EURUSD

Quoting NotAtrader

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EUR/USD price action doesn't make sense right now. It doesn't even try to approach 1.1600. It is oscillating due to swing and day trading investments and it looks completely exhausted in terms of big moves. This market is good for scalping, but tricky and risky for long term trading. If you are averaging your positions, just avoid over-averaging because a breakout in either direction can occur any time now. I advice you to stop using SL in this kind of market as this is basically the recipe to losing money in such irrational market. Use Sell Stop...

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Quoting 7154Superman

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{quote} You're right about not using SL in this market. Whenever I have tried that, it didn't end well. For now, I have closed one of my shorts again and added a long. Currently, I have 2 shorts and 1 long position. My account is still very small since I started trading again recently. I can add more funds to be able to hold more positions. I feel better to be hedged than to be on the sidelines with no open trades. This way I don't get FOMO. It gives me something to work with after a spike or dip.

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Quoting F.g

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{image} LONG...... and to be stoped in few seconds. . . . . . . .

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Quoting 7154Superman

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{quote} You're right about not using SL in this market. Whenever I have tried that, it didn't end well. For now, I have closed one of my shorts again and added a long. Currently, I have 2 shorts and 1 long position. My account is still very small since I started trading again recently. I can add more funds to be able to hold more positions. I feel better to be hedged than to be on the sidelines with no open trades. This way I don't get FOMO. It gives me something to work with after a spike or dip.

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Quoting 7154Superman

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{quote} I just woke up, and closed my long position at 1.16274 with +38.3 pips profit and entered a 3rd short. Let's see what happens now.

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Quoting F.g

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{image} I shorted here. . . .And have a pending to add . . .

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Quoting NotAtrader

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{quote} I always look at multiple time frames and 1H shows MACD bearish divergence and some distinct RSI bearish divergence. I cannot be 100% sure, but looking at the charts through different time frames, I doubt that 1.1600 will be convincingly broken upwards. Day time frame is sloping down and approaching 200 SMA and EMA as well. Weekly time frame shows a bearish "J" pattern and monthly is in a bearish channel where the price has touched the upper channel and it is currently consolidating. This can be seen as...

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