I locked in a bit of profit to recover some, but not all, of my earlier loss. However, the rate once again fell below my so-called "trigger line" five hours ago, so I am hopeful the pair will eventually hit my take-profit target at 1.1460.
After hitting 1.1460 EURUSD retreated above 1.1475, so I once again entered another short position and picked up yet a few more pips when the rate dropped a second time.
EURUSD is approaching my trigger line, so I entered a long position. Of course, this pair is bearish, but the experimenting I did via NADEX has led me to conclude that trigger line should trump overall market bias. I'm being a bit aggressive nonetheless, given that, technically speaking, I should wait for a candlestick to form on the other side of the trigger before executing the trade. However, I forfeited the opportunity to cash in on 50- to 70-pips profit earlier today by trading EURAUD conservatively—the way I'm supposed to—which is influencing me to be just a tad bit adventurous right now. (I had to settle for a mere 10 pips profit from the trade...so far.) Of course, the market was volatile at that time, so this is a different situation. EURUSD might lack the liquidity needed to push it any higher, but I'm taking my chances anyway.
I think this is all I'm going to get from EURUSD heading north... ...so it's time to start thinking about entering a short position.
I’m going against the trend here, but I’m going to try to pick up what I hope to be a relatively quick 10-pips profit nonetheless by entering an EURUSD long position. UPDATE: That took 20 minutes to pay off.
I'm seeing signs that EURUSD might be considering continuing its upward progress, so I've entered a long position @ 1.1434, setting my sites on 1.1470 and my stop loss at 1.1411.
This candlestick lied to me!! It suggested EURUSD was ready to turn north, only to continue its southward march with the very next candle. But as a result, I've learned how to better interpret the accompanying indicators.