I don't normally trade Forex cause I can't hedge, I been short the USD futures couple times last year, first move down didn't reach first target and learned from that so 2nd time down I took half profits, all told monthlies made weird 4 tops and Quad bottom-making a rectangle, meaning that if market went up again, it would most likely punch through and make new highs, on the weeklies, I would add on to shorts/hedged when the medium trend looked up as per my system and when able to draw upsloping trendline, each time price came down to trendline, I would hedge open profits, as market kept going up, previous add on positions got stopped out with breakeven plus few tics till I was flat futures but still long options. When RSI then MACD maxes out to systems stats, past week an half, it has gone short and hedge. Other flip of coin, have done same to various currencies when I have to depending on their monthlies, weekly and daily charts, but the Euro is NOT as weak as USD is strong, USD is making new highs but Euro is not making new lows, lows of March 2015 is lower. I do day trade Euro's and others in futures market, but I am a Scalper take 1-8 ticks and usually out in few minutes. I don't trust the data in Forex, do like like paying spreads wider than futures markets. Day trading helps bottom line as my long term method can sometimes go couple years of backfilling different markets till it finally going other direction, but it is a method I been doing two decades plus and too old to learn much else. I don't have opinions of any market as they are usually what my brain sees just like the rest of you, so I rely on system rules and automation to continue to do what I back tested/traded long time. Same thing with Scalping, you test till your fingers are sore and brain can't think any longer. You ignore people who don't add to your life, if I did, most likely be in same shithole life they lead. You want to do well trading? Figure out what people are afraid to do and test it out, here is the secret to trading, CYA, know more about the markets and trading that the 95% who lose, you not out to beat the market and you not out to beat heavy banks/brokerages/HFT, you can see on charts where they come in, cram one minute charts as much as you can, when you see volume jump, it is not retail coming in, figure out what is making HFT come into the market, and learn to tailcoat. Long term Commercials go short at some point when markets more up and buy very low, but they are hedging with futures as they have the underlying in fields or money related. It has been a great learning why things behave the way they do. I expect when Trump takes oath, markets will resume what they were doing before, Buy the rumors and sell the facts. We a long way from becoming great again.
Sold Aud.7469, Bought USD/Cad 1.3468. Stops are 30 pts, no idea of a target now. Just going to watch and see. Tough selling in front of the train now.
Kind of expect the dollar to strengthen again but only after chopping around at this level, perhaps for days. V bottoms and tops are rare, so I don't expect this dollar weakness to change immediately. I'll probably just scalp out and take what I can get.
didn't get the energy break out with gold that should have happened for it to put in a correction by now so I'm out of longs
Yeah I was noticing that. Just shorted aud at .65, euro at .93. Long USD Jpy from 112.10. So I'm taking some heat. Going to sleep on it.