Ray's amnesty page

[wiseambitions]

Difficult sometimes to know when a price surge runs out of steam
There are no fib lines in sight, the alligator's mouth is wide open, and still plenty momentum on the AO and any other indicators I put up against it.

I dont want to be greedy but the time has come to incrementally tighten the stop loss.

[wiseambitions]

I got out the dollar-cad trade last night before bed time, but am back in it on break of double-aims (M30,H1)

also long right now on GU, G-Nzd and AudUsd (which isn't going so well after going back inside aims box)

[wiseambitions]

A bit of retracement on Dollarcad
Here's the chart drawn with M15 to show that on that TF it did hit a blue line drawn by ewaves

Perhaps it was time to get out, I will tighten my stops

Other trades seem to be doing ok, but with budget speech soon I may abort all sterling related positions. I'm thinking that the chancellor's prediction on GDP growth will spark chaos one way or another.

[wiseambitions]

I got out the Cad trade with a reasonable profit - either too early or too late, whichever way I look at it.


Regarding my success in trading, or bad-success often, I realise my problem is mainly to know when to get out of a good trade.

I think I'm fairly good at finding the right entries.

Then setting stops at the other end of the aims box, and if the aims box gets reduced because of a retracement which turned back around, to reduce the SL accordingly.

But when is the best TP setting and time to exit?
A given number of pips?
Retracement to the green line?
A fibonacci line?
An opposite dot alert?
Something else?

I wonder what is most people's favourite?

Eg here's a trade I'm in right now. 50 pips to the good. (gbpusd h1 20/3/2014)

woops I mean 25 pips - I had 4 lots on the trade.

[azadar]

Personally I like how Darren exit his trades (trailing aims levels). It gives enough room for the trades to mature but not too much so that after the move is over the exit is fairly close to the peak.

[wiseambitions]

Personally I like how Darren exit his trades (trailing aims levels). It gives enough room for the trades to mature but not too much so that after the move is over the exit is fairly close to the peak.

Thanks, I'll look up his thoughts on this. I currently don't split my exits

The only one I'm in now is Aussie, been long since last night
holding tight and well in the blue

[wiseambitions]

Rightly or wrongly I bottled out of this long trade on Aussie just before the strike of 10 oclock

Reason was I thought 45 to 50 pips was worth claiming and taking off the big table - I've given up too many pips for being greedy this week, also, by drilling down to M5 (chart attached) I noticed that price had touched a TZ2, so it didn't seem a bad idea to quit

I'm not particularly proud of myself this week because in spite of good trades which I have posted I made judgement errors, and I found that even on the higher timeframes I got it wrong by trading towards instead of away from purple and got stopped out in loss. I like to bolden up the purple line so that I am more conscious of it - they do call it the magic line after all, for good reason.

[azadar]

Actually I dont split trades like Darren does but I do like to exit on trailing aims level.

[wiseambitions]

Aussie dollar
I went back in almost exactly at 2pm GMT, using m15 S1 (arguably), with TP of 10 and look how lucky I was 3 hours later. I would so easily have missed the TP as it ran out of puff towards closing time

Perhaps I ought to publish some of my poor trades but I know why I did so badly - being too greedy and also not setting tight enough stop losses. Next week I am going to try the idea of immediately reversing some of my rent trades as soon as they go out the other side of the aims box. With narrow aims boxes, nearby purple, and a sleeping alligator and AO near zero the stronger breakout which contains loads of pips can of course be either way!

[wiseambitions]

FWIW - What market commentators mean:

Offers:
Sell Limit orders waiting to be filled, they can be represented by people willing to join (sell) the market at such level, or people willing to take their buy-position profits (target point, a buy TP is a sell-limit, aka sell to close the buy).

Bids:
Buy Limit orders waiting to be filled, they can be represented by people willing to join (buy) the market at such level, or people willing to take their sell-position profits (target point, a sell TP is a buy-limit, aka buy to close the sell).

Both Offers and Bids act as a barrier, the bigger the amount of offers/bids, the bigger the probability that price will stop around such levels, and reverse.

Stops:
"Stops noted below a level", sell-stop orders waiting to be filled at a certain level, such stops can be stop-losses of current buyers, or can be sell-stop orders of people willing to sell on a break of such level.

"Stops noted above a level", buy-stop orders waiting to be filled at a certain level, such stops can be stop-losses of current sellers, or can be buy-stop orders of people willing to buy on a break of such level.

Stop orders act as a catalyst, contrary to limit (offers-bids) orders (that act as a barrier), stops when filled consume further the bids-offers, sometime creating a "popping" effect, when the amount of stops are bigger than the the bids/offers on such level and such bids-offers are consumed, price move immediately on the next layer of bids-offers, creating a "spike", a fast move.