Disliked{quote} Hi Wolves77, A couple of conflicting adages: 'nobody ever went broke taking a profit' -and- 'run your winners'. I don't trade UJ (or time based charts), so please bear that in mind but a few thoughts spring to mind... all with the benefit of 20:20 hindsight :nerd: On the scale of charts I trade, I find that price rarely makes one clean move then reverses direction. It is actually a personal rule of mine that I don't trade single swing moves (if that makes sense). I want to see some form of AB=CD before I look for price to properly change...Ignored
Hey honest, man i feel a bit guilty about the help/time i'm getting here, as that was just a lazy post from me not really explaining the trade and why i was letting off steam. when i trade now i use a hard stop but no profit target, i just wait to see what pa tells me on a bar by bar basis and close out my trades manually, both for loss and profit. You were spot on about the blue(purple) line just below my exit. That was my new mental line in the sand, if the bears closed below that line i was out. at least that was until my inner chimp took over. damn that chimp.
So, yep, all i had in my mind at that exact point in the trade was 1. if the bears close below the purple line, get out. 2. until that happens stay in the trade.
and yet in the heat of the moment (just for a few seconds) logic went out the window. as i say, damn that chimp lol.
btw, i had been slipping into a bad habit of trying to trade every leg of a move (on a 2 min chart), its easy to go a little stir crazy when its just you and a chart for hours on end, but seeing your charts and the fact your trading the bigger picture constantly helps remind me to snap out of it. so a big thanks on that front, i think seeing others trade, (even if its a slighlty different way to oneself) is a massive help in developing as a trader.