I have not changed my direction in any of these instruments, been stopped out few times at breakeven or hedges save my noodle, but am staying the course no matter what. Without your system and discipline to trade it, one has no system, my system has gotten better as years gone by adding more ways to use options around my long term approach.
fair enough, measured corrections like the one above have been my bread and butter for a good while now, often trading both sides on many time frames, I don't mind taking hits either
I always enjoy other posters way of trading, we would never learn new things, and I am still learning something each month. Although mine is frightening to most, am pretty sure it is close to how Producers/Commercials trade to hedge. Whereas I trade Futures instead of products, I use options to hedge. I use nine year charts, finding upper/lower 25%, when price enters these zones, I look for the extremes and go the other way. I would love it to be SAR(Stop and Reverse), chances of that happening is like waiting for the next .400 hitter in baseball, but I will eventually get in last trade and except for rollovers, will hold positions(I will add more positions as market goes to other side), I use one target that is actually based on overnite margins, so they are no lower than $4800 to $15k and exit half position, the other half either makes it to other side or in case of Indexes, I eventually get stopped out on half at little better than breakeven stops. But I have gotten pretty good at using options as my hedge whether opening future entries or hedging Open Profits, so like when ES made triple and Quad bottoms, I did Debit Call Spreads to keep some of the profits when it ran down, always rolling over. But regardless of the signal, I have to maintain old signals till price reaches other side, so it can be two dozen losing trades in a row with couple trades making first targets. My longest trade direction has been 5.5 years. The more one can see this is strictly numbers game, don't take it personal with loses, become a robot and better yet automated it, I set it and forget it, let small staff keep track of positions and when to make sure of rollovers. So I don't have any views of the markets, only go by whether am Long, Short or looking to get one or the other. I prefer to be as dumb as possible so as not to be undisciplined and over ride system, I always lose out by doing it, least now got it down to zero or once a year, always cost me, dumb dumb dumb, it is funny, I often forget all the great trades and remember the dumb trades, LOL. Market going to go where it wants to go and nothing I think is going to help it to go there.
Dollar creeping up again. Looking for gold to break down. Not trading in front of fomc, even though pattern says short aud, euro. But no momentum right now. Tried to short aud at .26 but just scalped out for a few pips.
Scalped long euro, cad, aud. Cad broke nicely on a 123 bottom usd/cad. Out. No momentum in Aud for sure yet. Still don't like trading euro from the long side.
Maybe that's what is keeping the euro up. If you see me finally throw in the towel and get bullish, you probably should short it.