If you can, could you please explain to us why you believe the Pound should be traded from the short side only? I see a very bullish looking weekly 20 sma. Thanks.
That it's currently trading under (by a small margin). Stochs, macd, RSI, all trending lower on the weekly as well.. The DX is in even worse shape though, so it's hard to be a dollar bull on any of the majors.
Weeklies are weak on all 3. I am waiting for short signals only as they will most liley have the best potential.
I hope you haven't been short on them this whole time.. 200-250 pip rallies in each since you made that call.
Absolutely not. I am looking for the right place to short though as I look at the weeklies. I only have trades in Yen and Euro fx rightnow.
It looks to me like we are in the midst of a basing and possible upside reversal on the Yen Futures Monthly Continuation Chart. I am long still and have added here bringing my position to full size in the Yen of 14 units.
Hi b1s2, When you add units to your main position do you always keep the original stop (uncle point) for all units or do you base it on recent volatility and adjust accordingly? For example in this JPY position is your stop for all 14 units under the February lows? On another subject, I know you have changed your approach when taking a position to "all in" at once. Frankly I thought that one of the strongest tenets within your system was the 'flexibility' of being able to build a position over time. Even if statistically speaking the change makes more money 'in hindsight', I would have considered such "flexibility" ingredient, priceless imo. (Just thinking out loud) Hope you can comment on this statement.
Research of my trades over the last 12 years (I have not had time to backtest the rest of the years) has revealed that on one individual trade I may have done better by averaging or scaling in, but longterm I would have been much more successful by entering the whole position at once. Reason being, that I did not have full position on from time to time when big moves occurred. --Also, stops are always determined on the charts so the stop is always at the same area. I just use correct position sizing to avoid losing more than 2 percent of liquid net worth.