Great push lower on this euro. Ive been stopped out so hopefully this means i can get back into bear mode on it which is what i feel most comfortable doing.
I was surprised by the depth of the down retr. on EURUSD. I initially used it to increase my long until about 1.36 (break of a trendline) where I unwinded most of the long at BE. Carried the remainder underwater. Increased it averaging down and then reduced again at small profit upon up move. Currently holding tiny long (2% of equity on 400:1 leverage account) @1.3584 while price is just below 1.36 I would hate for it to take off (up) from there. Expecting further down, taking my position underwater, then I am going to buy more, either gradually or with size in conjunction with a tight SL. I subscribe to Alan Parson's teachings in his âEye in The Skyâ: âI ain't changing my mindâ and âI ain't gonna live anymore believing some of the lies when all of the signs are deceivingâ Price moving against me isn't a reason to change my mind. I don't get bearish just because price goes down, as long as my analysis still points up. ras72
yeah Ras its a tough call around here imo. As you know im seriously bearish this euro and i have expecting it make new year lows since beginning of June. Where is your stop for this Euro long? Personally i think anything below 13567 19th low and it might be time to call it a day.
Exited half the long Friday night just before close. Watched Monday mini down gap opening. Did nothing, set limit sell 1.361. Had it hit this London session. Went net short, lightweight. Blashed and shabled adjusting it and increasing it to 1.361, f 0.03 (3% of equity) Reduced it at 1.359 (profit). Increased short at 1.3603 Reduced it at 1.358x (profit) Currently short at 1.3607 f0.03, current price 1.3582 (around 65% profit on position) Expecting small up retr. well below 1.36 (increase short?) then down extension about 1.356 (reduce) then up retr higher than previous retr then down to new relative low (1.353x) then up 1.37xx later this week or next) then down below 1.35 (weekly speaking) Something like that. I don't use stops when I'm blashing and shabling lightweight. Control risk control size: Exit with size or blash and shabl out of losing position taking losses if necessary. ras72
Nice. I'm an intraday trader so unfortunately no stops for me is not an option. I'm expecting a small retrace also to around the 136 level where i hope to catch this euro for an extended down move. We've had negative pmi readings this morning for euro and there is new home sales data at 3pm so lets see what movement we get today. I'm also bearish on equities today even though the SP posted yet another all time high so will post my entry ideas later on today
What?! Reversing at 8.00, multiple buying and selling in minutes to establish position, buying at 10.30, selling at 10.33, buying at 10.50 (or something).... doesn't seem intraday to you? If I were daily I would just set limit buys at 1.35xx SL TP If I were weekly I would just set limit sells at 1.37xx SL TP ras72