Forex price action trading

Closed the second position at 1.2705 a wash. The action on hourly is not that weak, I'll wait until there is a confirmation it is going down to add. So far the trend is up un 4 hours.
 
momoNY said:
Closed the second position at 1.2705 a wash. The action on hourly is not that weak, I'll wait until there is a confirmation it is going down to add. So far the trend is up un 4 hours.
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Changed my mind a little, set up a sell limit order at 1.2718 with stop at 1.2743, very small risk for the potential reward, better than the lottery!
 
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finally i found some one who really do trade fx pairs, and it's even better eurusd pair, may major traded one.
current state, eurusd still sideway stat, but long term trend still remain bullish.
allow me to join this thread. thank's.
 
Stopped out! I shouldn't have added the other position.
3 trades
1 winner, 2 losers
profit: 37 pips loss 76 pips P/L: -39 pips
 
lubba said:
finally i found some one who really do trade fx pairs, and it's even better eurusd pair, may major traded one.
current state, eurusd still sideway stat, but long term trend still remain bullish.
allow me to join this thread. thank's.
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Welcome, Lubba!

Actually the long term trend is down. 4 hours is up and daily is up. 1.2995 should prove very solid resistance. I went back short at 1.2728 with a wider stop at 1.2770, the last trade trying to sport the high!
 
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to be honest, i kinda bit bore to trade eurusd for past 2 years. even this pair are the first pair i traded, and even my major pairs. price range are become shorter, 40-60 pips daily target are bit high for now. back in couple years ago, a daily 80 target are easily hitted. short range, volatile in short time oftenly produce false signal.
 
lubba said:
to be honest, i kinda bit bore to trade eurusd for past 2 years. even this pair are the first pair i traded, and even my major pairs. price range are become shorter, 40-60 pips daily target are bit high for now. back in couple years ago, a daily 80 target are easily hitted. short range, volatile in short time oftenly produce false signal.
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That's correct, mainly the last year. It suits me more, otherwise I would find myself day trading! I will come back I am sure when we reach 1.22, the last major low.
 
momoNY said:
That's correct, mainly the last year. It suits me more, otherwise I would find myself day trading! I will come back I am sure when we reach 1.22, the last major low.
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I meant volatility will come back when we reach 1.22. Any other pairs you trade?
Update: moved stop to 1.2843 a more medium term resistance,
I will short more if it gets to 1.2765v(fade the high hourly).
 
momoNY said:
I meant volatility will come back when we reach 1.22. Any other pairs you trade?
Update: moved stop to 1.2843 a more medium term resistance,
I will short more if it gets to 1.2765v(fade the high hourly).
More...
mostly eurusd, but i do some trader other pair, but not much as eurusd. mostly gbpusd, eurjpy, audusd, usdjpy. mostly major, because now i consider price spread are vital. back then i trade as reversal type, so there's no need to executed many orders, just wait the right time to put single trade and rally the profit.
fx trade this day, high volatility, short daily range, forced me to change strategies to breakout one, and with this strategies any difference with spread are counted, because i have more order executed, means more spreads costed each trade. tight spread brokerage company it a must requirement nowadays, a fast execution also important. it's very different when i was a reversal positioning trader, any delay, even requotes i can deal with that, still gain profit. but now, change should made. :)
 
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