DislikedFxFox, I thought you asked some great questions. Continuation of the move. No one knows how deep a move will continue. To make counter trades like that. You must first know exactly where you are in the market. Then if you think it's really going to break down put in your short trade, but I would keep a fairly tight stop. No one knows how long the market will continue in that direction... It's a pretty good way to scalp the market but you gotta watch it. Once you know where you are in the market, then the possibilities are limitless. This system...Ignored
But knowing where you are in the market is only one half of the coin.
I often thought to know where the market seems to be, entered a trade to my opinion and afterwards must see, that the market made another short move against my position. Because of tight stops I was stopped out and must see some time later that my expectations were correct but my position planning or perhaps better my timing was bad.
So Im looking forward to get a better timing instrument with this TMS.
Refering to the (lightly riskier) EUR/JPY counter trade I mentioned yesterday: I didn't take it, but it went even much further than I expected. I thougth about a move to the yesterdays R1 pivot level at 134,39 but it even reaches the high last hour at 134,78 - not bad at all.
fxFox.mb
fxFox (all times in my charts are GMT+1)
to go on this eur/aud trade.
