Friday was like that for me. Too bad it was not the market that gave me problems it was following my risk parameters.
When Q3 numbers and analysis, aggregated stats come out - expect a LOT of fast moving markets - probably expectations too. If you get your bearings right and apply risk correctly to your timeframe, you can make very good profits right now. The nice thing is waiting, waiting, waiting and watching craziness - then you pounce... Otherwise, very quick scalping with short goals is what works - i.e low risk towards market conditions, volatility.
That's some trade size (as is your account) I would like to join you in this trade, but not with this kind of momentum against me. I'll only enter when it dies out / reverses. The 61.8 retracement is near at 1.3350, maybe that will be a point of reversal (or not like the 50.0 level ). I made about 200 pip on GBP/JPY today short at 1.8160.
It was worse when I was doing 50+ contracts on the 6E and other times more than 100 CME Euro FX trades a day... My tax return was 7200 pages, and my best run was 105 consecutive scalp profits over some 30 days once...
EURUSD 1.3475 may not hold, but I'm prepared for a longer haul... as per my my drawdown risk and volatility window. The trade will take it's time to finish - so I'm not even looking at intermittent news details - just the big picture. If Japanese worries for Q4 and 2009 mount, and Q3 numbers start to look bad, I will scalp on EURJPY mainly. I'm not scalping today, but will certainly scalp as well on other days.
I'm about 30 minutes late but went long on the EUR/USD @ 1.364, playing the hourly uptrend. Will move stops to B/E ASAP (at 135.85 now) and no T/P right away...really looking to see a major bull EUR move, aka some retrace to the rent dumps.
Good to hear...and re-reading my quick post made little sense towards the end. **"aka some retrace" from the recent dumps
I think we can easily see a retest of the recent lows. In that case 135.85 will be an easy hit. There is a small uptrend below the current hourly bars, but I'm not sure if it will hold. I shorted earlier this afternoon at 1.3763 near the 23.6 retracement. I was aiming for a test of the recent lows with a 200 pip target. But I just closed my position (81 pip profit) as the signals are now very mixed short term. I think a retest of the lows is still plausible. edit: I also have a limit buy order at 1.3370 in place with a stop at 1.3000.