Comments on: Take profits or let them run?

By: Follow through? | fxmadness.com

Follow through? | fxmadness.com — Mon, 25 Jan 2010 17:18:11 +0000

[...] Another pair I’ve been following is EUR-GBP. Right now I think it is in a correction within longer down trend. It has a little more upside to go before new short trades can take place. Price could move as high as 0.8850 before running into resistance. That’s where I want to look for new sell set ups, IF price develops in this fashion. So, for now, I’m waiting. [...]

By: admin

admin — Thu, 21 Jan 2010 15:09:02 +0000

Have to wait for something to come along.

By: Jules

Jules — Thu, 21 Jan 2010 11:33:05 +0000

Thank you, Mike!! I’ve used fib retracement levels on a large candle to find a reasonable stop level. Needless to say, it was a futile exercise. Looking forward to your examples!

By: admin

admin — Thu, 21 Jan 2010 04:54:58 +0000

On some ocasions, if a very large candle forms on the chart, either the biggest you can see, or large enough that it stands out easily among others, the middle part of it can be used as possible resistance. One shouldn’t use the exact numerical value of the middle, but rather watch what happens when price gets there. It is not precise, but can be helpfull. I’ll try to post an example in near future if it happens on during one of my trades.

By: Jules

Jules — Thu, 21 Jan 2010 02:14:39 +0000

Typo: I meant “wary”, not “awry”

By: Jules

Jules — Thu, 21 Jan 2010 02:13:53 +0000

You’re welcome, Mike. I turned off comments cuz I’m usually slow in responding and I don’t want to make those who leave comments feel bad.

You wrote on your blog that when there’s no low/high to place a stop, you get awry. You should have published your post before I let 400 out of 700 profit get away (my oil trade from tuesday) I should have known better. 2 large bear candles back to back is ominous.

I learned how to move my stops from you. Had I not learned to do that, I wouldn’t have dared hold my profits longer than a few minutes. I used to be a lot more patient with losses LOL!

By: admin

admin — Wed, 20 Jan 2010 20:45:02 +0000

Thank you.

By: Grinder Trader

Grinder Trader — Wed, 20 Jan 2010 19:20:42 +0000

Even on a day like today when I closed a profitable trade early, but at better prices than my target, your post resonates. I shared this on my own site. Great work at fxmadness.

By: CFTC proposal. | fxmadness.com

CFTC proposal. | fxmadness.com — Wed, 20 Jan 2010 18:14:09 +0000

[...] took one more trade in EUR-GBP, when price made new low. Entry was at 0.8707 and trade netted 40 pips. At this point I want to see [...]

By: admin

admin — Wed, 20 Jan 2010 16:25:55 +0000

Thanks.