I just got filled short at 1.1961. I am looking for price to move down to the 1923-28 area. I will update. I will not take much pain on this one if it moves against me. DRT
7:36 AM Price at 1.951. Things are a little slow today. This is a key level for both FX and Spot. A break below here and we should see more downside. However, if there is a bounce out of this 1.1950 area. I will cover it and wait. DRT
I just closed this. Things are thin. I want to see if this area gives way. I sold at 1.1951 for a small 10 tick profit. Key off the 1.1960 area. Above this is fairly bullish. A pullback here and move down may see more action to the south. DRT
Thank you DRT for your welcome. In answer to your question I am generally a position trader and hold for several days to weeks depending on the market. My view of our current position in the Euro (all prices quoted refer to the spot market): The weekly trend is up with a minimum target of 1.2650 into the April time frame. The daily trend is also up leaving the question of where to get in with today's short session and choppy trading. I offer the following: Long above 1968 - 73 (cash) or, if we continue to decline, long from the next key support level at 1.1913, the Feb 16th high. We may not see this level but if we do I think it will be a low risk long entry. If 1913 is breached then we are probably dropping to the 1.1895 - 1.1885 level (again spot). If we see the 1968 - 1973 level on the upside taken out (I think we will) then the next target is 1996 (1.2016 futures). If the market carries past the is level then: Target: 1.2079 - 83 I welcome any comments. Good luck everyone
Hi DRT - you'll have to excuse the delay in my responding to the summary of your trading journey. I have only recently registered here at ET, and using a hotmail address didn't survive the background check (my account was suspended - lol). So, I had to wait until the office reopened today to get things ironed out. I read your account with much interest, and found many similarities to my own experiences, as did, I'm sure, many other readers. I have a good friend who is my trading partner, although we have never met personally (we live in different countries). We met online in Joe DiNapoli's students' forum, and have stayed in constant communication via computer and cell ever since. Just a few days ago we were having a serious discussion about how trading is indeed one of the hardest endeavors a person could possibly choose in life. And, also, although we both intend to support our families through our trading profits one day, how there is so much more to it than simply making money; i.e, we both strive for the attainment of realizing our goals to be the primary payoff, and for a chance to pass on "the family business" to our heirs. Although, at present, they can't understand why we continue to waste inordinate amounts of time at the computer, to which you alluded ;>) Additionally, I found myself nodding in agreement to your statement about having a passion for trading, although in my case I'm afraid its more akin to an obsessive compulsion - heheh. I enjoy the "personal" side of trading as much as the numbers, but I'm gonna shut up now for fear of steering your thread to places unintended. But I must say that you have piqued my curiosity concerning the "why" of price movement - something tells me you are talking about more than just the underlying fundamentals. If you ever care to elaborate on that subject, I can assure you of my attention. Please keep up your fine journal, DRT, and continued success w/ your trading ... regards, tbone
DRT, I use old school Support and Resistance. I do not calculate the Pivot points per se. I also use ATR price channels to set price targets. They are very simlar to Keltner channels, but modifed the channels to use the EMA. I use 2 - 3 timeframes, and I usually use MACD divergences. Also, I use a indicator from Dr Alexander Elder called force index. It is a very interesting way to look at volume. If you use tradestation I can give you the easy language code for it. Regards Steve
2-20 Asian Session Price is at 1.1944 Things sure look like they want to head downward a little. I am having a tough time with this until there is some movement. Down below, I still see a nice entry down below that is coming in around 1.1902-1.1910 area. I am going to "sit on my hands" for now at least and see what happens. If the picture is any clearer, I will update in a while. DRT
Globex opens at 6:00 PM EST. I call this the Asian session, I guess technically I am not correct. Let's call it the "dinner time into American Idol, then decide if you want to go to bed or stay up and trade all night session". This may be a little clearer.