Okay GBP made a good up move, well what I consider good for a CT...I don't look for tops and bottoms, just temporary breathing points that cause a CT move for a day or two...So I am happy with what GBP gave me, it dug into resistance and started to retrace so I closed out. Aussie didn't do anything, and seeing as how it's a CT trade as well...I decided I am gonna sit on the sidelines for now and see if either a) the trend will resume in force, or b) the CT move may show up yet. Canuck Buck didn't go anywhere, and if you look at a chart it's at major major support right now...so no need to force it...if anything I may take the other side... So right now I'm flat. Small profit net with GBP small gain, Aussie small loss, CAD essentially nothing.
Sorry I haven't been posting this week. Kind of a pain to keep things up to date since I tweak my trades a lot. I'm hesitant to add my trades after the fact as that doesn't look very nice. That crap happens all too often here.* There were a couple decent moves in GBP and the Euro and Swiss Franc this week that I caught. Particularly the short GBP I placed late Thursday and closed Friday. I am currently flat GBP and have minimal positions short in Euro and short Swiss Franc.... I am also short the Aussie Dollar right now...this one as well is a minimal position. Momentum is pointing to the downside but there is a lot going on in the markets these days and pretty much everything is extremely volatile right now so I prefer to keep positions small... Had a loser in the Aussie Dollar this week too. As a wise old trader once told me...Given the choice, it's better to be less rich than poor. We'll see how next week kicks off. *Feel free to ignore the fact that I posted some good trades, I don't expect you to believe me because I did post them after the fact- this post is just to serve as an update of sorts.
Well, it's a shame I reduced position size going into the weekend in my shorts...but damn I still made a killing last night/this morning. Coulda been a lot more had I not pared away at my short Euro and Swiss positions Friday...but hey like I said, it's better to be less rich than poor....that move could easily have been against me and that would have been ugly. Currently flat in all markets right now. Took profits on spikes in Euro and Swiss Franc. Had good profit in Aussie Dollar and took it as well. Fell better being on sidelines right now due to Holiday and recent volatility in the market as a whole.
That's good trading. You successfully identified the dominant trend and were able to trade it in three discrete markets profitably, simultaneously. That's a lot easier said than done, regardless of the fact that you're position trading, and I've never seen the feat accomplished on an intra-day timescale. In fact the only countertrend trade you took was in the BP and it has proceeded to move violently back-and-forth in a trading range, showing that your analysis of a potential change in the downtrend (or at least consolidation) was correct.
Hey thanks man. I've been looking for a break for a little while in Euro and Swiss...Aussie has been messing with me a lot lately. I kept getting on the wrong side almost without fail for the past week or so in the Aussie Dollar. lol It was frustrating to say the least. But hey I made some good $$$ last night in the three I was positioned in. I don't take too many CT trades....probably more than I should, but relatively not that many.....If I see a with-the-trend move digging into support/resistance and see short term momentum building against long term...That's usually when I take a CT trade. I do my damnedest to keep hope out of the equation. All in all though a CT trade always depends on what time frame you are trading. One man's trend is another man's counter-trend. I make it a point to always come back every so often and review my current trades to see if I was in fact intelligent in placing them. Many times I'll be looking at a trade I put on a few hours earlier, and be like "WTF did I do that for!!?? What the hell was I thinking there??" and at that point I close it out. Nothing is certain in this game, but we do the best we can to be smart about it.
So far seems like this wasn't the smartest move in the world....price seemed to be accepted at these extreme spike levels at least for the time being. I went flat for now. Will wait to see what forms in the market structure. Market is too erratic and volatile for me to just jump in again right now...But I'll see what comes along.
Okay I've been on the sidelines aside from a few token positions for about the past week or so. It was good because it gave me a chance to fool around with some new software and do a little more observing...which is always important. I am currently short the CAD as I mentioned elsewhere on the forums. Aside from the big whipsaw today, no progress really made. I had wide stops so I am still in, but may close out if nothing develops. I just initiated shorts on the CHF (which would be long USD/CHF in spot). Basically fading the spike, as COT data and momentum in the bigger picture still favor the downside (at least to my interpretation)...so I looked at this spike as a good shorting opportunity, especially after I saw the stock market turn around towards the close... I have a relatively tight stop on the Swissie, so we'll see what happens.
Good trade or what! That dealer who fell off his chair laughing is counting his losses right about now