I will continue to hold trades thru next week. Yesterday caused a squeeze off of Bernanke’s statement. He was scheduled for 1 pm eastern, and it got leaked about 45-50 mns early. No way to prepare or know about that, but it will happen from time to time. Knowing what to do when it happens is much more important. There have been some comments about targets and stops and such so want to share some to try and help you use the levels better. I purposely do not post alot of targets because in my experience with most traders they tend to focus on the target which is least important with this strategy. The entry is what matters the most, and that is what should be focused on. I tried earlier this week just to see when I posted the chf trade buy from 111-11110, and said target mid 112’s, it almost immediately went to 11190 and I suggested clearing for intraday or if wanted to hold, lock in some to see if it would follow through, later in the week there was a comment asking me if the 112’s was still a target they were in at 11185 and waiting. Based on the information I gave there is now way they should have entered at 11185. My guess is they missed the entry, then saw the move, then decided to chase it focusing on the target. An honest learning mistake but that is why I dont post alot of targets, want the focus to be on entry and I know the tendency of traders to chase a missed entry so trying to protect that. As far as stops, what I post is what I do, If I feel a need for a stop I will post one. The entries I post are always manageable into profit the way I trade, if the market shifts, then I will shift and post it. You should have your own risk management plan, if not you shouldnt be trading or get one asap. It is based on your own account size, you dont have to follow me you can use the levels and put a tight hard stop and still make alot of money as the majority of them will turn the market. And I believe you can see from all the posts I’ve done on this blog there havent been a loss, breakeven at worse. The aggressive entries that got caught in the squeeze I posted the manage out of it into profit. Its difficult to suggest a stop for you without knowing what you trade with and so forth. We are working on a way to be able to communicate in a more efficient way and help develop an individual plan to trade the levels based on your account size, comfort, and style. For now just use the levels I give the way you see fit for you. And know if I dont post a target or a stop, its on purpose.
