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Trade Management

EURUSD - 60min @ supportEven i have my long position setup on the Dayli, i would like to show you this setup. Price price produces a slanted coil (small one), washes out the stops above and below and finally resumes the main trend. Here we even have a nice support zone (green), where it is super nice to enter. I allways put my stop below the stop running spike, or on bigger scales even a pivot lower. Nothing works 100% as we all know. But it is also important as a fulltime trader to TAKE opportunities when they setup. Because in the end, trading is a numbers game, where it's base comes from chances. And the chances are the setups we have, and which we shall backtest and verifiy biy stats! Because these stats are the only thing we can lean on in the long run. P! Take the Basic Action/Reaction course for free: mytradingcoach.teachable.com
Long
by Tr8dingN3rd
EURUSD: Active management/A structure trade review (w/video)THIS IS NOT A TRADING IDEA, more of a recap. Earlier this week I posted a chart of the EURUSD that had three potential bearish patterns setting up in the same area. In that post I mentioned that I was also involved in a long position on the Euro. Well after 24 hours of doing absolutely nothing this pair finally decided to rally and move in my favor. Throughout the week I've gotten numerous messages about that position and since I never posted it here's a quick look at what was on my mind. Unlike advanced patterns, when I involve myself in a structure based trade I look to actively manage it. The "black flags" on the chart were potential profit taking levels for me and as price action approached them I would keep a close eye on the reaction. A positive sign would lead me to stay in the trade, while a negative sign would cause me to take my profits and fight again another day. The blue lines are an example of how i managed my stop/loss while the position was in progress. While the green flag is where I ultimately ended up taking off my final profits. Now before you yell at me about "not catching the entire move" please take a look at the video i just uploaded to my YouTube channel explaining the "Pros" and "Cons" of active management vs shooting for a static target area. www.youtube.com
Long
by Akil_Stokes
4
XAUUSD inverse H&S, break up of necklineRecently, Gold broke up above intermidiate resistance/neckline. On chart, you can see inverse Head and Shoulders pattern which usually leads to reversal of previous trend. Since Reversal candle on the 1st of January of 2015 it feels much more constructive. Nice 2 days of rally after that actionable signal. Then it broke up resistance at $1,204 which later became our new pivot support. After 3 days of rally we have small reversal candle which may lead to digestion or pullback (reason to cover some if you are long, doesn't mean short) that is healthy as gold already gained 4.5% since the beginnig of new 2015 year. First area to look for entry Long is $1,223 - break point of neckline and previous swing high. Then we have 21 EMA and bigger support at $1,204. From fundamental point of view we can see increase in demand, as wedding season takes place in many countries. India is prominent one. My first intermidiate target is $1,255. Macro target $1,300-$1,330
FX:XAUUSDLong
by andrew.berg
DAX potential short scenario on Fundamentals and TechnicalsJust days before Germany's much anticipated third quarter gross domestic product (GDP) data is released, business leaders and policy makers warn that euro zone's largest economy has lost its competitiveness and is on the brink of recession. German Stock Index DAX is grinding high for the last 3-4 weeks after a sharp down move. It is building nice consolidation and I think resolution of this chanel will give us another directional move. My bias is to the downsideas price is below 200 EMA for a long time and failed to hold above during recent sessions. Data on Friday could be a good catalyst. Break down and close below 9,200 support will trigger my short entry with stops above 1/2 of this range at 9,300 then we have 9,400 as important mark. My first target is 8,900.
INDEX:DEU40Short
by andrew.berg
1
AUDUSD: What To Do For Target Two'sObviously the bulk of this trade has already played out but following up on yesterday's blog post and this mornings training lesson. I wanted to take a look at how I actively manage a trade. One this I continue to tell the traders I work with is to "think like the other trader" so seeing how I'm in a bullish position, what I like to do is break down the chart and look for where I would want to get involved if I were on the bearish side. As you can see I've predicted 2 potential reversal zones, the first being at a zone that features inside resistance looking left along with some Fibonacci confluence (127.2 extension & 161.8 inversion). The higher level features a 161.8 extension and an equal measured harmonic move. So where is the right place to exit? Well price action will let me know. For the original idea behind the trade check out yesterday's blog post. ratiotradingmentor.com
Long
by Akil_Stokes
4