MW, the million dollar question at 4838 is add to get ready for the breakout or, flat and wait for a dip after the breakout, ass uming there will be a breakout The Ever Asking The Questions VIPER WOOO HOOOO 500 posts just noticed, I know I will never rival Surf, Cable or TRO, but it is something
You are patient with gains- a quality. If there is a rise to 1.47ish, then a "deep" retreat to the 1.4330 area, would you hold through it?
TJ, what you describe is like what happened 4/18. There is already a profit level set on this trade, like on 4/18, and a reentry set up also. Can't hold through a retrace that might turn out to be a reversal of trend, got to make a buck. A Buck Is Better Than A Stick In The Eye VIPER
@TradingJournal If you have went from 1.43 to 1.47 and you have not moved up your stops to a good level above break even (if your using stops) to watch a winner turn into a loser is bad trade management. When it gets to 1.47 if it gets to 1.47 my stop would be moved up to 1.46 so no matter what I would lock in 325 pips even if there is a permanent or temporary pullback I still lock in 325 pips and if the market test the swing high I would move the stop up to 1.47 and no matter what I would have 400 pips (but this is after I hit my first, second, third, targets; which has already happened on the EURUSD) I trade in 4's the Tick (Scalp), Trade, Trend, Triumph the last level triumph has no set pip target. I just let it ride as long as the market will allow because I have already been triumphant @Viper 500 post is a major milestone. I may or may not get there one day. No telling when. Congrats.
EURUSD closed above the 1.4648 level as mentioned. Market may now attempt to overshoot. There is more strength and volume in the market today so the pair is not dead like it was at the end of USA pre asia. EURUSD came back alive in ASIA All previous swing high levels, etc already mentioned still apply. I took a small risk short on S&P 500 @ 1289.75 [DAILY CHART] it has two major support levels to break through on its quest to 1250 which is ultimate support. May be holding this trade for a couple of weeks. I am still looking at my overall format on how I am going to post live trades for my record here. But I will do entry, stop, targets, exit, anaylisis etc. Most likely starting next week.
If it is going to sell, is it going to do it before kissing 1.47ish? I find it hard to wait for it to reach decision levels. It is now at 1.4682, and my finger is itching to sell, but I am afraid that they hit the stops, and it heads higher. I am also concerned that it goes down without me.
@TJ (Hope you do not mind me calling you that) Its is a matter of chart time. 4Hr chart you may wait a few candles to can go days. Daily chart you may wait a few days that can go weeks. Lower time frames 1HR, 30MIN, 10MIN you do not have to wait much but run into a larger chance of whipsaws and the pip target is smaller. 5-25 pips. There is nothing to much wrong with that but winning percentage goes down (not necessarily) With larger time frames you get a wider view of whats really going on and bigger pip targets. Like me and viper said we are looking at the 1.48 level and beyond. I am waiting for a reset to see if more investors add to their position and/or more traders come in long. If it gets to 1.47 I will look at that time to see what is going on. If I see a pending reversal I will scream reversal. If I see it continuing to the swing high. As mentioned there was to much support for the market to have went short overnight and I said I was not going short. I also said if the market closes above 1.46 on the 4HR candle we will overshoot to the upside 9 times out of 10 which we have the market is now at 1.4675 which is higher. I personally do not know what the market will do next. I only trade what I see. When and if it gets to 1.4770 I will at that time re-evaluate. We are still waiting for a reset and dropping down to the 1HR chart on EURUSD I see that more than the higher charts. After support/resistance level resets then investors and more traders will make their decision. Anything else right now like the successful 25 pip long trade you did overnight as the market was looking to close above 1.46 was just playing the range. Once you push to the top or bottom most outer part of a range you enter into a new trend and investors pour money into trends. From 1.43 to 1.46 was a trend once it passed 1.43 on the 4 hour chart it already broke out of its range and started a new trend with confirmation fundamentally and technically.
Yes you can call me TJ, and even shorter than that if it can save you time. Thanks for the very detailed analysis. You and Viper seem to be very patient. I have to work on the patience part. Best to you and to Viper, and I plan to keep an eye on this thread.
1/3rd of S&P 500 trade closed at 1282. Holding rest of position for a much bigger move. Main target is close to 1250 or until my exit strategy is triggered (which ever comes first)