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EURUSD 6E Euro
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EURUSD 6E Euro

  #91 (permalink)
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Big Mike View Post
Does this work well for you? I tried it for a long while. The old saying "you can't go broke taking a profit". But I couldn't make it work. Losers were full sized, and breaking even on too many trades didn't help. I guess the biggest issue for me is I would exit break even, then ask myself "should I still be in this trade?", or maybe the better question "is there any reason to not be in this trade?". The answer was that I should still be in. Moving to break even made no sense.

But you need to find what works for you. That is what is important. You can't copy someone else. And you've got to play to your own strengths.

I have noticed that in the "forex world", if you can call it that, a larger number of people seem to advocate setting their stop loss to breakeven and then letting the position "ride". That just doesn't work for me.

EDIT: While I was typing, your initial target of 60 was hit, but you got out breakeven.... ouch!

Mike

That's why you should trade multple lots...take some off at first target and then you can go to b.e. with the rest.
you can always add later after a retest somewhere if didn't take you out.

Edit: I realize this is a generalization but I think you know what I mean. Most of the trades will not be homeruns and come back and get you but at least you get something, for the ones that do keep going, you get to go for the ride.


Last edited by kbit; September 21st, 2011 at 03:01 PM.
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  #92 (permalink)
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Broken Swing high

Just before FOMC Statement !!! I should have had at least 40 ticks TP, but had only 14 ticks 'cos I closed the trade; I don't want to be caught in pre-FOMC web.

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  #93 (permalink)
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David_R View Post
Deucalion,

Is that MTPredictor on your charts? Also, do you have emini-watch indicators, or is that something else that provides the PB and End of trend indication?

David

Yes & yes, obviously you have to be careful with them, currencies are better on 240M, Daily & weeklies for Ew waves while the EWatch studies work better on tick charts. It takes time to observe and be selective on what to use when. Both can useless and very powerful depending on the instrument, the span and the context.

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  #94 (permalink)
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Must. Fill. Gap!



Mike

Gap filled

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  #95 (permalink)
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Post-FOMC meeting chart:

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Mike

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  #96 (permalink)
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So, what's next ?

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  #97 (permalink)
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lolu View Post
So, what's next ?

What do you think?

Mike

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  #98 (permalink)
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I've decided to replace my 30 minute chart with a 8192 volume chart. There is nothing magical about either time frame, but I prefer the "smoothness" of the 8192 volume chart. They are fairly comparable in terms of number of bars over time.

Just posting so its clear why the chart changing going forward.

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I have decided to take a small long position here at 1.3533. Initial target area is 1.3600 and 1.3615, but will be keeping a close eye as Europe opens.

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Mike

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  #99 (permalink)
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Fwiw 3512 should hold...worst case 3492.
your 33 has a chance but keep 3492 as a stop in mind..6E that is....3499 e/u....actually stop should probably be a hair under that....3500 would be decent entry

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  #100 (permalink)
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Big Mike View Post
I have decided to take a small long position here at 1.3533. Initial target area is 1.3600 and 1.3615, but will be keeping a close eye as Europe opens.

Movin' on up



Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
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