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Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
Quote from csaunders:
Thanks Chinook for the link - you have wet my appetite. I think I'll dive into learning the futures world. As you say the Wild Wild West is starting to get way to Wild...
Good luck with the short - I believe UK retail sales (GBP negative)are expected to be negative which should drag EUR down as well.
You might find out that the futures prices react faster than the retail FX broker's quotes.
This short is local with 12-15 pips stop. I might set a bracket trade and go to bed soon.
Good luck.
Chinook
Quote from chinook:
Hi Steve,
I only trade EUR/USD in FX market and ES/NQ once in a while. I'm relatively new to FX trading so I just want to concentrate on one pair right now. I trade the FX futures and EUR/USD has usually tight spread.
Chinook
Ahh, gotcha. Thanks. I'm new to FX also, but as I tend to be more of a swing/position trader, I find I can move from pair to pair fairly seamlessly.
After I start trading on Sunday I sleep about 3 times during the week. The rest of the time I am trade round the clock.Quote from krupkinm:
What kind of hours u keep in Cali? What time do you trade? I've always wanted to move out there, but don't think I'd want to trade the West coast hours.
It's been a choppy session for me. Overnight short trade turned out to be loser and got chopped up couple times during the session. Unfortunately, I realized the underlying structure of the dat too late but I had two winners towards end of the session that reduced my losses. It was a small loss -30 pips day for me.
Cutting losers is usually fairly easy for me. However, profit taking is trickier. If I think that I'm in a trend then I don't need to take profits I just let it run. But if there's no trend then the profits get eaten by the chop and losers accumulate. If I realize that the session will be choppy early on, then I take profits after 12-16 pips and profits accumulate nicely. So it's always a tug of war in my head about profit taking.
On Friday, we have no US news coming out and Thursday has been a relatively low range day. Maybe we'll be surprised by a 100 pip range day (up or down) on Friday.
Happy Trading!
Chinook
Cutting losers is usually fairly easy for me. However, profit taking is trickier. If I think that I'm in a trend then I don't need to take profits I just let it run. But if there's no trend then the profits get eaten by the chop and losers accumulate. If I realize that the session will be choppy early on, then I take profits after 12-16 pips and profits accumulate nicely. So it's always a tug of war in my head about profit taking.
On Friday, we have no US news coming out and Thursday has been a relatively low range day. Maybe we'll be surprised by a 100 pip range day (up or down) on Friday.
Happy Trading!
Chinook
We got our 100 pip range so far. After being whipped once for 10 pips earlier in the evening for my short trade, the second short trade (bracketed) collected profits at 1.23 while asleep with about +60 pips profits. Now I set up a long trade from 1.2280 but I'll take profits at 1.2300 if it gets there.
Chinook
Chinook
OK. Long trade worked well as planned. Now I have no idea what this'll do next. But I don't think it'll go up straight. If it'll rally, it might test the lows. Depending on the price action, I might get short or long. I have a feeling that we'll see a smooth sine curve with a 30 pips peak-to-peak amplitude.
Chinook
Chinook
Well, it's been a great session for me so far and I feel like mumbling little bit more. I used to be quite stubborn about my trading decisions. I think the reason for that was the need to be right most of the time. For instance, I would get into a long trade and get stopped out. Without a good reason, I would get long again then get stopped out. Basically, I would be going against the trend. This would repeat 3-4 times, and then I would throw the towel only to see that I quit right at the bottom! If you look at strong intraday trends, usually, there are 3-4 counter trend moves before the move is over. I think some people call these counter trend moves "hooks" and indeed sometimes they do look like hooks.
After being severally punished by my "need to be right" urges, I was able to modify my attitude. Now I accept the fact that nobody knows what's going to happen next. First of all, I don't look at fundamentals (I rarely hold overnight). My decisions are based on charts. I come up with some prediction but I know that I might be wrong so I always use a reasonable stop. Some of my best winners came after being stopped out and then by switching trade directions immediately. So #1 rule is having a flexible mindset. Now if I'm tired, or something from my personal life is bothering me like a girl not calling me back, then I know that my mind is not going to be flexible. The best thing to do is not to trade under those circumstances since I rarely make $$$ those days.
More later,
Chinook
After being severally punished by my "need to be right" urges, I was able to modify my attitude. Now I accept the fact that nobody knows what's going to happen next. First of all, I don't look at fundamentals (I rarely hold overnight). My decisions are based on charts. I come up with some prediction but I know that I might be wrong so I always use a reasonable stop. Some of my best winners came after being stopped out and then by switching trade directions immediately. So #1 rule is having a flexible mindset. Now if I'm tired, or something from my personal life is bothering me like a girl not calling me back, then I know that my mind is not going to be flexible. The best thing to do is not to trade under those circumstances since I rarely make $$$ those days.
More later,
Chinook
Quote from chinook:
Now I accept the fact that nobody knows what's going to happen next. First of all, I don't look at fundamentals (I rarely hold overnight). My decisions are based on charts. I come up with some prediction but I know that I might be wrong so I always use a reasonable stop.
Chinook
Chinook,
What is it exactly, you look for on a chart, to decide to enter or not?
What role, if any, does S/R, supply/demand have in your decision to enter the market?
And, what is your criteria for a "reasonable stop"? Some range you've tested?