Advise me on my Position Trade? EURCAD

[Jason101]

Hello T2W

I'm in a sell position trade on EURCAD, it has just had a bounce on its 10 yr low.
It has touched this area 3 times before about 9 years ago. My fundy hat says keep the position the EUR is F*****. My tech hat says it may have problems breaking through. Get out and look for a re entry if it can sustain a break through.
Normally I would follow my pre determined exit rules but they are a bit hazy about a 10year held resistance.

My instincts to bring my stop down to 13500 just above May 21st swing high(he blue line on second graph). But I would resent loosing 485 pips off the profit, (Remember its a position trade.)
What do you reckon?

Ps I have enough profit in it, but at the same time I do not want to give a penny back!

 

[Moneymakingmachine]

Hello T2W

I'm in a sell position trade on EURCAD, it has just had a bounce on its 10 yr low.
It has touched this area 3 times before about 9 years ago. My fundy hat says keep the position the EUR is F*****. My tech hat says it may have problems breaking through. Get out and look for a re entry if it can sustain a break through.
Normally I would follow my pre determined exit rules but they are a bit hazy about a 10year held resistance.

My instincts to bring my stop down to 13500 just above May 21st swing high. But I would resent loosing the current 485 pips, (Remember its a position trade.)
What do you reckon?

Ps I have enough profit in it, but at the same time I do not want to give a penny back!

Personally, i would get out, and then re asses the market, and look for another opportunity. If it does break through support, then get back in

That's what i would do anyway, maybe i'm too careful

 

[Jason101]

Personally, i would get out, and then re asses the market, and look for another opportunity. If it does break through support, then get back in

That's what i would do anyway, maybe i'm too careful

Thank you,

I am tempted by your advice. Thinking about it this is a really a question Fundamental trading versus technical trading. Maybe I shall find which is my bias?

Jason

 

[Rossini]

stick to you plan

 

[Jason101]

stick to you plan

My fundy plan is to sell the c**p out of the EURO until it has no where else to go, but my technical plan is to screw down stops at major S/R areas and this is very major area.

My plan is flawed or incomplete I think.

 

[meanreversion]

at this stage, I would re-sell that cross on a break lower. but you really need to stick to your plan and ignore "pundits" like me (probably more luck asking alan hansen)

 

[Hilarymannah]

To ask advice on whether to buy or sell, is totally futile (think about it),..As Rossini has suggested, just stick to "your" plan,..others will only confuse you!
There's one thing for certain, it will go either one way or the other,..

 

[Rossini]

My fundy plan is to sell the c**p out of the EURO until it has no where else to go, but my technical plan is to screw down stops at major S/R areas and this is very major area.

My plan is flawed or incomplete I think.

If you plan is incomplete then there is only one thing to do: Get out of the trade, then do not trade again until you have patched up the floor that has been exposed by this situation.

Just be thankful that its a nice profit that exposed this flaw and not a loss.

 

[arabianights]

close half of it then set a stop of break even on the other half. then ask here every day what to do, then ignore it and keep it open

 

[Jason101]

To ask advice on whether to buy or sell, is totally futile (think about it),..As Rossini has suggested, just stick to "your" plan,..others will only confuse you!
There's one thing for certain, it will go either one way or the other,..

I agree to ask for advice and then follow it would be futile.

But to ask for advice as a way to throw out open questions to create thought processes for myself (and maybe others) to find out about how I feel about this senario which may help complete the missing part of my plan, could be a useful exercise.

 

[Moneymakingmachine]

Here is my view, part 2:

The fact that you are asking means you are in doubt, and you know what they say when your in doubt . . . .

(P.S. The market could plummet, it could rocket, either way don't get pissed off if you miss a move)

 

[Jason101]

mavvy,

What a great advert for your company! Your outfit must be soooo professional!!!
How embracing for your company to have such a pitiful marketing strategy.

Now crawl back under your rock.

 

[Moneymakingmachine]

I don't understand ? am i mavvy ?

 

[arabianights]

I don't understand ? am i mavvy ?

nah there was a nuisance spammer doing penny stock ads, but he got MOTHER***KKKIN PWNED!!!!!

 

[Moneymakingmachine]

oh, good lol

Apologies Jason

 

[trader_dante]

(Remember its a position trade.)

Ps I have enough profit in it, but at the same time I do not want to give a penny back!

It sounds like you have not made the mental adjustments necessary to being a successful position trader.

 

[arabianights]

seriously though you don't have to close or open a trade all at once... I think it's pretty unlikely any of properly succesful traders do...

 

[kimo'sabby]

Hello T2W

I'm in a sell position trade on EURCAD, it has just had a bounce on its 10 yr low.
It has touched this area 3 times before about 9 years ago. My fundy hat says keep the position the EUR is F*****. My tech hat says it may have problems breaking through. Get out and look for a re entry if it can sustain a break through.
Normally I would follow my pre determined exit rules but they are a bit hazy about a 10year held resistance.

My instincts to bring my stop down to 13500 just above May 21st swing high(he blue line on second graph). But I would resent loosing 485 pips off the profit, (Remember its a position trade.)
What do you reckon?

Ps I have enough profit in it, but at the same time I do not want to give a penny back!

Your problem may lie in those huge timeframes, all credit to you for even taking them on.

ps. when do those timeframes actually move,...secretly....overnight?

 

[Jason101]

It sounds like you have not made the mental adjustments necessary to being a successful position trader.

True, it is hard to get out of swing trading mentality. I guess I need to turn my p.c off and look at this trade again at the end of next week.

 

[Jason101]

seriously though you don't have to close or open a trade all at once... I think it's pretty unlikely any of properly succesful traders do...

Thank you,

I am not sure if this is what you are getting at, but this is beginning to start the thought processes off for me.

I think you are not just talking about scaling in and out of a trade but something more profound.

Risk reward is a constant and on going assessment it is not a black and white, yes or no question (in the same way it is tempting to look at an individual trade) but it has various degrees.

So if an open trade has on going various degrees of risk reward I should be making sure I am in the position to reflect this with trade size and start to seriously see myself as managing money rather than individual trades.
Jason