Oh, the humanity! We call it the ENGLISH language, not the AMERICAN language. Have I been overbearing on the whole "usage" thing? Anyway, Went long EUR/USD at 1.3309 pullback. Stopped at +5, tight stop.
Not at all, it's a pet hate of mine. When I see basic errors like that I think it detracts from the authors credibility to a degree. I'm selling Eur but it's sooooo slow today, looks like Hans was right about the Yen short though, guess I missed the boat on that one...
Not sure which direction we're going. Won't be back until later, so prob. no trades. Maybe long EUR/AUD?
USD/JPY, short scalp, had placed the TP at 99.75, then changed it to 99.33, approx the previous short term high. F'n lucky was all!
Ah right, a short quick long scalp, got it Hey the trade worked out, you made money, last time I looked that's what the game's all about! Good move to change your TP though....oh I see, that's where the luck came in! (Don't worry, I think I've been sitting in the sun too long!)
For the last month, I have tried more swing trading. On the order of several hours to a couple days. In all honesty, it has not worked very well, down approx 15% last month. I will, unless a long-term trade proves too obvious, return more to the methods I had used previously. Namely shorter trades off s/r, reversals and trendlines, etc. I have a buy order on EUR/AUD just above s/r at .9041.
I think it's a matter of whatever works for you, as long as it consistently makes money it can't be wrong. That 15% you'll make back soon enough, it might be an idea to demo a new strategy first though! I've never really gone much for longer term trading, stops need to be wider therefore positions sizes need to be smaller and while you're waiting to see if the trade works out an intraday trader could have been in and out 50 times and taken ~ pips on larger positions with tighter stops. Plus there's more chance of unexpected fundamentals changing sentiment and screwing up an otherwise perfectly good trade. That's my take on it anyway, others will disagree. I notice Eur/Aud is hovering around the 200-day MA, in fact quite a few pairs are.
Swing trades are tough, for me. Psychologically, having the trade move against me, and letting it stay negative for a time, can be difficult. But, there is a place for it, we'll see.