rarely do I use fixed stops on my discretionary trades, but if I have to put one up here to follow someone else's model, than I would be getting nervous if price were to reverse and approach 7300 as that would be a large enough bounce off 7240 to justify that support would for a while longer. Not a hard stop but a discretionary one. edit: I will adjust that thinking downward if price keeps moving in the right direction. I won't leave money on the table.
Looking to go long eur/usd after the run on the long stops. It's a low news day so i am guessing a strong bounce off of support should be in order. I have a short eur/usd going currently thats at +50 pips, i'll post the bounce trade at completion of my set up indicators. All this is subject to oil prices of course. The current short I am on is as follows: short@5481 stop@5500 target@5385. That stop has been adjusted to 5427. I am adjusting the stop every 10 pips drop from the running low.
USD/CAD broke out USD/JPY broke out AUD/USD and NZD/USD are nosediving EUR/USD broken support If you are short the dollar you are fighting the trend!!!
Stoped out on my short @5420 for +61 pips Waiting for long opportunity as risk to ride pair lower outweighs reward based on what i am doing.
PaulRon, I agree, but the daily and hourly charts on the eur/usd are oversold so a correction is in order on a low news day. The next support level is around 5300 and i don't know if there is enough juice to push that pair lower without a correction. Just my opinion. The market can and will do anything regardless of our best laid plans.
Yea... a correction seems overdue in a lot of markets (dollar, oil, gold) but for now I'm playing it through gold because it's set up best technically.
long eur/usd @5430 stop@5420 target@5460. trying to catch a little of the correction. Only risking 10 pips of the 61 pips just earned. Took the trade cause i saw a 1/3 risk-reward ratio that it was atleast worth the risk. If wrong, net 51pips for the day is still a great day, but 81pips would be even better! I probably should of waited 20 minutes before placing that trade...hhhmm stopped out on that one, I going to walk away today with my 51pips, happy pip hunting everyone.
This may be one of those times that I should of turned the computer off once I decided to walk away. However, I really like the set up and it is inline with my original thoughts on the eur/usd pair. Long eur/usd @5415 stop@5383 Target @5515 thought process to this trade is, the eur/usd pair is oversold on the daily and hourly charts, cci is in divergence, and the pair is working off of the declining support trend line. Exit and target was based from pivot points on the last declining bar of the 4hour chart. Lets see how it plays out.
stop change on my long eur/usd trade, new stop@5420. I am +15 pips on the trade. If there is a retest of today's low, I will be positive an additional 5 pips on a new worse case scenario for this trade. If there is a retest of that low i will re-enter long position at better pricing.
Stoped out on that trade with +5 pips. I am a firm believer if the market gives you some profits don't give it all back on the same trade. With Euro trade balances comming later I assume there will be little activity or consolidation and that renders my long analysis moot. You have to trade to what's happening and not what you wish to happen.