Jayford, don't know what you're doing about your GBP long. So far, that looks like one helluva bull base. If I had gone long where you did, I'd probably stay long for a bit. Looks like euro and cable might break out against the US, but then it might just be a fake-out. Myself, just following the trends for now, and just added to my long-term short the AUD here at 0.7430, and might add some more at 7440, if it gets there. Would be very nice R:R indeed (upper 16th on large channel). If you look at the AUD 120m or so, you'll see the channel I mean. After having taken some off at lower levels, I will just keep adding up here, and if it doesn't go my way soon, just scale out again (and quite possibly change my mind and go long anything that isn't called USD). I can feel a bit of a crisis looming in the US, like a big depression or so. Perhaps a good idea to watch your back with the greenback...
I fired another short on the EUR @180. I know it's not exactly with the trend, but it's certainly got an awesome R:R, so I didn't hesitate... See how go... Targetting probably 50T for target 1, and maybe 100+ for secondary exits.
Out of EUR short, scratch BE. Same goes for AUD short. Might go back into AUD a little higher up though. Booring day...
I didn't really make any trades today. I'm more of a position trader ala random trader; I use different indicators, but the same idea. Open profit is sitting at right around $1k today (I'm only using 10000 unit lots - trying to keep it relatively realistic). I'm sitting on a few real nice winners with a few more developing: Short EUR/AUD for 120 pips; long EUR/CHF for 124 pips; long GBP/CHF for 218 pips; long GBP/JPY for 73 pips. There are three more ranging from 30-50 pip profit and one big loser that I took more on a longer term experiment - short the AUD/USD based off the weekly chart. Hoping to go live in a week or two. I know there are no guarnatees, but I think things will work out. Still working on refining the method. The basic premise is sound, but I'm fine tuning the entries and exits. Steve
I'm swing short the ES here @25.25 level. Targetting maybe 20 pts or so. Already made ~20 pts on ES intraday trading today, in 14 trades... Love the new volatility... Not exactly like EUR performance, but it's good for unlimited liquidity... Sorry, not many updates, I've done lots of trades, but I don't want to clutter up Baruch's thread with all this stuff and am quite busy chatting to my closer circle of trading buds. If anybody has questions though, I will answer no probs. Best, S
Good trading Scii. I saw the afternoon breakout in ES coming. Eur has been untradeable for me lately. One small loss in it today. Needs to break one way or tuther. Am not shorting es tho.
Hey easyman, thanks for the words. Yeah, the ES break to the upside was relatively predictable, with most of the volume traded in the upper levels and little in the lower... Since price goes where volume is, it was rather likely to continue upwards. Most noticeably, the further we got away from HOD (11:00), the more traded volume shrunk... OK, so that really made it look like a pullback (nobody wants to exit their longs), so yes. Somewhere around the 120 level, one would have to become inspired to go long... Either way, I actually already traded the ES since about 2am EST or so, since I get up a lot "earlier". Since it's sitting there on the screen, might as well trade it. I like the night session. Always have: http://www.elitetrader.com/vb/showthread.php?s=&postid=294274 Still referring to the night session as "globex session" like in ole times... LOL EUR wasn't actually that bad for me today, I kept scalping the ranges all day long since it wasn't really trending. I think if someone asked me what's the most important thing in applied trading, I'd say it's to know which "mode" to be in at any given time... Ah well. Good for our trendy Baruch being in Italy, I guess... As for my ES swing short... Well, I do have my hard-set (systematic) reasons for that short, and I do NOT recommend anybody to go short here, unless he has a valid reason to do so. ~S P.S: I know you know all of the above - this is more of a summary for those readers who might not...