EURO/USD hard work

Hi ras, I shorted twice at resistance after first good set of data and had stop slightly above entry then shorted a second time after 2nd set of good data, same setup and got stopped out on the strength of all that buying, after that I just left iit and got on with my day, here are the trades......
 

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Quote from wwatson1:

You mean like this short where arrow is?
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yes, I prefer to sit on my hands and wait, risk is less but I still use options in case of spikes in the market. I don't day trade currencies/forex much any more, perfer 60 minute charts as smallest timeframe as a way to add on to longer term positions, I might enter on five minute if I am alerted for longer trendline. I just don't like watching screen all day any more.
 
That's interesting handle, this might sound daft but I have all the tools I need on my mobile phone so can do it while I'm out, just so I don't look like a complete looser here is the short I took on EUR/CHF same day, lovely short aafter better than expected numbers, so it wasn't an entirely wasted day....
 

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Quote from wwatson1:

Ras is that you strategy or are you trying to dig yourself out a hole?
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It's an approach I'm working on. Difficult to estimate performance in any specific manner as dependent on implementation details and part of an articulated process.
Best scenario is exalting as one makes a profit to establish a position close to reversal point. Feels like climbing a mountain. Worse scenario, position gets overextended and price moves against without retracement; it could end up a bloodbath. And there's the opportunity cost of not going with the trend.

The devil is in the details. I feel it should be done upon strong conviction, preferably before strong S/R, carefully modulating the increase/reduce process. At scenario invalidation scale out at loss at double speed or full size reverse.
Waiting for reversal "confirmation" I feel entails a tradeoff with stop size and esp. for down moves, could imply far worse entry price. Also the way I play is conducive to developing a feel for price and reducing apprehension.

- ras72
 
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3911258>


I am not a currency trader. I sure as hell am not a technician.

I follow the Euro just on the tangent in the news.


Doesn't the Euro look rich ?
 

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Quote from wwatson1:

I entered after the first sell off and had a tight stop so didn't cause me a great problem, I usually position myself well before or after such events, was going to let dust settle for a while after meeting monday and see if I can climb on board, im not hooked on it, ill trade anything including crude oil, what's the best strategy for Monday in your opinion then?
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yeah well, that kind of shit can make you old before your time

guessing what it is going to do

knowing what YOU will do if it goes up, and knowing what YOU will do if it goes down can save some years off your death expectancy

I don't know for a fact if it will add any to your life expectancy
 
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