I’ve got two open trades and wondered what everyone thought about exit strategies? Here’s what I’m looking at…
I have a tendency to let winners ride too long and eat into profits. Do you guys have any valuable advice on exits or expected retracements? Thanks!
Dear Braden1,
I like your screenshots because you use the same mobile app (FXCM mobile), so it is like looking at my own
trades!
Your stop losses look great, not too close and not too far: are they fixed or trailing?
My current strategy is to let winners go past the +100 pips mark, after which I will add a
dynamic trailing stop loss (one hundred pips away, to start with)…
Anything less than 100 pips in profit I will just wait before putting in a stop loss…
In your USD/JPY trade, I can see a similar set-up, where you have the stop-loss about one hundred
points below price, which allows you peace of mind (protecting some profit, but also allowing enough
breathing room for this pair to move down a little without taking you out of the trade).
Great trades.
Happy Trading. x
Gday Braden. Can’t comment on the USDJPY trade but think now could be a good time to exit the EURUSD. 1.31 is providing a reasonable support base at the moment. With the consensus being traders are holding out until data is released later in the week I see a retracement back to 1.32 over the next two days. A) the market is due for a correction of some degree. B) although data from Europe hasn’t been the best, nothing of signification has come out of the US either. C) It what my chart tells me.
I have an indicator that tells me where buyers and sellers have open position. Now money makers don’t like having a large numbers of open orders on one side and currently I see predominately short orders. If the price goes south guess who will be paying the price. Money makers make money not lose it. So they will push the price up to attract some long positions and hopefully take out some stops along the way to balance the books. I see lots of vacant land up to the 1.32 and nature abhors a vacuum.
The final thing I have in my mind is that the market has primary already discounted news release into the current price. As current market sentiment is bearish any data that doesn’t support this could easily spark a major correction at best, a complete reversal at worst. If the data is supportive just jump back in. Nothing wrong with that.
Just my view but I don’t position trade as you know, I get it wrong more than I get it right lol
Thanks guys. Yea I just feel like this are both heading into no-mans land which can be risky. Pip it’s a fixed stop, moves in ~50 pip increments but stays 100 pips back. So it can grow from 100 to 149 before it resets back to 100 as price moves in my favor. I had bad luck with dynamic stops. I don’t want my stop to enter the next “zone” until price has clearly left it.
Guess I’m glad I waited guys. SL re-adjusted
~450 pips sounds nice. Oh well I guess patience is a virtue
[B]Well done, Braden!! [/B]
You still open on EURUSD bro. Hope so. You’ll have to be happy.
They continue! Lol yea I’m happy…
However the trades are probobly being closed today or tomorrow. I trade solely off my phone. Iphone 5. Well the button on top, which is an important button, keeps messing up. So I have to mail my phone in for repairs. They’re shipping me a loaner iphone but I’m gonna take this as an opportunity to take profit and stop trading for a week or two while it gets fixed. I’ve found it really helps to take a few little breaks everywhere so you don’t get burnt out. Cheers
Good stuff. Always nice to celebrate a winner.
