Added to my long position, average at 1.2378 (sold then bought). It looks like it is building a base here, if we go below 1.2362 the up we may go really high; if it goes up from here then we may go past 1.2506 then retract to retrace some 150 pips. I set a sell order at 1.2480, stop 1.2531.
Forex price action trading
- Thread starter momoNY
- Start date
This action is not as bullish as I thought. Expect it to hit the trend line and churn for some time; tomorrow it will go higher then very likely reverse. I closed my longs for a total of $650, looking to go short near the trend line stop at 1.245 target 1.2390, will go long again if it gets there. Will sell short at 1.2480 stop 1.2435 if it gets there.
Challenge: +$1850
Challenge: +$1850
Screwed big time today! I should stop trying to catch every move and look at the bigger picture. My short at the trend line was stupid, my plan was to cover at 1.2463, I soulda have stayed the course. I moved my stop up to 1.2535, I was very lucky it came down a little, so I covered at a total loss of close to $700.
The problem is when you screw up on one trade you loose synch with the market and if you try to trade right away you will go bankrupt. I think this pull back will violate the trend line and go back up. I will be prepared to go long at 1.2415, stop 1.2360, target 1.251.
Challenge: +$1200.
The problem is when you screw up on one trade you loose synch with the market and if you try to trade right away you will go bankrupt. I think this pull back will violate the trend line and go back up. I will be prepared to go long at 1.2415, stop 1.2360, target 1.251.
Challenge: +$1200.
