wasp

I'll try... busy weekend though, should get one up.

Nice one! I've been too busy to trade today but certainly wouldn't have got that!

Here is my take on the GBPJPY chart. Does that make sense?

Sorry, will reply but turning into a manic day (trading aside) so will do soon as...

I think the crux f my point here is....... 'if I exit now, would I enter?' Yes, you can't be sure when it will end, nor can you be sure if your entry will be spot on and it won't continue as before and hit your stop. Scaling out isn't guesswork, I apologise but, nor is it good practise imo. You cannot be sure what will happen over the next 5, 10, 15 minutes whether it is an entry or an exit of course but it pays in the long run to get the maximum out you can and I think the above quote should always be in a traders mind when exiting. To scale out so you don't miss out on points is fear and when viewed professionally, one must remove that fear and think of the bottom line, maximum profit with minimal risk. Granted, use a sensible reasoning to trail stoploss to breakeven to remove the risk but from there on, it should all be maximum profits.

I moved the continued discussion on exits over to a new thread here http://www.traderslaboratory.com/forums/f103/exits-are-entries-just-upside-down-4546.html to stop derailment.

To continue and stop derailing Jasons thread. IMO, the exit should take on the same criteria as the entry. ie, as close to the high/low as possible and with minimal movement against ones position. I don't agree in scaling out and think the exit should be considered as carefully as the entry and perfected as such. To scale out is to admit ignorance and how one can justify emphasis and such detailed thought on entry only to leave the exit to chance is bizarre imo.

Yes you are correct and I think it best if we wait to see what Jason wants and continue this on the trade discussion thread rather than derail this one.

You are missing my point FW. Its not about getting the 'maximum of the range' and 'squeezing out profits' but treating the exit with as much respect and thought as the entry. You don't scale into your entry do you? You get in full confidence that a high % chance it is the best possible point (the high or low). The same thing should be for the exit imo.

When you look to enter into a trade. One of the main things you concentrate on is getting in when it will go against your entry the least. Why should it be any different for an exit?

I find GBPJPY the easiest to read, the smoothest mover and most profitable. The size of the daily ranges also please the bank balance even in the quietest times whereas the other 2 can be in 20 pip ranges for days at times and that's hardly worth getting out of bed for!

No, no, no, no, no! Exits shouldn't be haphazard guesswork with scaling out and hoping for the best. Entries and exits are equally important and as much effort should be made to ensure your exit is as near perfect as your entry. Until you can contently exit with near certainty that it won't continue, keep working at it. People try to get the best entry using the minimal required stoploss and the same should be for exits.

I'm not one to blow my own trumpet, mainly because it hurts my back and other than the washing, that's what the wife is for but anyhow, I'd also say my live FX trades thread is also rather good for entries, exits, trade management and getting to the bottom of what is really happening in the GJ traders minds and milking it.

I would SAR on the first candle below your lowest line. At any point until then a HrL could be printed (even if its smack centre on the line making it a double bottom as it were). Until that has broken, its still plausible to continue up. Once the low and support has broken, then I would SAR.

I tried EFX, was not impressed at all. That said, not sure who I would suggest for USA. I love my broker now but part of that reason is they are 45 minutes down the road! That way I can go down there and complain if I wanted! I went through a LOT of brokers and there is not many I haven't tried. End of the day, I would take a look at the currenex website and find the best you can get through a white platform connected to them. http://www.currenex.com/about_us_partners.html

Depends how you define wide. I use a 45 point stoploss plus the spread at all times. I did contemplate it for a while but apparently GBPJPY isn't available so I stopped looking into it. I use http://www.capitalforexpro.com/about.php and Alpari. I have SB accounts but not for anything big (ie +£50 per pip).

1185. re-entered short 2 hours ago and then had to SAR and looks like I might have again in a minute so a couple of fast losses today to be........ still +1000 though so no complaints!

Still short from 188.40.. FYI: purple lines are trailing levels and little blue E's are exits from trails. I just re-enter if it pulls back and rejects S/R and the TL.

Nice little continuation down this morning

Coincidence. A candlestick pattern alone will not work. They only work in conjunction with more important aspects like support and resistance and trends. Remember there is only a handful of big money traders looking at candlesticks, on exactly the same timeframe, and looking for textbook cliche setups. Whereas a very high percentage will be looking at key S/R levels as they don't adhere to timeframes, or chart layout style.

A modern day Gordon Gekko!

188.40... pipped to the post by cowpip again! Nice entry!

Not very exciting this is it!

Mostly old classic Boris Johnson on HIGNFY on youtube but also still short. Either a higher low will print or I will reverse over the high. Same old, same old. I tend not to think about it all too much. The beauty of a cunning plan. Losses are inevitable but the plan is paramount.

Definately. Partly for a better idea of where next, and partly I try to only trade on the hour to reduce screen time / overtrading. Nope, I had my S/R slightly differently.... I was still long and only just SAR'd on the last candle and watched 150 retrace to +1