Trading EUR/USD Daily Hi & Lo

Discussion in 'Forex' started by JSSPMK, Jan 12, 2010.

  1. JSSPMK

    JSSPMK

    Changing Reverse order to 1.3660 (red tick on chart). Main reasons for tightening reverse/stop are:

    Technical signs of oversold conditions seen via RSI grail, MACD Histogram points to strengthening price action, price at lower band on Bollingers, EUR bounced of 61% Fibs beginning March 09 - end November 09, Weekly bar closed with a Doji within a bearish trend & after the FED's discount rate increase announcement. Selling ranges have been tighter last couple of breakdowns.

    I believe this will be just a bounce, so no prisoners will be taken & I will be looking to book in profit as soon as price either starts trading near upper Bollinger band or starts to weaken (failure swings).

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2740148>
     
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    #41     Feb 21, 2010
  2. JSSPMK

    JSSPMK

    -132 pips (-£1,056)

    Now Long 1.3660 £16 per pip
    (Reverse order 1.3440 £32 per pip)

    134 pips required to break even
    156 pips +2%
    181 pips +4%
     
    #42     Feb 23, 2010
  3. JS, I guess you thought that 3660 was a breakout, look at an hourly chart that goes back to 02/02/10 and see how many false breakouts you can find from consolidations. We are in a strong daily downtrend and going long is not a good idea unless on a very short time frame and possibly range trading. You may want to look at tightening your stops also.


    The Ever One To Grow On VIPER
     
    #43     Feb 23, 2010
  4. JSSPMK

    JSSPMK

    I think you have misunderstood the method, holding period does not need to be intraday, I am not using hourly charts, based on hi lo of daily bars. Resolution is near for current series of trades. I am more interested in range expansion either way.
     
    #44     Feb 23, 2010
  5. Actually, I have no idea what you just said, of couse I am just a dumb redneck :D

    What I saw was a long at a high, a 132 pip drawdown and longs in a overall downtrend. But since everyone has their own way of trading, I am sure you will be OK.

    The Ever Watching VIPER
     
    #45     Feb 23, 2010
  6. JSSPMK

    JSSPMK

    I doubt you are a dumb redneck. In the current series of trades there were
    both long and short trades. Sometimes trading breakouts I will have the unfortunate pleasure of buying tops and selling bottoms, shit happens.
     
    #46     Feb 23, 2010
  7. JS, whats up?
    I commented on the 1 Hr because I thought you were using this time frame as part of your observation/quantification process. I also noted one of your comments that you took note of some Fundy's.

    Please don't misunderstand I am not being harsh, and in reality you may be able to incorporate just these two elements to help in your consistency. Also my comment on your stops was based on the generality that "traders in general" have problems sitting on a negative P/L, and this can cause mental/emotional mistakes. I'm not saying this will happen to you, I'm just saying :D. Oh by the way the Helicopter speaks today so be careful out there.

    The Ever Observant VIPER
     
    #47     Feb 24, 2010
  8. JSSPMK

    JSSPMK

    oh yes, in that case you are correct at giving me a digispank, I could have been long at the time based on daily range and wanted some love & support from a younger brother :)

    As far as Mr dollar chopper is concerned, I think I am ready for him. Thanks for being so observant

    :cool:
     
    #48     Feb 24, 2010
  9. JSSPMK

    JSSPMK

    Possible DB on Daily chart, indicators are pointing to a bounce. Break of 1.3440 ought to send EUR/USD down breaking current congested zone.
     
    #49     Feb 25, 2010
  10. JSSPMK

    JSSPMK

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2749024>
     
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    #50     Feb 28, 2010