Rufus

Thanks a lot.

The way my mind works is that the more preperation I can put into my trading week/day there will less less apprehension and more confidence with each position I put on.

This week I will be going for intraday and swing positions.

Rufus

Same here. I've elminated all but 5 pairs, I'm starting to really simplify things which is helping a lot.

No swing positions for me durring Asian session.

The USD is currently sitting on a strong support level. So USD strength for the week may be in order.

Rufus

Oil has retraced to a key level as well. If gets a bounce here, I will be looking at shorting the USDCAD. Especially if USD index support doesn’t hold.

After all the charts this past weekend it will be interesting to see where my entries will be.

Rufus

Messy night last night. However I still managed to get through it unscathed. The EU has two lines in the sand. One around 3300 the other 3230. I still have 2 pieces of my position bouncing around in there but locked in with profit. My thinking was that the spike from the NFP announcement would be taken out. But alas so far not to be. The weekly pivot which corresponds with the 61.8 fib is a wall to be contended with. I am no banking expert, but it appears to me that there has been a lot of money thrown into the market to protect their lines. We will see eventually who will when the battle or what news event will tip the scale. Till then I guess we wait.

By the way my first target was 50 pips. It was 8 pips above the piece de resistance. It is obviously tasty to someone.

Rufus

I am not going to add to my position here. Wrong time of day for my rules and things seem to be messed up. But if this holds true it will take out my second target. Also negate the NFP move.

Rufus

It is great to see it work. Took out the last two targets Finally.

Rufus

Sell EU at 1.3167 SL…..1.3189
Target 1 1.3084
2 1.3054
3 1.3008
Took my entry with trend line break and hit on Daily S1

Rufus

removed by the author.
I posted on the wrong thread, I didn't mean to invade your journal. sorry

Well that cleaned out what was left of my position.

Note to self.....If feds are flaping thier gums......reduce postion size.....a lot

Target #2 was a wisker away from being hit. I trailed my position with hard stops a few pips above the pivot highs on 15m chart.

EU short. Stop now at BE

Interesting thing here that might be in its early stages of development. I started draming it out 2 days ago with Fibonacci extensions. I don't think it should be called a H/S yet. The right shoulder is looking a bit whimpy. It is something to keep an eye on.

Rufus :nerd:

Similar story with the Pound.

Rufus :nerd:

These last few days have taught me something interesting about myself.

My position size has been under my 1% limit. The risk I have been running here have been closer to 1/3rd %. My realization is my ability to let positions run their course. For instance last night I went to bed without moving my stop to break even. It had not moved enough in my favor. My targets were all set, stop loss in position, I went to bed. Slept well too I might add. I do not know how much I would have to raise my risk to be able to do that. The point is I am able to trade comfortably and milk a position for all it is worth. When I woke up I moved my stops to their proper places. ( I don’t like the randomness of trailing stops, not being technically set).

Also this gives me the ability to do a little scalping with the 5m scalping system I have without raising my risk past the 1% level. Being it is a scalp, my holding time will be shorter usually. So even if my other position is not moved to BE I can still scalp.

So I will be keeping a small risk with my positions and shoot to hold them longer. My risk reward ratio has been upward of 1:6 at times. So I can’t complain.


Trade well
Rufus

Target 1.… 30 pips hit
2.….47
3.….103


Good start of a day

Rufus

I need to start posting when I go to bed so you all know when to take your entries.

So new indicator for you. I will get the IT department to set up an EA

Rufus

The above H/S has completed its measured move. :nerd:

Last night I just new things were going to break down….. I was tempted to just put in my entry and go to bed…Stuck with my rules and passed up on the entry and went to bed. So I am proud of myself for that.

Rufus

http://www.forexfactory.com/showpost...&postcount=271

I posted this on July 31.

Still holding true.

With recent break of H/S on 4h chart. Dollar index sitting on support. EU monthly trend still down. I am not the sage of the Forex market. Just trying to give myself some direction with this thing. Any bad news from Europe could send this thing to the toilet.

I am sure the World Bank, IMF, or their daddy the Bank for International Settlements, will step in before that happens.

Rufus

EU is in an obvious major downtrend. I would tike to see it retrace to 61.8 fib to short it. This is however a 220 pip move. I am expecting a bounce here. Tokyo, Frankfurt, and London will more than likely see to it. So we will see how the cards are dealt and then play the hand.

I personally do not think E/U will slide much further. FOMC saying they will pump some USD into the markets as stimulus means dollar weakness & that is likely to show up again pretty soon.

Thin markets make for some dramatic moves, though. As always, I'm a reactor not a predictor....