Stay clear of the immortal 0879 
>10min-30min momentum is ripe folks, and latest support (0866-74) becoming resistance here. Just lost 3 shorts, but here is a perhaps last good chance to get in, if you ask me. Sell stop 08684.
You are most welcome NickyK, and it is a pleasure. Rest assured you explained yourself very well, much better than I would have! I personally have not followed fundamentals for EURUSD for years, but have done so with a group of traders in the past, so I know of how great a tool they are for many strategies.
Yes, for me too, at first, day trading caused a lot of pressure. But once each strategy in its entirety(risk management, routine optimization and adaptations, etc.) is more or less complete, the pressure linked to those setups disappeared. Know what to do no matter what happens = no pressure. Of course, my own trading of the eurusd, which accounts for around 50% of my trading, is much more work intensive than most, but far from being any better and/or necessary for success! Many ways to make day trading even less "pressure inducing", I believe. Of course it all depends on every person.
I myself took a very imperfect route. I have developed a variety of complementing strategies over the years that brings about a modest, safe, but constant return/drawdown over the many market dynamics of the last +15years. Here I only share a small portion of that, and only do so because I can freely do so, on the fly, without any obligation, and with 100% of the goodhearted mates here feeding me even more generously in return and in countless ways.
For me, best thing about Eurusd, is its scalping potential. By far the greatest "per minute" potential, cost and risk considered. The vast majority of my own EURUSD trading is for <15min ATR. Today, most of my trades were of <5pips. But my first successful years, I was only trading the 15minutes, and with only 1 trend strats. Then came the ranging times, the times where it was trending on other timeframes, etc. Leaving me with too many too long periods of serious lack of stability in returns and lack of consistency in trading, which I longed for. There are countless ways to trade this pair and its liquidity + low costs are the best. But of course, on the long run, it is far from being easy, in my experience. I believe that, no matter what, for peace of mind, ease of reaction to price, for ridding one of emotions and for greater chance of success overall, a thorough plan based on ALL the pertinent available data, is necessary.
Ok friends, I have to go, I will probably only come back after the news, after the dust settles. Till then, happy Tuesday everyone !
>10min-30min momentum is ripe folks, and latest support (0866-74) becoming resistance here. Just lost 3 shorts, but here is a perhaps last good chance to get in, if you ask me. Sell stop 08684.{quote} Thanks for explaining your play mtako, I need to dissect your explanation fully because their is definitely gems in there, I haven't taken a Eur/Usd in few weeks now, I tried day trading on and off for just over 2 years with very limited success, my brain just isn't wired right for day trading
Yes, for me too, at first, day trading caused a lot of pressure. But once each strategy in its entirety(risk management, routine optimization and adaptations, etc.) is more or less complete, the pressure linked to those setups disappeared. Know what to do no matter what happens = no pressure. Of course, my own trading of the eurusd, which accounts for around 50% of my trading, is much more work intensive than most, but far from being any better and/or necessary for success! Many ways to make day trading even less "pressure inducing", I believe. Of course it all depends on every person.
I myself took a very imperfect route. I have developed a variety of complementing strategies over the years that brings about a modest, safe, but constant return/drawdown over the many market dynamics of the last +15years. Here I only share a small portion of that, and only do so because I can freely do so, on the fly, without any obligation, and with 100% of the goodhearted mates here feeding me even more generously in return and in countless ways.
For me, best thing about Eurusd, is its scalping potential. By far the greatest "per minute" potential, cost and risk considered. The vast majority of my own EURUSD trading is for <15min ATR. Today, most of my trades were of <5pips. But my first successful years, I was only trading the 15minutes, and with only 1 trend strats. Then came the ranging times, the times where it was trending on other timeframes, etc. Leaving me with too many too long periods of serious lack of stability in returns and lack of consistency in trading, which I longed for. There are countless ways to trade this pair and its liquidity + low costs are the best. But of course, on the long run, it is far from being easy, in my experience. I believe that, no matter what, for peace of mind, ease of reaction to price, for ridding one of emotions and for greater chance of success overall, a thorough plan based on ALL the pertinent available data, is necessary.
Ok friends, I have to go, I will probably only come back after the news, after the dust settles. Till then, happy Tuesday everyone !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
is your theory based on tech or fundamental or a bit of both?
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