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Purple Brain said:
The time span over which you hold trades and the manner in which you scale in and scale out is intriguing. You mentioned you use momentum to get in - presumably lack of to get out, but not necessarily all of it.

What criteria do you use to decide whether to get out completely or leave some of your position running?
Click to expand...

I use momentum to get in and out.
I have a set target for most trades.
If momentum decreases I will reluctantly
reduce my target.
Especially in these non trending markets of
last couple of months I want to be in with
momentum and out again before it stalls
and reverses. My original nzd targets yest were
.8377 .8380 and .8383. I was busy and missed 77
so sold at 75. The other targets I missed as 78 high.
Mkt retraced but eventually went to 82. I sold at 80
but lack of momentum caused me to sell at 77 instead of
83.Mkt then fell lower and was happy. But tdy
Market rallied again so I re entered long at 91 today. I'm sure
there is a good argument that I should just has kept
position and not taken profit lower ! I'm just trying
to take one day at a time.
 
Purple Brain said:
The time span over which you hold trades and the manner in which you scale in and scale out is intriguing. You mentioned you use momentum to get in - presumably lack of to get out, but not necessarily all of it.

What criteria do you use to decide whether to get out completely or leave some of your position running?
Click to expand...

Most of time I leave position running is purely
that my pt not yet been reached.
I do trail my stops also but they trail very
slowly. I'm in no rush to get to break even.
Sometimes I miss profit by a few pips and then
hit my stop. This is frustrating but I'm just trying
to perform a process that works in the long run.
 
Will be much happier when Oct 17th out way
and some uncertainty reduced. Apologies for
going off topic a bit. Will revert to live trades !
 
FX punt said:
I use momentum to get in and out.
I have a set target for most trades.
If momentum decreases I will reluctantly
reduce my target.
Especially in these non trending markets of
last couple of months I want to be in with
momentum and out again before it stalls
and reverses. My original nzd targets yest were
.8377 .8380 and .8383. I was busy and missed 77
so sold at 75. The other targets I missed as 78 high.
Mkt retraced but eventually went to 82. I sold at 80
but lack of momentum caused me to sell at 77 instead of
83.Mkt then fell lower and was happy. But tdy
Market rallied again so I re entered long at 91 today. I'm sure
there is a good argument that I should just has kept
position and not taken profit lower ! I'm just trying
to take one day at a time.
Click to expand...
Thanks for a very candid explanation.

Would your targets today be 8410, 20 and 24?
 
FX punt said:
Most of time I leave position running is purely
that my pt not yet been reached.
I do trail my stops also but they trail very
slowly. I'm in no rush to get to break even.
Sometimes I miss profit by a few pips and then
hit my stop. This is frustrating but I'm just trying
to perform a process that works in the long run.
Click to expand...
I've always thought that having a target was probably the most sensible approach. Using price action to determine an exit is all very well in theory, but it does require skills I've yet to discover, let alone master.

Your comment about not being in a rush to get to b/e and also hitting your stop after almost reaching your target hit home. I've recently adjusted my trade management to aggressively move stops in - especially if it's moving against me. That seemed to provide better results in that losing trades didn't take all my initially offered risk. On those trades that do move in my direction however, aggressive stop trailing seems to work against me. Interesting stuff.
 
FX punt said:
Will be much happier when Oct 17th out way
and some uncertainty reduced!
Click to expand...
Media spin this morning suggests progress being made. But I though the markets were now working on the 24th as recent budget data suggests there was an additional week's grace based on currently reduced debt burn?

Not that there has ever been any real doubt. As The Economist put it, for the US government not to increase the debt ceiling would be like a starving man in a food warehouse choosing not to eat.
 
scholfield said:
short gbpaud here at 1.6745
stop at 1.6770
Click to expand...

out here at 1.6723 for +22

Having quite a good run, recently.
It may (or may not) be due to looking at a number of instruments for opportunities as opposed to only cable where maybe I was forced into taking more mediocre setups. Or it could just be a lucky patch!! :)
 
scholfield said:
out here at 1.6723 for +22

Having quite a good run, recently.
It may (or may not) be due to looking at a number of instruments for opportunities as opposed to only cable where maybe I was forced into taking more mediocre setups. Or it could just be a lucky patch!! :)
Click to expand...

Could also be you are learning to be more patient and selective :)
 
Bot v small nzd jpy 82.63 with 38 stop
This isn't part or normal strategy just
want small long as looks like might be
US deal done today. See what happens
 
I'm surprised nobody here has yet started the rumour that the US wrangle on debt ceiling and budget is all an Illuminati conspiracy to drive the markets. Is it OK if I do that now?
 
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