A quick update on the calls for today then:
RE: EUR/CHF
Part of good trade management is knowing when the "gamble point" occurs.
I define the "gamble point" as the point where you have good profit and the trade comes into a big problem area. It's the area where you find yourself thinking "oh man, if it can get through here I could be in for a really big profit on this trade..."
It's at that point where I've too often given back vast profits "gambling" for the home run.
It's great to hit a home run but it depends what stage of your account you are in and your purposes for trading.
If you are in the account growth stage or are looking to make a living taking regular profits, I personally think it is a good idea to get some profits off the table when price comes into key levels. There are a lot of lows around 1.4930 and this is where I would be looking to get out of at least 50% of this trade.
If you are not that active as a trader and are not relying on this as an income but rather as a nest egg (or just to see if you can make a fortune) then you can go for that home run and trail your stops...
Just a few opinions
RE: The S&P.
Some chop today. Not uncharacteristic
If you trade using candlestick setups as your triggers then you often have logical places for your stops.
However, if you just hit market as I often do now then you want to be a little more discerning. Sometimes you can use a time based stop effectively. Any long trade taken when it was called earlier has been running for several hours, it's gone three handles onside, it's gone two handles offside. Right now it's right around where it was when I called it.
Right now I'd be running a tight stop around 1109. You may get knocked out in the lunch time shenanigans but it's good game tactics if it's not quite working out as you intended when you planned the trade or even if you are slightly unsure to get out with a small loss.
Never be afraid to get out and then get back in again. As long as there is a good setup to take it shouldn't matter whether its now higher and you were originally in from lower. Some people find this remarkably hard to do.
You're a buyer at 1111, you get stopped out at 1109 and then you see it go to 1115 and you can't find it within you to buy it 4 handles higher than you originally had it. I've been there a good few times.
Having said that, never confuse getting back in after a good setup with chasing the price because you are irritated at having been stopped out and then seen it go your way.
RE: Gold
Traded as low as 1074 before bouncing to 1081 where it is right now. You can expect to see buying come in down here. 1070 is a big ol' level. I'll leave limits in as posted earlier.
