FOREX PRO Weekly May 20-24, 2013

[snegdk]

Sold at 1.2980 with sell limit order - still holding the position. I am thinking about pyramiding - I wonder what Sive thinks about it (pyramiding) and current situation.

 

[Synchronicity]

Sold at 1.2980 with sell limit order - still holding the position. I am thinking about pyramiding - I wonder what Sive thinks about it (pyramiding) and current situation.

Hi

Something I read recently that has struck home is that many traders have a tendency to try to 'hit home runs' at every opportunity . The author made the point that this often led to a trade that had a decent profit turning in to a loser because the trader was seeking more than was available from the trade.
I have certainly been guilty of that in the past.

I won't advise you on what to do but my intention is to take a part profit at a 'logical profit objective' and tighten my stop loss to breakeven as soon as it is safe to do so. If the price retraces up and then indicates a sell again I will probably add at that point but only within the bounds of my risk management.

All the best

Michael

 

[Lolly Tripathy]

If we will not go below 1.2795 and get a pull back to 38% atleast
then again we shud get a buy butterfly...

 

[D.R.&Quinch]

I look at the tyoicsl harmonic swingsize of the instrument im trading and use that to mitigate my too optimistic targets

 

[Sive Morten]

Sold at 1.2980 with sell limit order - still holding the position. I am thinking about pyramiding - I wonder what Sive thinks about it (pyramiding) and current situation.

Hi

Something I read recently that has struck home is that many traders have a tendency to try to 'hit home runs' at every opportunity . The author made the point that this often led to a trade that had a decent profit turning in to a loser because the trader was seeking more than was available from the trade.
I have certainly been guilty of that in the past.

I won't advise you on what to do but my intention is to take a part profit at a 'logical profit objective' and tighten my stop loss to breakeven as soon as it is safe to do so. If the price retraces up and then indicates a sell again I will probably add at that point but only within the bounds of my risk management.

All the best

Michael

Hi Guys,
Michael is right concerning shifting small profit into large profit - if it was done uncarefully, it usually leeds to loss or flat result.

Snegdk
Any scale-in needs strict calculation and assessment of each level where you intend to add to your position.
We have nice example how to do it in our Forex Military School - look "Scale-in" chapter.

 

[Ghandi1]

If we will not go below 1.2795 and get a pull back to 38% atleast
then again we shud get a buy butterfly...

View attachment 9406

Maybe it is a large Butterfly sell in progress, Starting point at 303X, Yesterdays move was the BC leg. 1.27 ext at 3090, 1.61ext at 3160

 

[D.R.&Quinch]

Scott carneys RSI BAMM might be relevant here
I.e. passing the c point of either with an rsi pattern

 

[pragmatic]

Hi Sive!
I totally agree with the bearish view on Weekly time frame. The one thing that I don't understand is how do you determined the target at 1.275 area?
The Bearish SG on Weekly already reached the target at 1.2955 in the same bar when it was confirmed.
Thank you!

 

[snegdk]

Hi Sive!
I totally agree with the bearish view on Weekly time frame. The one thing that I don't understand is how do you determined the target at 1.275 area?
The Bearish SG on Weekly already reached the target at 1.2955 in the same bar when it was confirmed.
Thank you!

Guess the 1.275 are was chosen by Sive because Weekly Pivot Support1 stands there and it is the point of completion of recent ABCD pattern - the area stands right at the 127.2 extention of BC leg.


Synchronicity, Sive, thank you for your tips.

 

[cosmos]

I know I am contrarian, but I favor a rise to 1.3070 on a bullish butterfly, and then to 1.3128/1.3160/1.3170 area before resuming downtrend.