Can’t help feeling worried about my levels on above trade. Maybe that in itself should tell me something.
GU still up around resistance. 6165 seems to be the level to watch there. Probably like the odds on that better than EU right now to be honest.
As it stands I have a short in place .3186 EU, stop .3210 target left open for now.
If GU moved up into the .6140’s I’d be tempted to take it short, first target around 6075, maybe a pip or two higher at 6080, stop .6167
Im liking the looks of the cable too HoG, with its 6/7 month high lingering so close, and our current bias on it, it looks set for a good drop…
I actually went short on it earlier this evening… Entry was pretty bad on it to be honest, but im short from 1.6114… According to my chart, my ideal entry point would have been between 6118-6130… The only thing i fear, is that usually before a large day move there is a stop raid in the morning to wipe out the weak herd before the proper days range move… I get a feeling with that high lingering so close, we could see that high raided and price pushed to around 1.6170 area, as i think that’s where a lot of stops will be lying… But who knows, as always, time will tell…
Anyway, should have been in bed a long time ago, gotta be up in 5 hours again for more chart work lol…
Goodnight folks!
Short E/U from before or around that 1.32 area seems like a fair trade to me. We’re stuck in a range still it seems despite the bearish EZ happenings so shorting from around the top of the range would probably be a decent play heading into the LO. Seems to have been the way lately where EZ traders are dumping it in early trade and the NY is retracing. Won’t keep happening I suppose but looks like the lower risk bet to me right now.
Took a third off GU short on todays downmove… two thirds still short. Will now run longer short trade off 4h (5816 low - 6148 high) and daily (5602 low - 6148 high). I do like a longer trade! :33:
Ended up cancelling EU short and taking GU short this morning @ .6144. Stop .6167, target .6090.
I got stopped out on GU last night - i blame nothing more than my poor entry, should have waited for LO…
Holding a short on the GJ from last night since 130.88, was just safe from the stop raid…
I was waiting for the break of Friday’s high on this morning stop raid… Its almost amazing watching it work, literally stabbed above by a pip or two to wipe the stops and trap the longs… Limit order triggered at 1.615
EDIT: Scratch that, GJ just stopped me at break even after shooting 35 pips in 5 minutes… Should of banked what i had this morning at +50 
Y’see, that for me, always remains a valid question. I know I brought it up recently, but I’m going to do it again anyway.
I remember Nikitafx asking a question on a previous thread, the words much to the effect of, “When do you say to yourself, right that’ll do me, I’ll close the trade out and bank the money.”
Now I know we always hear about cutting losers and letting winners run, but surely, regardless of the size of the account, it has to cross a traders mind if any of their trades get to +50, surely they have to think, at the very least, of locking SOME of that in ??
Sanj, please don’t think I am having a go at you in particular by saying that. It’s purely that it was your post that raised the question, or at least made me raise the question.
What has to be kept in mind though, is that +50 pips, in a standard account, still works out more than a lot of people get for a week’s wage.
Just a thought.
HoG, i was so frustrated today when i got stopped out…
Although, as you mentioned, i had locked in some profit, at +50 when i woke up i took off 1/3 and locked break even - i secured about 0.5%, but if i had closed out completely it would have been around 2.5%…
See the only reason i decided to let it run today, as Sunday when i shorted the GJ, i woke up similarly sitting on 50 pips, with a more than happy 2%… I snapped it up, closed the trade and banked it all and was happy… Only to see that later in the day it ran down another 80 pips - had i just held on to it…
So today when i woke in the same situation, i thought right, ill definately let it run, now im wishing i just escaped with the 2.5%
But i guess all in all, i made a profit and nothing was lost so shouldnt really complain… If all my trades were like that, there would be the odd 1 or 2 that i would catch it when it runs away and make even more profit than i initially thought…
I’ve made a rule of thumb that after 20/30 pips, i will take off 1/4 or 1/3 or my position and lock break even… The question is sometimes whether it will even make it 20-30 pips in profit before i get the chance LOL…
God knows I am no expert Sanj, I mean, it’s been well enough documented on this thread, and the Beginner’s Disaster thread what has happened to my account over the last year.
But one of the things I tried to make a point of doing, or to be mire accurate, of NOT doing, was beating myself up about what happened to price AFTER I had closed my trade. It doesn’t matter anymore, once you’re out you’re out. Take what you have in profit, be happy it’s not a loss and start to look for the next set up.
Hi all. Great thread by the way - been lurking around here a while. Well, any thread that ST contributes to has to be worth more than a second look!
Yeah this used to rip me apart. When to bank a %, when to let it run, when to close it out etc. Fact is, whatever you do, there are always times when you’re going to be “wrong”. Could have let it run some more, should have closed earlier and so on.
I think I read ICT once saying something like ‘I’m probably “wrong” on most of my trades, but that doesn’t matter. All that matters is the profit I make at the end of the month’. (Sorry ICT if I’ve misquoted you… just tring to get across the gist of the point you were making.)
I’ve found the only way round it is to have a set rule-based exit system. This may not be right for some but it keeps me sane. Obviously this is going to be different for everyone… their system, their risk aversion etc. But with every trade I’m aiming to get at least 1:2 R:R. If I don’t get that, I consider the trade a loser. So at 1:2 I take 50% off and move stop loss to just above/below the last swing high/low. At 1:3 I repeat. At 1:4 I close. Yes, there are times when price keeps moving and I could have made more. No probs… there are plenty more trades and I don’t end up tearing my hair out trying to work out what to do.
EDIT: posted same time as you HoG… yes, exactly the point I’m trying to make.
I must admit that it has come as quite a shock ST that you would stoop so low as to have one of the kids register as ‘ukdave’ to make that comment…LOL !!!
Only pulling your leg ukdave, although I’m typing this on my phone, and it has the predictive text running, and so when it didn’t recognise the word ‘ukdave’, it suggested the word ‘insane’.:18:
But I think you are bang on mate, take the profit, be happy, move on.
Sorry if any of that sounded cheeky ukdave, it wasn’t meant to.
Love it! 
Well calculated stop there Hog! Lets hope were now into the begining of that downmove. :20:
I’m with the general opinion here that its a good move to bag some pips whilst in a positive position. Personally and by the sound of it SanJ too favours opening 2-3 positions and close a third to a half when PA’s initial break on a longer move occurs to lock in some profit to buffer the longer trade SL. Then when and if PA heads longer term in the predicted direction manually trail the stop.
I fear that trade is far from out of the woods yet RC. But just in case anyone is interested in the intellectual thought process behind that stop, it went something like this;
“Right, short from…here, target …ehm…there …and stop goes…ehm…oh…ehm…lemme see…think I’ll put it…ehm…THERE!”
I think im targeting 1.606 for the GU short… 100 Fib expansion and around the high of last Thursday’s Asian high…
EU is made higher highs and GU, is failing to… Looking good for the drop!
It would be a good deal considering the fact that the problems of the Euro Zone are starting once again and that could push down the Euro thus making the US Dollar strong.
Ah… I thought you were looking at the high of 31/10/11 and adding a few pips.
Might’ve had a peek at it LOL!
… So i was supposed to take a power nap from 4-4.30 and then get ready and go to the gym… I just woke up and its 7.40 lol! Woke to find that the GU pretty much did… nothing? lol
Both GU and EU look to be consolidating at yesterdays high… Im starting to wonder if this infamous drop will ever happen, at the way this is looking at the moment, since the end of last week i could have made more pips being bullish…
GU is waiting for me to close my short out of sheer boredom Sanj. Then it will drop faster than an old tarts knickers !!