I may have to try it. Normally, I just use my typical set up but in longer time frames and I can get a decent idea where to set stops. Recently, though, I haven't been able to really determine them as well. Too much discretion in my method. I think the temptation to bottom fish at this point is also interfering. Considering the possible rewards (1000+ pips), it is pretty big temptation. Eugene: To determine direction, try using the MACD. It works well for heavily trending markets like Currencies. I recommend you mess around with it till you find setting you feel comfortable with. Does anybody use the Parabolic SAR? I used to, but it never seemed to be consistent. Probably due to my being inconsistent in its application. Well, I'm back to the charts. I'll report a little later
The temptation is too great. Looks to me like a great opportunity to buy Euro/USD for a potentially EXPLOSIVE move up (sorry for the hype). If it moves below 1.210 again, though, I am not sure. So, I am going to hold on until I see some thing more definite. Its early in the game anyway.
Bought Euro/USD at 1.2175 Initial Limit at 1.2220 Looking at potential move above 1.23 Stop currently moved from 1.2140 to 1.2175 as position is already at 1.2190 as I type
Closed position at 1.2190 Gain of 9 pips. Gonna have to wait on this one. Will think about re entering later today .
Just hit 1.2226 Moving stop to 1.2210 New target is 1.2270 Until evidence proves otherwise, I am going to treat this as the reversal and ride it to somewhere over 1.23 Lb
Well, I definitely got ahead of myself. Close out of the position at 1.2221 for a gain of 26 pips. So, total for the week is +18. I still think this is a good position to get in though long as you have proper stops in place.
Got out too early. Euro/USD starts it climb up with a up to 1.24. I need to quit my full time job so I cn styart trading more.
I had to get up early (7 am) to open up the theater for the fire inspector. I got out of the trade at about 1:45 am, so as that I could get enough sleep. Normally, I work nights, so I can trade those prime hours easily. Lately though, they have been screwing with my schedule. The regular work world sucks. My habit is baby my trades until I find the exact opening I want. unfortunately, haven't been able to do that the last two weeks. While some people may think this as an excuse for jumping the gun and not following through, it isn't. I know when I have a consistent schedule, I do much better. Anyway enough excuses. My interest is now whether or not this reflects a real reversal or not. My tendency is to say that it is, but I would not be surprised if we see a drop to 1.22 before we head above 1.25.