From.1.2085-90 level an intra day upmove might see which is purely a shortlived one..
Use it to short again only i feel.
Use it to short again only i feel.
EURUSD Club - Get Your Trend Right
- #582
- Edited 10:19am Jan 15, 2021 10:08am | Edited 10:19am
- Joined Dec 2020 | Status: Trader | 1,210 Posts
I need to go to bed, but I would like to get a position for the bull run in London session. But the bears might push the price down a little bit first. I just don't know how far down. But downside is limited due to upbeat risk-on bias stemming from Biden's stimulus plan and Powell's speech. So, I entered 1 long at 1.215. 2 more long limit orders at 1.2138 & 1.2125. TP = 1.22 Let's hope I wake up to green pips.
As for me, I'm holding onto my longs with a drawdown strategy, expecting a good pullback next week, possibly up to 1.22+
I entered a 4th position at 1.20965 on the way down. And a 5th long limit order pending at 1.2075. TP = 1.2172.
If price continues dropping, then final (6th) position should be somewhere around 1.206-1.205. After that would be margin call around 1.203-1.202 with a 25% loss.. Let's hope it doesn't go that far.
If it does happen, then my 71.5% ROI in 28 trading days would be reduced to a little less than 20%.
But that would still meet my bottom line quota of 0.5% ROI per day or 11-12% per month.
We are due for another wave up next week to test this week's high before the real drop down to 1.20-1.18
This is what I generally gather from available professional information and technical basis.
Disclaimer: I am not responsible for the losses or wins of those who attempt to follow my trades. Follow me at your own risk.
In the meantime, trade safe and stay green! Peace out.
You cannot fail if you never give up.
- #589
- Jan 15, 2021 2:26pm Jan 15, 2021 2:26pm
- Joined Dec 2020 | Status: Trader | 1,210 Posts
{quote} Well, it turns out that my original technical bearish view was spot on. But I ended up doubting it because of the fundamental news, and figured bulls would take over temporarily. The market's reaction to the stimulus news ended up being the opposite of what was mostly expected. Therefore, bearish technicals win the day. As for me, I'm holding onto my longs with a drawdown strategy, expecting a good pullback next week, possibly up to 1.22+ I entered a 4th position at 1.20965 on the way down. And a 5th long limit order pending at 1.2075. TP...
It looks like we have hit bottom. If it looks like it's capping before I get to BE then I'll close with a small loss.
But this is likely a bear trap. Good possibility for retrace up to mid 1.21s or higher.
Another option I have if I simply can't prevent margin call before we hit bottom, but there is a good possibility of a retrace, is shave off a small portion of my position for a loss. But that can be devastating if the bottom keeps falling through. I hate that idea... Done it before, then the trend kept going...
Anyways, it's just money. In life, we all started with nothing, and we'll end with nothing. So, whatever happens, no big deal. Try, try again. You'll learn after a while.
You cannot fail if you never give up.
- #599
- Jan 16, 2021 3:30am Jan 16, 2021 3:30am
{quote} Your price is better than me, let see what happens on Monday, hope it retrace to 1.2110 area. Or maybe I will close if get a little profit..
- #600
- Jan 17, 2021 5:48am Jan 17, 2021 5:48am
{quote} Entered 5th long at 1.20799. Avg position = 1.2118. It looks like we have hit bottom. If it looks like it's capping before I get to BE then I'll close with a small loss. But this is likely a bear trap. Good possibility for retrace up to mid 1.21s or higher. Another option I have if I simply can't prevent margin call before we hit bottom, but there is a good possibility of a retrace, is shave off a small portion of my position for a loss. But that can be devastating if the bottom keeps falling through. I hate that idea... Done it before,...
I will be very happy with price around 2200