I am very impressed with this thread. Baruch thank you for sharing your trading journal with the ET community. I am adding currencies to my trading shortly and you guys have been a great help. Baruch you are very wise to keep things simple. By creating a simple trading plane with a good risk reward ratio (limiting your losses while allowing your profits to run) you are on the right track. Regarding the your exit strategy: I noticed that you are not sure how long to hold a trade. I have found that scaling out of a trade works best. Something that I do might work well for you. If the market is obviously trending scale out the way that you have been for most of your position and leave just a little bit for a bigger move using break even as a stop loss point. Remember that this should be done only when the market is trending in your favor with only the remaining fraction (no more than 10%) of your position after you have locked in profits on the majority. This might help you let your profits run....... Good luck guys I look forward to more great posts
I second Turlo's thanks for all posters on this thread- we all should thank Baruch for starting and all of us for keeping this thread so helpful. Unlike what I have seen from the majority of posts on ET, this one (for whatever reason) is the reason why ET was started (no bitch*ing, putting down, etc.) Thanks again all for your hard work and helpful dedication, NYCDT
I guess I'll start the thread for the night- Observations (not signals by system)- Looks like Euro and GBP are set to come back down, with the Yen to rise above 111 to 112. Only think holding them is the "round" number, implying to me that psychology is the only thing keeping them there. Short Euro, GBP, Long Yen 10:32 pm NYCDT
We are looking to be short the EUR/USD around the 121.50 level. market should be a bit jittery ahead of U.S durable good orders at 8:30am EST Flagging a bit here so it should go a bit higher, look for it to take out todays highs and then be a good short.
Just got out at .02, +18 pip gain. didn't have a good "feel" of things- may tank, but i pulled out. NYCDT
what does SL mean ? ( stop loss )? if so is not your stop loss too close to entry and did you typo in a bad handle ? good luck - GBP Long at 1.8102 SL at 1.8192 -
arb, came down to my SL (yes stop loss), which happened to be too close. but did rise up from there. i wasn't willing to be much on this trade and it showed in the SL being so tight- i was right, without being wrong first. ;-) NYCDT