Chinook - you are 80% recovered get out . The euro is not going down after CA numbers. Like I said today -- its not the battle for who is best it a battle for sucks the least http://biz.yahoo.com/fxcm/040914/1095166087_74457_1.html
What' s interesting about all the sleepless positions - and I've had my share is that they all involve SIZE. It has nothing to do with position and everything with overlevearge. So instead I underleverage - I don't give a f* if it goes 1000 pips against - it will never take out more than 10% of my equity. The drawback is that you cannot hit homeruns, only rinky dink singles and bat for average -- but you get to have 20 year career - though you can never be Babe Ruth,
JBT, good analysis. My style is more befitting of a Babe Ruth than a Rod Carew. I suppose I hit my share of home runs and also have my share of strike outs. Tough to change your make-up. Best, Neal.
I try to avoid losses at the expense of cutting my winners perhaps - but that's scalping. Just had a nice log and a nice short after that. Being consistent in profits is much more pleasant than having a roller-coaster ride (and it's even better to avoid the emotional ride) in my experience. On the other hand, sometimes my losses can get out of hand - i.e larger than a normal day's profit - but I'm having 'luck' in avoiding those days. Nice fighting sub-1.2280 on the december. We might see 1.23 soon too. edit reports: [14:46 EUR/USD: Chipping Away At Resistance] Boston, September 14: EUR/USD trades near the top of the recent range, underpinned by weak consumer sentiment and underwhelming internals in the Richmond Fed survey like employment and services. European and Asian offers are rumored on rallies, helping keep the pair range-bound. Daily technicals look quite bullish however, so a topside break of Friday"s 1.2310 top is favored. [14:07 US ECON: Richmond Fed Surveys Suggest Service Activity Slipped ] Boston, Sept 14-- The August Richmond Fed manufacturing and service surveys suggest manufacturing activity grew in August while service activity softened. Factory employment slipped in the region while service employment also remained soft. After expanding modestly in July, factory activity gained speed in August. Shipments grew more quickly while new orders growth was steady. Backlogs were flat and capacity figures rose. Vendor lead-time grew more quickly than in July and inventory growth was slower. The average workweek was changed little and wage growth continued at the same pace seen over the past few months. Price increases were modest and price increases were expected to slow going forward. Solid growth in activity was expected in the coming six months. Service sector revenues fell for retailers as sales slowed. This cause inventories to rise but the pace was little changed from July. Service sector revenues were flat. Retailers trimmed their work force while service employment continued to grow slowly. Wage growth was modest. In the coming six months demand was expected to strengthen but price growth was expected to slow. These data depict a more sluggish economy in the mid-Atlantic than in other parts of the country. Given that the data are dated, they gain little market attention. Moreover, activity in the district often seems at odds with other regions and at the national level. [14:04 EUR/USD: Edging Up; IDB/TIPP Consumer Sentiment Falls] Boston, September 14: The Investors Business Daily/TIPP consumer sentiment index dipped in 54.3 in September from 57.7 in August, helping give EUR/USD a lift. Asian bids had steadied the pair in the 1.2250 area but European offers in the 1.2280/90 region are helping keep price action muted. Middle-East and Asian offers are rumored in the 1.2310/25 window keeping dealers from getting too bulled up in EUR/USD despite soft US data today. edit: that last shakeout downwards might just do the trick ... .. but seems that ~120 contracts got 'ouched' on bid at 1.2280 and swung into 1.2282 ask. Then they got into action again. After the successful break they wouldn't hold the 1.2280 pullback though - but still - 1.23 is within today's US reach. European close creeping up might give the final push. Playing the open book on both sides seems to be a bloody affair.
I've been in an out short trades--Waiting for a downside move. I'm getting stopped out frequently but not collecting 6-7 pips profits expecting further downside moves. Slowly getting chipped...I'm providing (little bit) liquidity for you longs--at least I'm doing good for somebody Chinook