Registered: Nov 2010
07-30-12 09:34 PM
Quote from atticus:
Long EURAUD from 1.1683 (I know, I see the chart too). Scaling in long; 1/3 of eventual size. Mental stop.
Long EURGBP from .7811. SL .7771
Long USDJPY from 78.22. SL 77.96
I like the UJ... ahead of US data and FOMC this week. Who would want to take the R:R for a break of the 78 level which looks to have some solid protective bids ahead, as seen in PA, and reports. Does that have anything to do with it? It's also month end here.
Similar scenario for EUR, short covering ahead of ECB, this seems outcome dependent on what exactly happens and there's risk on Euro data later in london.
I would think we see a pullback in risk ahead of this... and a turnaround above 0500 on AUD/USD combined with at least a little short covering in euro would move the EUR/AUD position. If so, lots of new shorts will be burned quick.
This is my thinking, I'm sure you may have other factors, or maybe none of this plays any roll in your trades .
Either way, all of these trades seem to have a great r/r... good luck.
For your stops, you're using volatility? ATR/std.dev of some sort?