Fx futures Journal

sold and went short at 121.96 1 pip profit


stop 122.19

 

covered at 121.82 long from there as well 14 pips profit

stop 121.56

 

stopped myself out at 121.68 14 pip loss switching back to hourly chart
short 2 units at 121.68
stop 122.53

 

covered at 121.65 6 pips profit

Sidelines now, while I work out which time frame I want to use. There looks to be a bounce on very short term charts in the offing.

 

Well I was wrong initially on the bounce.

 

After further study, I will be using 60 minute charts predominantly for the near term future, while I sort out the best time frame. I normally trade off the daily and weekly charts, but as with the ES Journal, I want to contract the time frame down a bit. Now these positions I will not be evening up at the end of the day given that this market has movement during the evening session that warrants continued trading. Right now, I am seeing the POTENTIAL for a bullish divergence on hourly charts when this bar finishes. It's difficult to tell until the end of the bar. I will be trading on the end of bars. There has already been a bullish divergence of the class B kind that occurred on the 10 PM EST bar with regard to Price vs RSI and MACD Histogram. This only yielded a small pop so far. The potential divergence this time looks to be a class A. This may spell a reversal to the upside at least on hourlies.

 

Sorry, I couldn't post--there was some technical glitch with ET.
I am long GECM6 at 121.23 my stop is at 120.57. --on the bullish divergence and high close on the hourly bar. In addition, there was an RSI failure swing that occurred on the 8 PM EST bar last night.

 

Stopping myself out here at 120.75 48 pip loss. Analysis was clearly wrong short term

 

long the GECM6 contract here at 120.35 --2 units

stop is at 119.51

The hourly chart shows signs again of reversal to the upside. There is a Bullish divergence with RSI drawn from the 2:20 EST time frame yesterday. Divergence as well with the MACD Histogram and also we are right around the 20 day MA on continuation charts. If there is no bounce today, I think that this would suggest lower prices when viewed within the context of the weekly and daily charts. Negative to this trade is the same as yesterday-- the trend is down--so we are playing for a reversal.

 

closed the 2 units at 120.81 for 92 pips profit. There may be more upside. I will drop down to a 15 minute chart here for a possible long reentry.