Hi there folks, As I have found myself following this thread, and as I may wish to participate from time to time, it is only right that I comply with Ivan's request. I trade currency futures, not retail forex (I hope you folks don't mind that futures trader has wandered into your thread, but I have more in common with forex traders than I do with e-mini only futures traders). I trade a real money account through Infinity Futures, though they do make available to me a simulated account in which I do occassionally put on test trades. I will only mention live trades here, if I mention any at all. I trade a small account. I read a post by Cabletrader recently where he said that there is no reason for any trader to have more on deposit with a broker than that which is necessary to meet margin requirments for the size the trader is putting on. I agree. George Lane, of stochastics fame, used to tell his seminar attendees years ago that $5k is all you need to make 3-5k/day in the commodities/futures markets. I agreed with him then, and still do to this day. My trades are all technically driven. I have no knowledge or experise with respect to fundamental analysis, and I do not care to acquire such knowledge. I use price bars and trendlines. I used stochastics for years, and on daily charts I still keep an eye on the 20 and 34 ema's and the 50 and 200 simple ma's. On intraday charts I try also keep in mind pivot and mid-pivot levels and fibonacci extension levels. I do not trade based upon these levels, but I do like when we have the happy coincidence of price meeting a trendline that is coincident with a pivot level or a fib extension of a prior swing. I trade the euro futures mostly (6E is the contract symbol). I do trade the Pound futures a bit, and occassionally the Aussie, Canadian, Swissy, and Yen. I wish you all good trading. Best Wishes, ddaytrader
I closed already. But it might have legs beyond - I just don't think it's sustainable. A lot more downward room on EUR/USD than on AUD/USD.
Short EURUSD Hourly chart entry confirmed with daily chart trend Entry: 1.3170 Exit Stop: 1.3202 Exit Limit: 1.3000
I have never really traded crosses. This one looks attractive though. What are the spreads (generally) on this pair?
I was wanting to ask you this...so, you use a 30 pip stop loss and a 170 pip target...is that for all trades or just this one?...may I ask, is this on a 1 standard lot or 1micro/mini lot?...I need to venture out into this realm of "entering the trade" and then going to lunch or to Starbucks and letting the orders do the rest...right now...it has been "trade and watch the screen"...cannot get the huge pip gains (50-100 plus) that way it seems...thanks for your insight...
I consider every trade setup to be unique so every risk/reward profile is going to be different. The EURUSD short happened to have shown me an excellent R/R opportunity (much appreciation to Ivan for bringing the pair to my attention today) so I bit. I'm still feeling out the various pairs so I scale microlots. On this trade I opened with 3 and have another order positioned just below the .618 retracement @ 1.3198 for another 2. I've found if I keep the size small enough where it's not going to keep my up at night or keep me glued to the screens I'm able to form better analyses and in turn, find better opportunities (100+ pip moves). I'm reading everything I can over at babypips.com and forex4noobs.com.
EURAUD Closed final 1/3 of position for gain of ~170 pips Looking to initiate a short position in 2.0050 - 2.0100 range
That's what has me confused. Aussie rates are approx 4.25%, versus a much lower EUR rate. It would seem to make the AUD more attractive. All other EURO pairs are dropping, except this one. Do I have it backwards? Is it a run-up, or, as Ivan mentioned earlier, is it already baked in?