Thanks for the welcome.
True enough Chris the vols are good now and the consolidation zone is a part is 70 pips behind.
Guess it was just a minor price correction.
Not leaving my short trade before this one gets to 1.2660 area.
Grix
Hello Grix,
Yes, good movement today and Iām still holding my EU shorts for a much deeper move as Iām suspecting this will create much lower prices in the pair.
Good luck on your short EU trade though.
Kind Regards,
Chris Capre
Chris,
Still holding my EU short and hopefully we can see a retracement before continuation. 1.2842 is the one I am waiting at the moment. Would like to try another short at this level. Any thoughts ?
Nice to see you here & I am with the bears. Pair need a price correction. London is important. I am targeting below 1.25 in the long term. Will see. :57:
Hello Perry,
Nice trade mate. You got it correctly at the right level & right time.
Alan
Am 200 pips into this one now from Mondayās entry and still holing tight onto it.
Though todayās slight upward move has made me feel rather warm.
Really considering scaling down 25%ā¦
Nice one for this week any way
Thanks Alan. I closed it yesterday and looking for near term resistance level around 1.2850 to reload shorts again. But it is Friday. Need to be cautious. See you guys on next week.
Good one. Hope you covered some and still holding the rest.Good luck Grix.
Hey everyone!
What are your opinions on neutralizing risk? Because we accept the risk at the outset, so do you think its wise to neutralize risk after the trade moves 50% to your target? Trading is all about staying in the game, and moving the stop to BE (or a little into profit) will ensure you stay in the gameā¦ Iāve found its reduced my losses, but it also stops some trades aswell.
Maybe I should take some profit of the table at 50%, then move my stop to BE, that way, iāve locked something in.
Anyone got a view on this?
Apex.
Apex, Good to see you again. Hope you are trading well.
Nice thinking about the moving the SL after 50% of the target reached. Surprisingly I am also using the similar method currently. For an example if my TP is 100 & SL 50 pips. I move my stop to B/E after 50 pips up and close 1/2 of the position. Sometimes trades failed to continue the run and get my rest 1/2 at the break even.
This is my system rules. But most of the time I close trades manually due to news announcement or the PA patterns before the final target.
May be we can get some good idea from Chris.
Hi Apex,
On moving the SL after the market moves towards the target, I move to BE after the first 60 pips
To +50 after 120 pips after to 200 after anything above 200 pips.
Yes remember that an investment allows you to protect your capital and your gains.
To me its absolutely logical to protect the profits with a reasonable moveā¦
Cheers
Grix
Hey Perry, Even when im not commenting here, iām keeping up to date with the thread, so no worries there mate.
And yeah, I find that the market does often retrace after 50% of my targetā¦ However, something iām looking at now, is combining with Ichimokuā¦ For instance, if I have a weak Ichimoku signal, then iāll take TOTAL profit at 50%, however, if I have a strong signal, then Iāll move stop to BE after 50% of the move and target the full profit levelā¦
EDIT: The total profit at 50% is something im not really considering anymoreā¦ Just doesnt seem to add up IMO.
But yeah, Chrisā thoughts would be intriguingā¦
Hey Grix, that also sounds like a solid model you got there, I agree, I think it is sensible to lock something in and protect the capitalā¦ However, there are traders out there who feel reducing risk and taking profit of the table is limiting rewards, which is true, but it also significantly increases accuracyā¦
So I guess it depends on where you stand on the issueā¦ Im glad the traders here are on the same page as me though.
Hello Traders,
Just wanted to say hello and wish people a happy holiday weekend. Iām hosting my girlfriends family here at the house (all of them) so have been a little occupied. Yesterday, I didnāt post a trade article since markets were closing early today, but I did write part 1 of the new article series Forex Trading, Ted Williams, & The Little Details - so feel free to check it out.
Iāll be back late on Sunday, but I hope you all have a wonderful holiday weekend. Keep an eye on the developments in Europe, with Cyprus contagion possible spreading to Spain and Italy (needing new elections) so it should be really interesting times for the Euro and EZ coming up (FYI, iām still short EU and holding).
Until then, all the best, be well, and may good things be with you this weekend.
Kind Regards,
Chris Capre
A family gathering? Sounds sweet!
Happy holidays to you too, got exams to study for unfortunatelyā¦
Happy trading!
Hey guys, Iāve come to the conclusion that scaling out is generally a bad idea IMO. Its something iāve done enough testing onā¦ However, reducing your stop (not necessarily moving to BE) but reducing your stop, may be a good idea after 50% of your target has been reached.
Just my 2 pips.
Apex.
Same to you Chris. Nice to see you having a wonderful time.
How are ya Apex ? Totally agree with your idea here. Reducing the Stop is the most important thing of the game. Still not an active market. May be tomorrow.
Im good thanks, and yeah exactly, I dont mind reducing risk, but messing with the rewards will just mess the maths up and reduce your edgeā¦ I dont think im going to be trading for the holiday period though.
Hello Traders,
I hope you had a good holiday weekend as it was a long one with the European and London markets closed today.
Two instruments that are looking interesting from a price action perspective to start the week, are the EURUSD, and Silver.
EURUSD
Short term, the pair is showing bullish under-pinnings, which is fine with me as it gives us a chance to rejoin the down trend. Look to sell rallies towards the daily 20ema parked between 1.2933 and 1.2951 which has held mid-Feb this year, targeting 1.2775 and 1.2675.
Silver
For the precious metal, it has been diverging heavily from Gold lately, and is under a lot of downside pressure as of late. The recent consolidation, and price action squeeze (one quality often present before a breakout) are starting to stress the bulls. $28.00 is the key support, so should this collapse, $27.15 and $26.50 are up next, so watch for a potential 20ema carry before the breakout to get short.
Good hunting for the week as things are starting to build up nicely with a lot of good setups forming.
Kind Regards,
Chris Capre