keymoo

Forget news trading with market makers, the spread will widen and/or they will requote. You can new trade with ECNs, but just like any real market liquidity will dry up just before the event with the effect of a large spread, but it won't be as bad as the market makers.

How about just using a trailing stop? If it is set just outside normal noise levels then it should be able to ride a trend. For instance on the "other forum" a guy called Jacko uses a 50 pip stop on EUR and let's the trailing stop take him out of the trade. I guess that is one option that could be looked into and tested. Does anyone else want to share their exit strategies?

Thanks brownsfan - that's exactly what I am experiencing. However I would like to develop some kind of exit strategy and then follow it. I would rather the market tell me when to get out than use fixed targets because fixed targets, although good from a discipline point of view, tend to get you out of the market too early on big moves. If the move is over then perhaps I should just use a short signal to get out of a long and a long signal to get out of a short? I am not obsessing about capturing the entire move, just the "meat in the middle" as they say. What do YOU do?

Me too, me too please!

Hi there, I am currently developing a trading plan based mostly on work done by Martin Pring on price patterns, price action. I am looking for the market to signal to me turning points, reversals using price action in confluence with other longer term price patterns and support/resistance levels. Can you recommend any resources on exiting trades? I preferred style of trading is to scale in on longer term charts and then look for an all-out exit. I much prefer this over all-in and scale out as it is less risky. I have written about a potential setup on Platinum Futures here on my blog and I find it easy to get into a trade but not sure where to get out. Thanks for any pointers. keymoo

You could also consider Dukascopy - very transparent and have good protection with swiss banks.

Thanks for the reply, I'm still a new trader and I haven't developed any strategies as yet but just merely observing and watching how price reacts to key support and resistance. I will develop strategies from my observations in time. What do you mean by "range bars" and a "20 range"?

Daily hammer on the Euro What are your thoughts?

I recommend you research this Hicks character a bit more before listening to what she says. Seriously.

Hi James it might take you a few weeks to get into it. Persevere with it for a couple of months.

Yes, I am working with a TradeStation engineer on the TradeStation boards to sort that out. The weekly pivots are correct from Tues-Fri but wrong on Mondays. I will hopefully get to it over the coming weeks.

Thanks dalby, so would I be right in saying that a line chart is not time based? Every time a new value comes in it is plotted. Simple as that?

Why do you need a business card?

dalby, Just answering the questions would help not only the people actively involved in the thread but also lurkers just reading. What is a line chart? If you have a 1min line chart up, how is that different to a 1min line on close? The only difference I can see is the most recent interval is updated more often. But at the end of the interval it needs to print a value. What is that value? The close? An average of OHLC? What?