forker
Long

GBPUSD @ SupportZone

FX:GBPUSD   British Pound/U.S. Dollar
9 months ago
Yes, i still think long...

P!
9 months ago
Comment: a little sign of strenght at the SZ.
that's not enough for me to trade.

observe...
9 months ago
Comment: Whoop :)

OK Guys & Gals - who's long here?
...missed it - darn ;-)
9 months ago
Comment: If you took this trade from the SupportZone on, then it's time to go BE.

P!
9 months ago
Comment: Trade management:
Over the years many traders asked me about the management of a profitable trade.
Here it is how i would act on this one:

I ask myself:
a) what can i win more then if i would close my trade NOW?
b) what can i loose, if i leave my stop where it is?

Answer for this trade:
a) i would make a fraction more, of what i have now in profit, since my target would be the centerline
b) ...and here comes the trap:
often traders would say: "Well, you are at B/E now. So you would loose nothing". Do you see the wrong thinking?

If price comes straight down and stops me out at B/E, i would not only had no profit, but also expense for the trade. In fact i would loose all the accumulated profit. But to get the most out of the trade - what's a trader to do?...here is "my" solution:

Calculate, how much more you would make if price hits your profit target.
Then put your stop this amount away from current price.
If you like to give up a little more and if it's possible not to give up too much, put your stop below todays bar low minus a couple ticks.

This is NOT a hard written rule, this is a trade management philosophy which cares for maximizing my profits (giving markets a little time and room to play out) and preserves my gains.

P!
8 months ago
Comment: How about the stop below the last mirror bars?
...not shaby...
8 months ago
Trade closed: target reached: Trade closed at Centerline, where price is going over 80% of time.

Do you like such trades?
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It's very basic, but you learn how this works from the ground: http://mytradingcoach.teachable.com/
8 months ago
Comment: ...allways interesting to see analysis couple weeks and months later.
It is a huge ressource to continuing to learn from myself.

Just do it...

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IvanLabrie PRO
9 months ago
Same view. The momentum to the downside failed to do anything, effort/results wise, bears aren't doing much.
Reply
thulasi
9 months ago
Thanks i think its going to 1.428(to complete wave 2 then drop) then drop towards 1.36---1.37.. You have the left shoulder,,and head circled and the and the right shoulder is on your right side of the circled head .Price is struggling around neckline before the break
Reply
forker PRO thulasi
9 months ago
It's at 1.4668 now - so you think it's comming back and drop down more?
Well - then going below the last days bar would make sense :)
Reply
IvanLabrie PRO
9 months ago
Good idea on money management.
I'd rather close partially each day and add on dips, since Asian sessions or anything post London close induces a retracement.
But that is a more aggressive approach and demands a suitable strategy to join trends at any given point in time, which most people don't have. They just sit around and wait for the 'trendline retest' or a 'dip' or whatever while the market just goes, boom.
:)
Excellent entry btw.
Reply
forker PRO IvanLabrie
9 months ago
Sure, this is a very professional approach Ivan.
And 95% of all traders prefere a eays way...including me §8-) ...but i'm just a little bit more lazy since i mostly trade my options strategies.

You REALLY should start to manage some OPM's. ;-)

Cheers my friend.
Reply
IvanLabrie PRO forker
9 months ago
Yes I need to get into some more lazy trading with options, been doing some research.
Thanks :D
Reply
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