Tired of giving back profit? Here's my strategy

have stops at 2449 on both shorts now, if it gets back up there expecting it to take off, will short higher up

Still in, went to 48 so far...almost knocked out it would have been frustrating to have it turn there, will have to think about stop placement. Any input? Give it some room to spike or? Its a hard call...

Sticking to the plan. Hard stops on sells at 2449, the reason I find this difficult is that I am bear biased...I really did not expect to be counting on my longs! Just goes to show how crazy forex is. Lets see where this 4hr bar closes

Closed my second long, dropped sl on 2nd sell to just above last intraday s/r at 2421. Expecting to see 2380 now.

So recap:
Still holding long from1.2255, still holding short from 1.2449
Had a long from 1.2378 which I closed +20, still holding short from 1.2387, sl 1.2421 (edit moved sl to be)and if it goes below 1.2380 and stays I will bring the stop to b/e
If this continues down it should try to get to the 1.2325-00 area (50 fib of upmove) and once that is clearly broken I will close my long from the "bottom"
As I am short biased I will try to pick up more shorts on the way down but I will only add long if it stays above 1.23, or again, at the bottom for a bounce.
We don't know if this will shoot back up again either so until we are below that 1.23 area I won't feel "safe" with my shorts, but its all about risk management...
Maybe I should move this to the journal section, seems like there isn't much interest but I find it helpful to record things.

Hey,
Stopped out of my sell at 87, thought I might be able to get in higher but jumped right back in at the same place after it didn't go anywhere...will see how this looks and place a buy lower down MAYBE lol
I have asked to move this to the journal section, not sure how long it takes.

I placed a hedge on that last sell, where it paused around 1.2365, now that 1.2387 sell is protected if it decides to go up from here (never know!) and no risk, have locked in those 20 pips...
Today I had time on my hands, other days I don't suppose I will but I think if you have time to screenwatch, you can make this work.

Hi,

your stuff reminds me of the equity millipede concept, and of 60minuteman's way of trading - at least part of what you're suggesting here.

60mm's thinking is that there is a 50-50 -ish positive outcome probability for each trade. He suggests that participating is key: dropping little probes here and there, and then keeping the ones riding for multiple R profit.

I personnaly couldn't face the low win rate of the equity millipede strategy.

Yet, your way of hedging (opening opposite position while riding the longer term trend) sounds like a good way to "diversify", and avoid missing opportunities without having to give back too much of the hard-earned profit on your initial position.

Definitely something I'd like to have a look at - but in a while

take care

So, last night I had my new sell at 1.2387 and my hedge for that one at 1.2366, I closed the buy for +24 at the first run at 1.24 (pretty much figured it would bounce which it did) and left my sell on at 1.2387. I also added a sell from 1.2392 which I tpd at 1.2366, so took +26 on that one and left the other sell running. This morning I added a long from 1.2372, I probably should have left an order for lower, but that is now hedging my sell at 87, and at this point it may find the strength to break 2400, so I have moved my stop to b/e on that 87 sell and will let the buy run.
It was hard to decide whether to close the long from 66 last night, I was so tired too but I was kind of banking on the 1.24 holding it back, but I guess you just have to get a feel for where we are in the market at a given point...

And take off...stop on the buy goes to b/e and lets see where this goes. Will sell higher up...
You could potentially add to this long when it retests 1.2400, with a small stop. Should be supported there now, watching..this is quite an intensive way to trade but seems to pay off, lets see

Added a sell at 1.2417, break of 15m pin. Stop above that last high. It does not seem to have the momentum to go higher but if it continues up I have my long from 1.2374 to hedge it, which I will close if we can't hold over 1.24 edit out of that last add on sell at -7, don't like the way the 4hr closed, I think it has more up in it edit 2:sold at 2426 sl over last high at 36, which it can't seem to break. This is my last attempt to sell around this level. Would love my 1.2449 sell to live...

Hung onto my 1.2449 sell, basically I kept my 2255 long open and both of them with no stops -you do not ever know if price will spike up and drop like a rock, it has happened to me many times, so I didn't want to close it and try to get back in. Anyway I finally closed that long when that last move up ran out of steam and started coming back down and even managed to add a sell at 2493 (!)...have that stop at breakeven now...I have taken a few losses on entries over the past few days but small ones, and being able to hang onto positions and not be losing my profit is well worth it. I think that 200 pip take on the buy and being able to hold this short plus add another one gives me hope that this may be a solution to my giving back profit problem! Got tons of work for the rest of the week so probly won't update, happy trading Raz

Guessing it will bounce around 1.2365, buy stop in place, small stop

Still open...short from 1.2449 and 1.2493

So my limit long was not picked up, it stopped just above 70. I was not around but when I got back and I saw it started to move up I entered manually at 82, to hedge at least one of my shorts, have that stop now at b/e but it started below the support, at 65. I then took a short from the top of this last run up at 1.2408, stop at b/e it started at 18- depending what happens I could take the stops off those two and lock in those 26 pips, until its clearer- it can go where it wants now...if it drops to lower than 82 but sits above that 71 area will probably close the short and buy again, then sell the top again, if I can, this could hold for a while...or not, doesn't really matter though!
So for today, just those two trades which will give me 26 pips. And those other two sells which are still on..edit, not +26, took +60 see next post, stop on sell at 2408 was b/e so taken out,,,

Hey,
My 1.2449 got taken out on this last push up, I had a 10 pip sl on it to give it space so -10 on that, but my hedge closed at the same place from 1.2383 so +70 on that, still have my short running from 1.2493 and added a long at 1.2445, tight sl, at 37, I figure if it breaks that support at 41 it will head back down a ways and I can find another place to long...if it breaches that last high at 65 I will put my stop to b/e (currently at +10) edit: broke high sl to b/e on the long at 1.2445
So +60 so far, with two running ...

Spiked out on my buy, re-entered long at 1.2444. Needs to close under that 41 mark and I will look for sells

Took a short at 1.2464 sl 71, stopped -7
Now a short at 1.2467, stop over high. Interesting to see that all of my shorts are getting stopped at b/e or small losses, all of the longs are gaining. Hmm market is trying to tell me something Stopped on that one -14 just now, looks like my 1.2493 short is in trouble!

Hey,
So, still holding my short from 1.2493, sl at b/e, also added another short at 1.2470 and currently have no long positions. I was trying to get in *long at 1.2445 to protect one of my sells but it didnt drop there and is bouncing now in a tight range between 1.2450 and 1.2458 ish, so I may buy on a break of that area or definitely if it drops back to below 50 with a tight stop.
So recap of pips earned and lost (not going to count all the b/e ones)
Buy from 2255 was +215, buy at 2383 +70, buy at 2445 +19= +304
Buy from 2444 sl hit -11, Various attempts to sell in that 60-70 area -34
So overall 304-45 = 259, with two trades still open.

I think knowing myself I would have hung onto that 1.2449 sell and eventually lost all of the profit, as well as probably trying to sell all the way back up (because I would have been favouring sells, and so I would have ended up losing all of my profit and either getting to breakeven or losing on the sells on the way up (worst case scenario) or Possibly making a few pips on the drops and then giving them back. I definitely would have left my stop at be on the 1.2449 so that would have been gone.
Anyway, will carry on, this is keeping me open to being open about where price is going...keeping the overall trend in mind but taking advantage of the pullbacks.
If anyone is reading this, have a great weekend!

Looks like we are in for a gap up, we will have to see if we break the high, if not, I will be selling again and buying lower down or if we break the high, looking for buy opps and sell closer to 1.26 or wherever we cap..happy trading

Back in short from 1.2471, still holding short from 1.2493, lost 5 pips on a long from 1.2460. UJ bounced, so this may be going down to next sr. Will buy when we stall again. edit-knocked out of 1.2471 at b/e, while I was sleeping. Tried a buy at this last support which gave me -6, will not be looking for more longs at these levels as I am favouring shorts for now.

Soo..
Added a long at 1.2425 took profit too early at 1.2458 +33
Sold at 1.2458 and again at 1.2467, those two are under water -1 and -8 plus my short from 93 is +27. If we go over 93 I will close up shop until I see where we are headed...probly a FOMC shakeout but you never know
edit: tpd the sell from 58 at 35 +23
bought at 33 to hedge the 67 sell. UJ gives clues, its still dropping or testing the low so eur is flopping around...