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EURUSD only

  • #10,701
  • Jan 29, 2018 5:39am Jan 29, 2018 5:39am
2010 is the mid point of 1st 6 hours of trading ,,thats where that number comes from
  • #10,702
  • Jan 29, 2018 5:46am Jan 29, 2018 5:46am
Interesting topic of conversation.

Personally I like structure, so only trade when I have the target nailed down.

 

  1. Each entry has a limit order to exit at that target
  2. Entries are scaled down typically 25 - 30% on retraces to bank and manage risk
  3. If drawdown goes over 4% I de-lever and if ever reaches 6% I shut down the book - usually scaleouts en route would have been taken so that builds a buffer should a shutdown be deployed..


..And there is also an option to close out all at breakeven and rebuild the book from there if the trade has really ran away.

Saves a lot of hassle in 'peeing yer pants' every time price moves against your trade by 10-20 pips and when the trade does hit target you scoop the lot rather than:

 

  1. Jumping off for say +20..only to see price continue running without your money on it and you never manage to 'get back in'.


Just a thought - not everyone will like this approach.

  • #10,703
  • Jan 29, 2018 5:53am Jan 29, 2018 5:53am
Quoting Harp
{quote} Your chart has only brought confusion to my pee_brain. Lol. Seriously speaking, say a candle was to close off of your presumed line/trend line. Would that then be the difference between buy and sell? On post 10,692 you circled a rejection off of your line. Well had the candle closes acrossed it would it then change the bias to a sell?
Here is the 5 minute chart again ,,,,,,,may help ,,,,,we are stuck between day open and weekly pivot ,if one or the other goes you have a few tgts to start with. Ultimately if one level gets poked thru it would need to be used as support or resistance then continue on
Attached Image (click to enlarge)
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  • #10,704
  • Jan 29, 2018 6:05am Jan 29, 2018 6:05am
And now if it does poke above days open ,it would be above a 2 day trendline ,,,,,,,,,,,,hence a 2 day bull flag breakout in an uptrend ,,,time will tell,, Its only Monday ,not really a usual trending day and at end of the month, tread lightly till something decided lol
  • #10,705
  • Jan 29, 2018 6:12am Jan 29, 2018 6:12am
ORANGE impact news (will it provide enough fuel for a break?)
Attached Image (click to enlarge)
Click to Enlarge Name: BREAK ZONE.PNG Size: 65 KB
Self discipline It is a practice
  • #10,706
  • Jan 29, 2018 6:18am Jan 29, 2018 6:18am
Trendline chop..
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.proM30.png Size: 62 KB
  • #10,707
  • Jan 29, 2018 6:25am Jan 29, 2018 6:25am
Quoting de5151
We should get a more definitive direction soon on the 4H. {image}
Here is the real clue i feel. Calculate the high and low.. Which might give a clue were this pair is going if broken!
  • #10,708
  • Jan 29, 2018 6:28am Jan 29, 2018 6:28am
Quoting Leesi
{quote} Here is the real clue i feel. Calculate the high and low.. Which might give a clue were this pair is going if broken!
I know exactly where its going - but I don't know how much messing about will occur before it gets there.
  • #10,709
  • Jan 29, 2018 6:34am Jan 29, 2018 6:34am
Quoting Ata-Turkoglu
My focus area for buy setup: 1.2385/95 zone... not yet though.. still needs time to develop some signals.. Will be tricky to climb back above 1.2408.. maybe US data can help.. time will show.. Stay Green
Reevaluating: I haven't seen bull pressure yet.. for now no buying while below 1.2405.. until I see signs of bulls..

Stay Green
Focus only on what truly matters!
  • #10,710
  • Jan 29, 2018 6:36am Jan 29, 2018 6:36am
Patient.....

Trading is like lake fishing.....
  • #10,711
  • Jan 29, 2018 6:52am Jan 29, 2018 6:52am
Quoting pohchuan
Patient..... Trading is like lake fishing.....
Lake fishing at it's highest level. Jesus
  • #10,712
  • Jan 29, 2018 7:12am Jan 29, 2018 7:12am
Quoting Ata-Turkoglu
{quote} Reevaluating: I haven't seen bull pressure yet.. for now no buying while below 1.2405.. until I see signs of bulls.. Stay Green
Good thought i feel..
Do you see 1. 2330 possibility?
  • #10,713
  • Jan 29, 2018 7:19am Jan 29, 2018 7:19am
Quoting pohchuan
Patient..... Trading is like lake fishing.....
Trading is trading.. lake fishing is lake fishing.. correlation: to the hell with all sorts of correlation.. look at your charts.. everything is in there.. all we need to focus is to learn the language of candles.. my honest way of thinking..

Stay Green
Focus only on what truly matters!
  • #10,714
  • Jan 29, 2018 7:28am Jan 29, 2018 7:28am
Quoting Leesi
{quote} Good thought i feel.. Do you see 1. 2330 possibility?
I can see 1.2370 area might already support.. that's how far I can go with my intraday targets (for now)..

Stay Green
Focus only on what truly matters!
  • #10,715
  • Jan 29, 2018 7:38am Jan 29, 2018 7:38am
We are looking at 1.2250 in 4H chart.
Wise man once said "You gotta trade tomorrow as well"
  • #10,716
  • Jan 29, 2018 7:38am Jan 29, 2018 7:38am
Neutral result not much fuel
Attached Image
Self discipline It is a practice
  • #10,717
  • Jan 29, 2018 7:45am Jan 29, 2018 7:45am
Quoting okshop
Neutral result not much fuel {image}
personal income came at 0.4, previous at 0.3. better as expected.
MAKE IT RAIN
  • #10,718
  • Jan 29, 2018 7:47am Jan 29, 2018 7:47am
Oh man man man... im holding a long position@ 1.24....

should i just eat my losses?? All eur pairs are under fire
  • #10,719
  • Jan 29, 2018 7:50am Jan 29, 2018 7:50am
I got shaken out twice on my short of the base from 7:20am to 8. But re-entered for a 3rd time and got some follow thru before news and held one remaining 10th down a little more. I broke even plus one crummy cent.

Got by butt kicked all over the place on those 2 shake outs and had a lesson handed to me, where I got the guts to enter for the 3rd set of abuse, I don't know. Also picked a rotten time to increase the size I'm trading by multiples. Now I have to journal these lessons and hope I don't repeat them again. I think I'm done for the day on busted nerves.
big money makes big moves and then hides during small money chasing.
  • #10,720
  • Jan 29, 2018 7:53am Jan 29, 2018 7:53am
Hi All, just want to say I am enjoying this thread, a lot of quality posts. Just trying to get my head around this pair. I have been trading it lightly for a few weeks, not doing to badly, but last 12 hours hit all my SL..
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