The monster is breathing fire at 4250. If he fails, then 4285, if this front gives way then 4315. If 4285 holds then we could return to 4250....if 4250 is victorious then back to 4215 and .....so the story goes.
Well I got that one wrong. Run. Run. Selling into the close. It is a strange time these days, I have never seen the currency market so interdependent on the stock market. It has a panicy, bubble like feel. Tough trading for me.
Bought in at 4217and rode to the 4260's. moved my stop up to 4248 but the and got clipped by the market. bought in again at 4252 but got impatient and closed out after just 1 pip to the good. Thought about buying one of the small dips but decided to steer clear because I couldn't see another legit entry point. My eyes are not that good yet. 4285 was my next target but the market really started trading side ways and RSI started dropping. I decided to stay away. Downriver I am seeing better thanks to your advice. By the Way, You say that you got it wrong, seems to me you were on track all morning except at the very end. Overall good morning for me. My quest continues!
Sounds like you are starting to get it a little better. All you can do is react. So now we are trading at 4262, we know the monsters would like to keep price gyrating around the 4250 area. Just for kicks, let's stay long and target 4285, with a stop under 4250 somewhere manageable. Exit at 4285 and watch the price action, if it moves strongly through 4285, reset longs on a pullback to 4285 area. Target 4315 and exit. If we do move up to 4285 and it holds, get short and target 4250, then 4215. Simple, just not easy. PS - The RSI indicator does nothing but cloud your mind. It is useless because your mind has already processed what it is telling you. Clear it from you screen and trade what you see.
Sounds good. I'll be on it in the morning. Quick question. The Platform i am using charges 3 pips. Is there anything better out there?
I would think there are a lot of shorts building at the current level. It seems like a logical place the bears to set up for a continued leg down. We may see a short squeeze on up.
My day today was overall a good day. I opened up rough. I got caught in a buy at 4222 and got stopped out at 4210. thinking I was smart I had another sell stop at 4210 (with my stop loss) thinking that if it broke 4215 it would go to 4185. Ofcourse it went right back up to the 4220's stopping me out again. I finally waited and looked at the market and caught most of the run to 4250. After that I noticed that the market was trading in a range from 4266/67 to around 4244. I was able to earn a few pips riding that wave until I bought at 4245 and it broke to 4237. I waited and exited the trade with an extra $20.00 to the good. "Trade what you see". Thanks Downriver it is really, really helping me. Now if I can just figure out how to enter the market better..... I made progress again today, Thank you. On with the Quest! Ps Losing 3 pips right off the top is tough. It puts me in a position where my stops seem to tight to the market. How can I manage risk more effectively?