Anemic trading by myself today and yesterday. Made +2 on 1 trade yesterday and have +1 after 6 trades today (3 b/e trades - so a little commission making the red here). Can't seem to decide on a short-term bias which is right, which indicate some confusion and range-bound trading, I guess. Yesterday's (as well as day before) RTH trading was very toothless, while we got into some good action today just before US equity markets opened and even later on. Still, I struggle to find any good setups, so I keep number of trades as low as possible. If I can't get the short-time bias right, then it's not better to try to do some coin-flipping; better to stay out and wait. There can be some action on friday, although it could also be as anemic as the GDP release earlier - given possible oil price hikes. Chinook, I guess you struggle seeing any big moves intraday as well ?
I did an overnight long trade Monday night and only 2 trades yesterday. Today, I'm also at breakeven after several quick trades. I missed the down move earlier but shorted the bounce thinking that at least we'll see double bottom. The recovery was very fast. Then, I was on the long side for a bit but again its momentum died down. I don't think we have any strong directions now. I have a feeling that we'll be stuck between 1.2284-1.2305 in the futures for a while.
Later today and tomorrow might get interesting or very "spikey"--There'll be several Fed speakers commenting. The first one is coming up in about 25 minutes. 10/7 17:45 US Dallas Fed Chief McTeer Speaks 10/7 14:30 US Fed Chairman Greenspan Speaks 10/7 09:30 US Fed Vice Chairman Ferguson Speaks 10/7 08:00 US Cleveland Fed Pres Pianalto Speaks 10/6 20:45 US Kansas CIty Fed Pres Hoenig Speaks 10/6 13:00 US St Louis Fed Pres Poole Speaks
Yes, Fed speakers may give a little jolt now and then, but the main theme seems to be running stops wherever they're identified - confer www.ifrmarkets.com / Thomson.
How wide stops do you trail on a day like today ? Are 10 tick profits good, or do you wait for bigger fish ?
I initially used 10 tick stops. But now tightened them to 4-5 ticks. I've been taking 5-6 pips profits on several trades--no whale sharks today I found my harmony with the markets today. Now on this last position I'll go for 15-20 pips profits.
I got lucky too with a 11 pip short, and I guess that's it for today. edit: actually, I couldn't resist a little long around here ... micro-position, though. edit2: got out on second thoughts for another 4 ticks. Total 16 ticks on 8 trades, but that's it too for today.
Nice job. I was doing OK until this last slide. Oh well. This is it for me today too. Time to get some rest.
It looks like we might have another tight range day. Perhaps Fed VC Ferguson's speech will deliver a jolt to EURUSD.