I think we'll see a little more choppy conditions on the open, so that's why I bailed out. Nice profits, although I didn't expect it so soon. It's definitely the way to go for propelling myself into bigger profits, though. Next time I will wait for similarily clear entry, as having 1.5 weeks profits in around 24h without any commission to speak about is tempting as "strategy". Need to study where I would find good entries next time.
Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
Quote from Andy62279:
pretty good move. My trailing stop got hit during the retracement. No re-entry for me, so I get to watch and see what happens.
I have the impression that trailing stops are best after passing a certain target ? I am not very comfortable using trailing stops, but I see the advantage when profits are going to be locked in - but letting it ride to a perceived maximum. Anyways, doesn't that already entail a better target ? I have some trouble understanding the full benefits of trailing, because in most conditions a fair amount of swings will occur, even if still trending - so time-horizon for the trade will perhaps decide the size of the trailing stop ?
Anyways, having a fully mechanical exit for discretionary entries does seem to have some fundamental problems IMO. Well, here the ⬠seems to have gotten some more fuel to it's fire.
I guess we'll see more choppiness during this US RTH - mainly because of "false perceptions" on importance of tomorrow's NFP number - IMO.
Hmmm, maybe I'll have to take it easy a little now. I'm shorting here above 1.2890 ...
Dangerous attitude, and I think the possibility that it might break up stronger very quick is playing with my mind - making me want to recoup potential further gains on the former position trade. +8 on 2 short scalps so far.
Dangerous attitude, and I think the possibility that it might break up stronger very quick is playing with my mind - making me want to recoup potential further gains on the former position trade. +8 on 2 short scalps so far.
Quote from Gringinho:
I have the impression that trailing stops are best after passing a certain target ? I am not very comfortable using trailing stops, but I see the advantage when profits are going to be locked in - but letting it ride to a perceived maximum. Anyways, doesn't that already entail a better target ? I have some trouble understanding the full benefits of trailing, because in most conditions a fair amount of swings will occur, even if still trending - so time-horizon for the trade will perhaps decide the size of the trailing stop ?
Anyways, having a fully mechanical exit for discretionary entries does seem to have some fundamental problems IMO. Well, here the ⬠seems to have gotten some more fuel to it's fire.
I guess we'll see more choppiness during this US RTH - mainly because of "false perceptions" on importance of tomorrow's NFP number - IMO.
I really don't know. In my opinion no exit strategy is perfect. I followed my plan and that's good enough for me. 50 pips aint bad though. I know it could be more, but that thinkings not constructive for me
With a move like this I doubt I'll have a setup for Friday... but ya never know. Euro looks strong here. I guess this confirms Bush's win??
hahaQuote from Gringinho:
Hmmm, maybe I'll have to take it easy a little now. I'm shorting here above 1.2890 ...
Dangerous attitude, and I think the possibility that it might break up stronger very quick is playing with my mind - making me want to recoup potential further gains on the former position trade. +8 on 2 short scalps so far.
it's interesting reading how scalpers think. You guys use price action, swing traders use indicators.
well good luck with your trade, so far it looks good
Quote from Gringinho:
Hmmm, maybe I'll have to take it easy a little now. I'm shorting here above 1.2890 ...
Dangerous attitude, and I think the possibility that it might break up stronger very quick is playing with my mind - making me want to recoup potential further gains on the former position trade. +8 on 2 short scalps so far.
I've been shorting since the 80s ;o) hoping it is going to dive down for a few pips to break even .. i think you may be right, we are destined for 1.29+ today
This baby looks ready to pop. No more shorting here for a little while.
edit: Thomson says that Middle East names which capped above 1.28 with a lot of profit-taking are massive buyers here. They report talk that they have bought around 7 bn â¬s last 24h - perhaps as oil revenue diversification. Also, they note that Trichet did not talk down the ⬠when having the opportunity.
edit: Thomson says that Middle East names which capped above 1.28 with a lot of profit-taking are massive buyers here. They report talk that they have bought around 7 bn â¬s last 24h - perhaps as oil revenue diversification. Also, they note that Trichet did not talk down the ⬠when having the opportunity.
Today's european close will be very interesting - in fact, the imminent US equities open as well - all the way through 1.3000 later today ? I can't seem to make up my mind, and here's where the lack of systematic trading becomes a factor. I better stay a little with the scalping today, I find it much easier to think reflectively about longer targets when I see some consolidation.
edit: US labour productivity at lows, while US labour costs are at highs -- doesn't sound good.
edit: US labour productivity at lows, while US labour costs are at highs -- doesn't sound good.
Thomson reports the size of the 1.2900 option as being $12 mn, and that the holder and seller battle it out. Anyone not seeing 1.2900 some time later today ? The first attempt was quite strong, but didn't quite do it. I think I will set in a long position from my demo spot - which has had a ridiculous return the last days.
Thomson reports a few US investment bank names selling here, on beliefs that the 1.29 would not yield yet.
edit: to me the 1.2870-ish capping doesn't seem to be very convincing, so I will switch to long bias for now.
Thomson reports a few US investment bank names selling here, on beliefs that the 1.29 would not yield yet.
edit: to me the 1.2870-ish capping doesn't seem to be very convincing, so I will switch to long bias for now.