when i look at the chart now, i think there was some luck involved, the entry was nearly at the exact bottom in both... but i like it!
that might be a good idea, so that i wont let my profits run away from me again, like i did last week with this short eurusd trade. but right now, no.
There were some good moves overnight. Since I only made four trades, I haven't followed all the pairs yet as I haven't had a chance to review everything. But, GBP/CHF had a monster move overnight. I got out a little early, but 105 pips over a few hours works just fine for me. In case anyone is interested, and hopefully to quell any possible doubt, the four trades were: Long EUR/USD - opened 1.1965 at 1:18AM; closed at 1.2039 at 4:36AM Long GBP/USD - opened 1.7662 at 1:30AM; closed at 1.7672 at 4:36AM Short EUR/CHF - opened at 1.5383 at 1:22AM; closed at 1.5344 at 4:36AM Short GBP/CHF - opened at 2.2703 at 1:24AM; closed at 2.2598 at 3:32AM I let a decent amount of profit slip away in all four, but it was still a pretty decent night. For some reason, I just didn't feel comfortable letting the three trades I had open at 4:30AM run so I just closed them. They were way off the high points that I had seen, but c'est la vie.
To be perfectly honest, I have no idea. The speakers on the laptop aren't working so I haven't been able to tune into bloomberg. Lately (and take this with a grain of salt), I've been noticing that forex is very cyclical. For example, it seems that I'll predict it to go down one night, and then the next night, I'll predict it to go up. I think ultimately, I'm just playing off the natural ebb and flow of things. It also seems that each currency moves in tandem. What I mean is, I've noticed that for example, if it looks the dollar is strengthening, then it seems that most every pair involving the USD will strengthen as well. It doesn't happen all the time and with every pair, but I have noticed that more often than not, quite a few pairs will move accordingly. I'd love to play this off the fundamentals, but to be honest, I don't know that I can. I may be able to play a single currency off the fundamentals alone, but trying to balance the socio-economic situations of two countries (currencies) then figure out which way it should move is just over my head right now as I have no formal training in economics. It's also my belief that the day to day flucuations tend to ignore the fundamentals; unless of course there's a report or something that day. Just my opinion...