Comment by Umit on January 25, 2013 at 10:26am

where can it retrace do you think?

Comment by Karl Koehler on January 25, 2013 at 10:48pm

What do you think of the resistance area on the daily chart on the dates 04/16/10 to 05/04/10, 125.440 to 126.410? It is fresh resistance. Could this fresh resistance at least slow the train down for a while? Would welcome your thoughts!

Comment by Shaun Powell on January 25, 2013 at 11:18pm

i see this level mate yes. I would class this as Major resistnce level!

look for a good bounce from here at least 100 pips i would say!

could see some profit taking

Comment by Jess Simms on January 26, 2013 at 5:55pm

Hey mate EJ has been amazing... i got in quite early on wednesday night... but as always left the party to way to soon.. but still made good pips... will look to re-enter.... early this week........Cheers 

Comment by Jess Simms on January 26, 2013 at 5:56pm

i need to learn a better exit strategy thats always been my achiles heal

 

Comment by Shaun Powell on January 26, 2013 at 9:16pm

hey jess!

at least u got pips. I posted analysis @ 116.50 projecting a 120.00 target but never even entered ha haha... missed few hundred pips :(

Comment by Jess Simms on January 27, 2013 at 3:22pm

Hi Lisa ,, thanks so much for your input on your exit strategy (ill definately take a serious look at it)...... i remember talking last summer with u and brian twommey quite alot ... nice to see that u r still here ( i took a sick leave for 4 months, all well now) ..all the best

Comment by Jess Simms on January 27, 2013 at 3:32pm

Im curious to know if u get lots of false signals with ur entry method, due to lag ?? and how deep of a stop loss u use (swing low, previous candle low, atr, etc)....  Also if thier are lots of false signals is ur systems winners out weighing losers in long run???  

Im asking cuz i tried similar cross stategies many yrs ago and i found i was getting too may false signals (small entry losses adding up)...but i do see the benefit of incorporatinga cross out into my exit startegy.. it will help keep me in the run longer for sure...........Tx

Comment by Lisa on January 27, 2013 at 4:19pm

Hello Jess,

I like looking at the Fibonacci re-tracements too in relation to exits :

Often when I look at these & Andrew’s Method, ...

I go with Romano & think horizontal SUPPORT & RESISTANCE are still *King*.

As far as entries on the crosses, one way to filter-out a false-cross ...

is only trade in the direction of the Daily trend {when using the 1-hour}

Even when I take a counter-Daily-trend trade on a 1-hour cross, ...

generally my winners far exceed the losses by letting the move run. *let 'er run*

What to do to protect capital on a fresh-cross is break-even on a fresh-cross position a.s.a.p.

and if price re-traces past your entry before going in your direction, re-enter ...

rather than take the *heat*.

Sometimes you’ll get a better price too, on entry, if it pulls-back significantly after a fresh-cross.

I don’t like waiting on every cross for a pull-back to enter, ...

because a pair won’t always offer-up that 2nd chance entry and just take-off.

I prefer doing the latter:

take the fresh-cross, exit on a pull-back at break-even and re-enter on the 2nd chance. 

If it was completely a *false-cross*, ...

which happens most often when the pair begins to be range-bound, ...

that’s when I have to get more creative.

Either I start breaking-even a-lot or get "chewed-up" {so-to-speak} ...

or start taking the profit at the SUPPORT / RESISTANCE within that range-bound condition.

The best strategy, I think, in a range bound market ...

is being contrarian at SUPPORT / RESISTANCE (picking those tops & bottoms) ...

and taking profit in the middle, because ranges often get tighter & tighter before a break-out …

so if I wait to take profit at previous SUPPORT / RESISTANCE, ...

price won’t get there as traders are taking profit sooner & sooner proceeding the break-out.

I also use the Daily technique of riding-out those sideway conditions if I can’t ...

don’t have the time to watch the market closely enough, however ...

I’d need to have already been in a Daily trend in order to do that & not in a 1-hour trend.

Higher timeframe trends don’t turn on a dime & is why I prefer trading trends ...

rather than being a contrarian trader, ...

because you also get lots of false signals looking for picking those turns in direction.

I’m rambling now (ړײ)

p.s. ~ glad you're feeling better Ƹ̵̡Ӝ̵̨̄Ʒ

Comment by Jess Simms on January 27, 2013 at 4:20pm

Thank you Lisa ,, that totally makes good sense... better  to get chewed out (b/e)....rather then bashed out (s/l in loss)... much appreciate the advice... by the way last i talked to u were going to Barcelona.. did u make the trip.. i use to live close to thier in Malaga... hope u had fun

Cheers

 

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