I am expecting 1.3044 (Daily R1) to hold the price so 10-15 pips beyond it is probably a good place to set my stop, if it gets there R1 is not holding in all probability and even if it is I have a poor entry now.

So stop and reason is setup, now what about entry?
Is taking the trade at that very point a good idea? what if price does not stop you could hit your stop in seconds. Normally best to look for some sign in the PA that it is stopping or reversing then enter, sure you don't get the high, but you will get burnt less times out of 10 for sure - but that is a traders choice.

now what about profit taking?
Each to their own here but some sensible things to consider are.....
If you are trailing the stop make sure that the trail is > than the noise of the market otherwise it will get hit absolutely.
Think about getting to BE once the market has exceeded the distance of the noise level, that way you will have more confidence that it will not get taken out on a whim, but you will not lose anything either.
Letting the winners ride for their full potential is all good in theory and on larger trades is well worth it in the long run, but if you are trading intra-day for say 20 pip moves then the noise level of the market is likely to eat your profits away regularly.
Taking partial profits at target and setting a trail on the rest can be a comprise to taking full profit.


The key to trading successfully is managing the losers and don't ride them.
Picking good entries is fine tuning, you could randomly say buy/sell at any price and be right 50% of the time and still lose 90% of the time simply because you do not manage your trades properly especially the losers.

As for me I mix up my profit taking according to my targets and the PA s it is not set in stone at the start of the trade. I like to let them ride if I can but I shoot for > 20 pip trades but often end up with <=20 pips profit on a single trade if the PA does not run.

As for my open trades you refer to they are closed now, but I always protect them before big news if the entry is close to the action price at the time, there are many ways of doing this from hedges, to guaranteed stops, to pending orders etc.

This is a real quick response here and there are so many options which are what a trader needs to discover and decide which work best for them.

another trick-fest... yet again..tricking mofos to take positions and get hammered..

To illustrate my thinking..

i am in sell from 3016. any sugesstion?

Leave a large stop from there! May go back into the 30s before it drops

Fucking broker.

What is your spread, add to your low, this is a common mistake made by traders, where you are selling price have to reach your target + lower (your spread)

GBPUSD just exploded...40+ pips within a second or so. Missed the train 'cause I didn't feel comfortable pulling the trigger before having confirmation. Oh well.

next time give room for double size of normal time spread , pa get there soon

Copy,pasted and saved.

Thanks for the effort and thought you put into it.Really humbling.

Your post are always very inspiring and shows some real knowledge and experience.

Brilliant post Max D.

short EJ @ 65

SL 83 above weekly resistance @ 78