Pending orders are now placed for this week (trade levels mentioned in prior post) - all to do now is sit back and watch. The great aspect of designing a systematic approach is that there is zero intervention. When aspiring FX traders / speculators get to this level they will enjoy the game so much more It's a game of statistics, nothing else. https://www.myfxbook.com/members/BFXequity - verified account https://twitter.com/RISKonFX - random thoughts...
It’s starting to look like I’ve just missed the short in EU by less than three pips (we got there yesterday and have failed to equal that or indeed trigger the order so far today at the time of writing this). Quite often the orders I place are right on the edge of prior price levels, aiming for maximum potential, the trade off is that you don’t always get your entry.
EUR.USD.... Will we get a second shove from this level? Either way, I wasn't aligned to the market levels enough this time, frustrating as the margin of error was rather small. I'm not keen on trades which get triggered later in the week - there's a strong correlation in this system against: "profitable trades plotted against length of time a pending order remains open before being triggered" Either way though - I said i'd update this thread with not only the good, but also the bad and the ugly. We could have been sitting rather pretty right about now
Work the market at quarters. You were sitting behind the quarter and the risk of not getting filled was quite high. If you want to trade it is better to front-run. Nothing worse than hitting the direction but not getting picked up.
I've looked into this concept too, with the immediately obvious trade-off being that of an extend stop range (due to the early entry [front running] vs that of not getting filled; which in this case would have worked in my favour as you pointed out. Agree with the quarter analysis, something I used to also look into quite heavily was placing orders at the bigger round number levels [00 / 50] which has some decent merit.
Exactly - no doubt connected to where options are overlaid with spot rates. But then again, that's just my theory.
No definitely not full of hot air LOL Keep up the effort with the journal and good luck with it. I'm following along. I trade solely EUR FX (I do follow 2yr/10yr US and DE rates, DXY and GOLD).