I notice from your screenshot that you have a heavy bias to the "buy" side. How do you navigate with the Pit Bull "indicator" to confirm that you are on the correct side of the bias?
Hi Jon,
From what I understand of tecnical analysis, let's take the Euro for example... Until it breaks below 1.1639, we are still considered in an up trend even tho we are in a range, still counts as an uptrend. Add to this the fact of the interest rates for carry trades...Euro 1.25% vs. USD at .25%; so the longer term traders/investors should still want to hold and be long these pairs. This goes esp true for the AUD & NZD as they have the top interest rates of the majors. After having said that, one can funnel down and look on the day (intraday) charts and make shorter-term trades regarding breaches of Active Highs and Active Lows. I did not do this; just started out as was shown. I am demo trading the account, too. Also, today I think is triple interest day so I'm looking for these pairs to rebound a bit. If you need further clarification, I'm happy to post a few charts.
I was slow getting out of the gate realizing USD pairs were falling and did not close them and put on counter trades. Since I'm testing this strategy I wanted to see how it plays out according to longer term chart/trading. So, I guess we'll see if longer term trend prevails. In the future, I will pay more attention from the start.
Also, IF I COULD, I would have put on counter-trades until they came back to levels I got in...i.e., Short the Dollar pairs and make back most of it, but as you know, hedging is prohibited in the US. Even if I could put those counter-trades on, FIFO would have stopped me from closing the winning counter trades before I took the loss on my first trades that were Long. I'm thinking to do this successfully and put all odds in my favor, of having a sub account / 2nd account, where I can place intra-day hedges, in the event I enter right when the short-term bias changes (as happened recently).
Thanks for the nod to my spectacular-ness! lol
Hi Jon,
From what I understand of tecnical analysis, let's take the Euro for example... Until it breaks below 1.1639, we are still considered in an up trend even tho we are in a range, still counts as an uptrend. Add to this the fact of the interest rates for carry trades...Euro 1.25% vs. USD at .25%; so the longer term traders/investors should still want to hold and be long these pairs. This goes esp true for the AUD & NZD as they have the top interest rates of the majors. After having said that, one can funnel down and look on the day (intraday) charts and make shorter-term trades regarding breaches of Active Highs and Active Lows. I did not do this; just started out as was shown. I am demo trading the account, too. Also, today I think is triple interest day so I'm looking for these pairs to rebound a bit. If you need further clarification, I'm happy to post a few charts.
I was slow getting out of the gate realizing USD pairs were falling and did not close them and put on counter trades. Since I'm testing this strategy I wanted to see how it plays out according to longer term chart/trading. So, I guess we'll see if longer term trend prevails. In the future, I will pay more attention from the start.
Also, IF I COULD, I would have put on counter-trades until they came back to levels I got in...i.e., Short the Dollar pairs and make back most of it, but as you know, hedging is prohibited in the US. Even if I could put those counter-trades on, FIFO would have stopped me from closing the winning counter trades before I took the loss on my first trades that were Long. I'm thinking to do this successfully and put all odds in my favor, of having a sub account / 2nd account, where I can place intra-day hedges, in the event I enter right when the short-term bias changes (as happened recently).
Thanks for the nod to my spectacular-ness! lol