Forex price action trading

momoNY

momoNY

Hi All,
Been here many times, many journals just turned the corner hopefully, very hopefully actually! Usual pattern of a wanabie, lost my shirt in stocks then futures, now playing it safely with EUR/USD. I trade medium term, from one day to two weeks. I look at 15min, 1h, 4h, 1 day, and weekly charts. I steered at charts almost full time for more than 10 years, to the point I see charts moving just like animals, try and fail attitude.

Trade: long EUR/USD 1.2643 stop 1.26 first target 1.272 second target 1.28 fingers crossed because I don't like the trade very much. The euro s acting very weak at a level where it should be stronger, but the trend is not down on 4 hour chart.
 
There is a bounce in the euro here, but it is not too convincing. I would be surprised if it goes beyond 1.2740. I move my target to 1.27, if it gets here I exit and look to get short with a stop at 1.2741. If we do not go beyond that level in the next two days, we will break the recent low to go down around 1.22 area. Feel free to comment, please keep it short and precise.
 
Closed trade at 1.2680 (impatient!). Looking to short with a stop at 1.2740, I expect the euro to tank here and break the recent low; it depends on today's action. Will try to short at 1.281 if it gets there, otherwise at the end of the day if it shows an indication of turning down.

1 trade
Profit 0.0037 Loss: 0
Winners: 1 losers: 0
 
The High is not convincing, we may get a small push up then we go back down (Monday's price action will tell more). If it gets up to 1.271 I will short 1/2 position more. I keep the stop at 1.2740.
 
Added almost a full position short at 1.2708, average price is 1.2699, stop 1.2743 target 1.24. Probably, I shouldn't have added to the position but the probas still good, not great but good. So far 1.274 is holding well. For any sustainable push down we should break the lows by the end of the week, otherwise we will have a sideways market. Let's be patient, I may exit the added position sooner.
Added image to see what I am talking about.
 
Last edited:
momoNY said:
Added almost a full position short at 1.2708, average price is 1.2699, stop 1.2743 target 1.24. Probably, I shouldn't have added to the position but the probas still good, not great but good. So far 1.274 is holding well. For any sustainable push down we should break the lows by the end of the week, otherwise we will have a sideways market. Let's be patient, I may exit the added position sooner.
Added image to see what I am talking about.
More...
It did not work, anyone knows how to attach a chart?
 
upload_2014-10-27_20-35-53.png
 
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