Everyone must be waiting for the Fed Talk today. These three trades I have on are a real grind and test the patience. Aussie has performed the best so far. Stops remain where they were. We may need to take the market higher again before we get through this area. Staying short for now.
Filled, and the market is bouncing up from here. This is happening to me a bit right now. 1.2722 is very key today. A move below and especially if there is a close below there would be very bearish.
What a horrendous entry that was!!--at least as far as intraday goes--it may turn out to be a fantastic entry when all is said and done. What I would really like with the low volume this afternoon, is a slow drift downwards into the close. I don't need some wacky doji on a Friday.
Just curious how and when you decide to add. I attempted that method but it destroyed my average price and somehow i would end up loosing or making very little on a decent move.
I start with a very small position and work up to a larger one. I use daily weekly and hourly charts to define new entries. (The hourly chart stuff has been new over the past couple of years--I recently tried it in ES, but the FX futures hourly charts are much more reliable). I never risk more than 2 percent of my total liquid net worth. If my stop was more than 2 percent of my liquid net worth, I would either cut the size of my trade or not enter the trade/idea at all. We need to break that hourly reaction at 1.2797 here to get some downside today.
At this point, I would expect a bit a short covering before perhaps another round of down. 1.27 today and 1.88 seem possible today--- One downside here in this is that the 240 minute chart was in the beginnings of an uptrend, so that will need to be negated-- We must break 1.2743 for this to continue convincingly.