Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
I scalp, swing a little here - with upside bias. I am reducing now, possibly bringing back the longer term trade size. It's just strange how to handle this situation. I guess I can call it separate position trades - but on similar analysis results. Whatever, I'm back in ... reducing some size soon. I still see the 50+ ticks as a viable target.
edit: Seems the USDJPY started looking like it wanted to slide a little, so we see some benefits ight now taking us above 1.2930s. I think there should be no breaks above - but we're obviously cross-controlled right now.
Seems some guys are bitch-slapping each other with 1-lot contract sizes on 1.2930. The MM seem to implement a "pawn-protect" strategy with a single lot ahead of his pressure. Someone is hitting this one and the bigger size with an additional 1-lot.
Makes for some good laughs I guess, especially when they start silly-slapping each other with that 1-lot ...
Just imagine the whining that goes with it .
Makes for some good laughs I guess, especially when they start silly-slapping each other with that 1-lot ...
Just imagine the whining that goes with it .
Quote from chinook:
Well, I tried to mix in some longs too and I made it worse
There's a downtrend channel with about 40 pip wide amplitude. As Gringinho suggested it was a day for taking profits fast. I was mostly waiting for a smoother trend to develop.
The day's damage was about net -40 ticks. Trading a day like this, made me feel like as if I fought in Vietnam!
I tried to do similar things like taking profits and waiting for a pullback to re-enter. What happens is that sometimes you have a very shallow pullback and then a sudden 20-30 pip movement in the original direction without looking back. Maybe you can do this with half of the contracts.
The more I play around with my positions, it looks like I screw things up. Either I miss a big move or get stopped out early.
Yes, you need to find out the optimum of what you makes you most comfortable. For me the best combination so far is scaling in and out. For instance, if I feel like things will stall then I scale out a bit. Also, to prevent revenge trading, I leave a some contracts on the table even if I feel like we're hitting some resistance/Support. You never know when teh stops will get cascaded.
I scale in, out when scalping - and also did so for some positions testing. The problem was that I mostly increased leverage when things were in my disfavour to lower my entry - not very brilliant - but it made me not lose on most of those trades.
I am quite apt at getting bottoms/peaks on ranges from my pattern-,range-scalping setups - so I have a little advantage on the small timeframe I use here.
I have the long bias intact for my trading of course, and hope tomorrow's TIC will give a nice trending instead of a double split-kick of 200 pips that we saw on the last two big numbers release.
I'm watching the market waiting to see what the European and UK open will bring. Monday was a very interesting session, there were bursts of aggressive buying and selling. I'm seeing short- term downtrend develop, so I'm betting on continuation of that pattern later tonight. Of course, for the long biased people, this dip is a decent buying opportunity.