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  #1839 (permalink)

Miami FL USA
Trading Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
Cashish's Avatar
Posts: 803 since May 2011
Thanks: 811 given, 2,112 received

Silver Dragon View Post
I have to work on my exits.

I bought the breakout down and the price went down and hit my price (see blue line) but did not get filled. I am a little too precise on the exits. On the one hand the channels I am drawing are correct and price is bouncing where is should but I have to learn to move it up a little in order to get filled.

I moved the stop down above the upper channel line. However, I now thinking I should have moved it to break even when the price was touched.

@Silver Dragon

I wanted to comment on this trade and taking profits. I believe knowing when to take profits haunts traders continuously. I like "precise" but not getting filled is a bummer. So my questions (you need not answer on the thread) are about the target and not the stop. Some considerations are, how long was your order sitting on the target? I see you're trading 30m bars, was your buy order sitting on '83 for an hour, 45m, 30m or 5m? I don't know how the FX market works but in futures it's "first come first served" so the sooner you place the order, the higher up in the order book it resides, the higher up it resides, the better the chance of getting filled. Another consideration is order type, Interactive Brokers have over 20 order types of FX and more than 30 for futures. A common order type is, market if touched, if '83 is touched your order becomes a market order, and gets filled. This might be one reason we often see price hit a significant level and retreat back a few ticks and rotate for a spell, just a thought. I'm sure you've been around the Euro long enough to know the significance of "20s and "80s. When Price rotates around a whole number like 1.2900 in your case I expect to see rotation 14/16 points above and 14/16 below that number, just what this market did for more than 5 hours, prior to the "Fed Release" a few hours after your trade. Lastly, is your B Bands, I don't know your settings or how they behave with 30m bars but just looking at them on your chart would tell me not to expect "much more" of a down move. Of course I have the luxury of hind sight, but I do know this market a bit and with the observations I just posted I would have been all over taking profit any where under '86 (14 points below the whole number 1.2900). Knowing what order types are lurking in the markets can be very helpful in situations like the one you posted, here's a link to IB's order types you may find it interesting.

I'm posting a 1m chart, (of the 6E, sorry, I don't collect FX data) that shows the price movements as it approached your target and rotated.

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