DislikedThanks WOW, I need to learn why you do what you do. Wont you please give a short explanation of why you have this buy order in.Ignored
The pivot was 1.9925. The downside breakout of 1.9925 opened the way to 1.989. But I was still banking on it not going much lower. At that time the 30-min RSI was supported by a rising trend line. If it opened at the value price I wanted there was always a risk it may drop lower. It has. And that's okay. There's another Buy Limit lower here - the one you asked if I was going to close.
The intraday resistance is at 2. 2nd resistance at 1.999 and fib projection at 1.9972 (fib retracement 61.8%). 1.9925 was an intraday pivot point and 1.989 intraday support with another at 1.9882. And this was, IMO, serious support. I was wrong. Last 1.9864.
To be profitable in this market IMO you need to decide on your strategy, place your orders and then walk away. Watching your screens won't help. You're either right or wrong. And I rarely use market orders with one notable exception in another journal which you may have noticed here. Timing for any strategy is key.
IMO, the entry was, and is, valid. But that's not the whole picture. As you know I've been consistently bullish for GBPUSD and EURUSD since the start of this year. But why? And that's important because that has a bearing on every trade I make.
The US trade deficit is so large that if China were to sell their trade dollars into our market the dollar would collapse. But China does not have to sell any of its existing dollar reserves to precipitate a decline in the dollar - all it has to do is stop accumulating dollars. If China stopped accumulating foreign reserves those dollars would be sold.
Other Asian countries that helped prop up the dollar by accumulating foreign reserves may follow China and start selling their surplus trade dollars as well.
The pressure for yuan appreciation is actually stronger than the traditional indicators would suggest, such as the trade surplus and foreign direct investment. Simply, my contention is that their reserves are growing but not at the pace as before and this is because they are selling more and more dollars steadily. But we will still have China forex reserves growing until they move to the Euro. Will it happen? IMO it's a question of when, not if. And then the mighty greenback falls. And I want to ride the wave it will cause. This is my bigger picture here but it's important to answer your question fully. Many disagree BTW.
Most here at FF are purely technical traders. IMO to be consistently successful you need to blend technicals with fundamentals. Not be in one camp or the other. And, again, many here would disagree. I'm not consistently profitable. But when I trade, I trade with a view and I've got it right more than I've got it wrong. I can never be consistently profitable because I choose when to trade carefully. Regularly, due to other commitments, I have months away without making a single trade. That makes me not consistent. But nevertheless, I make a few shillings. The guys I admire are the day traders who are consistently in profit month after month, year after year. But you won't find many here at FF.
All I'm doing here is nailing my colurs to the mast because of hundreds of flaky posts made by others after the event. Claiming to make trade after trade successfully. It does not happen in the real world. At least every trade I make here you know is real because they're posted mostly hours in advance and sometimes days.
That's enough for now. I could write a lot more but I hope you get the gist. And it's time for lunch. And as I leave the last is now 1.9878. A move back in my direction of 12 pips. Everyone, have a great day.
Do not focus on making money; focus on protecting what you have.
Last 1.9828.
