Stop was missed by 1 pip. That's OK. The stop is at 1.0853 for a reason. As long as we hold from here it should be good. {image}
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Pretty good shot at retesting 1.082 in coming 24h..... probably break lower towards 1.075, I would certainly be a buyer down there. I just expect it to be a huge sideways stop out frenzy for a while on EU. That's why I think it's important to take profits of 100-150 pips and be happy with it. But man the herd is getting super super bearish, probably break out higher soon enough... maybe this week
{quote} Yeah, I still think EURUSD is bullish. USDCAD just looks so clean and clear.
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yea UCAD definitely looks good for a short.. still potential for another USD strength leg across board before going other way... it's a dirty sideways stop out frenzy right now, these are the markets that eat people alive.
One thing's for sure,, this won't end well for EUR shorts soon enough..
{quote} Yeah, I still think EURUSD is bullish. USDCAD just looks so clean and clear.
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It's a "base hit" type of market to trade right now, no home runs, no grand slams...... the home run can come when you're at the total extreme side of the sideways range, not in the middle, for the most part.
AUD/USD the most oversold short term and at support..
{quote} It's a "base hit" type of market to trade right now, no home runs, no grand slams...... the home run can come when you're at the total extreme side of the sideways range, not in the middle, for the most part. AUD/USD the most oversold short term and at support..
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If 1.2400 breaks in USDCAD, it'll be good for more than a single, IMO.
Always such a battle for me to pick a fucking target. Even though I am "sure" that USDCAD will at least make it to 1.2060 should it break past the 1.2400 barrier, a 1:3 trade puts my target at 1.2189. What is wrong with a 1:3 winner!? Even if I don't add size along the way, that is still good. Its like hitting a triple in baseball. Well, kinda.
I guess it comes down to can I win more than 1 out of every 3 trades I'm in. But even that is not so clear cut. Since I quickly try to minimize risk by moving stops as soon as I can, this is not a simple set-and-forget trade. There are more equations going on that I'm too dumb to figure out. I do know that playing defense is very important, though.
I think its the little nicks and cuts I take (small losses) in between winners that pisses me off and makes me want to cut the market's head off (hey, we're talking about a knife fight!) when I get the chance. But like a overly aggressive lunge that leaves you open for a counter, setting a target too far can leave you open to your stop getting hit before the target. I get really tired of this happening.
I want to attack when I see an opening and hit target without getting hit myself. I need to quit going for the KO every trade. I will still add size, as that is like attacking with good form and power, but good form and power means little if the target is not hit. Maybe a 1:3 max target is even better.
I'm not taking this one, but here's another 1:3 trade I'd feel comfortable taking if I wasn't already in a trade (go long). I am indirectly trading this by choosing to short the USD over CAD rather than JPY.
{quote} Its happened to me many times before. Don't know why I don't just figure out a stop and place entry a few pips away.
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I've thought about this so many times before, that instead of getting in a trade with a SL somewhere, I should put my entry where I would put my SL. I think it would be an excellent strategy.
{quote} I've thought about this so many times before, that instead of getting in a trade with a SL somewhere, I should put my entry where I would put my SL. I think it would be an excellent strategy.
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Haha...yeah, but then where do you put the stop loss?
