Don't take this the wrong way, but I can't for the life of me see why you would place your stop at 1.4885? It's a sitting duck.
No problem Dr.Evil, I am not that sensitive. 4885 was based on a pivot resistant point on an hourly candle on the eur/usd. I knew there was a possibility that the pair could go higher than that and if so, i could cut the loss short and reverse positions if it was a strong move higher. I am still looking to short this pair but it looks like an entry somewhere around 4850 that would probably make sense. That would allow some room for a pullback if the pair still wants to move higher. I am keeping an eye on oil (which i didn't do before placing that trade) to help as a guide. This pair is oil sensitive right now and I have no problem admitting that i should of went through all my progressions before hand. That was my thought process Dr. Evil. I should of exuded more patience, which i think i noted i may of jumped in a slight bit to early. In the future, if you see something i posted that doesn't make sense, feel free to call me on it. In the end, it only makes us better traders. (If oil continue to rise, i will go long until oil drops)
That's a great attitude. Imagine an ET where traders help each other to be better traders I think a short is perfectly reasonable. Now where I would differ is where to put my stop so that it is reasonably protected by a good area of resistance. 1.4980 looks ok, 1.5020 looks even better. As for entry, well that depends on your risk appetite and position sizing. Good trading.
Looks like I was just a tad early...grrrrrr.....must learn patience i must learn patience..i must learn patience... Good luck all Happy Pip Hunting!!!
WOW What a great short for anyone that took it. I was mostly in the AUD/USD and what a great trade that turned out to be... straight down!! Also notable is euro breaking above this 15 min T/L on the close... Could there be momentum at the open??? <Img src="http://elitetrader.com/vb/attachment.php?s=&postid=2039192">
Thank you Sir......this Forex trading has been interesting. Multiple significant currency moves all hitting at the same time for some excellent trading the past few months. Also, the leverage is very nice too.