Fx futures Journal

Covered the Euro fx at 1.2804 for a loss on all 3 units. I've gone long three units at 1.2804 as well. It's time for me to get back to the longer term trading that i do so well instead if intraday. I trade the Euro FX much differently than I do ES in terms of hedging etc. This is due to the "trendiness" of the currency futures as opposed to the oscillation tendency of ES. Whereas ES doesn't usually get away from you in direction, currency futures certainly can. Thus I only hedge occasionally as generally I am looking to ride a large winner and don't want the hedge holding me back. As I go back to longer term trading, I will use stops due to the nature of currency futures. My stop here is at 1.2636 basis September and I will only raise it, or leave it there.
 
Quote from Buy1Sell2:

Re-entered the short Euro fx at 1.2765-- 3 units.
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Did I miss something - according to this journal you should have had 6 units?

Ok you are going to trade larger time frames - weekly changed now to bearish???
 
Quote from hpeganz:

Did I miss something - according to this journal you should have had 6 units?

Ok you are going to trade larger time frames - weekly changed now to bearish???
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Yes, I mistyped the three as that was the new amount for the long trade. And yes- I have moved to the longer frame of the daily and weekly. Daily is bullish and Weeky is bullish although the Weekly is weakening. :)
 
Quote from Buy1Sell2:

Yes--it would better with 2 failure swings, but really , if you look , we had a double top in price and this would be the lower RSI peak with a failure swing on the hourly chart. I would be surprised if this was not tradeable from the short side although we may need the higher volume of Sun/Mon to effect a large selloff. I am going to hold short over the weekend.
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Need to add something here--I believe that we will need a strong reversal bar accompanying a lower RSI peak to change the direction downward. And I mean this on both the hourly and daily charts. Price is somewhat drifitng higher which I don't necessarily like from a long stance, but daily charts at the moment continue to point upwards, so I'll stay with the new long for now. Stop being maintained at same level for now. This is where you have to have patience--where price appears to have a correction in mind but you are staying the course. Note: At the moment it will appear that I am chasing the market higher, but right now I am just getting back into position trading the currency futures as opposed to daytrading them, so it may appeared out of sync for just a bit. I do have a plan.:)
 
The weekly chart continues to show weakness, but I will need to see that weakness evidenced in the daily chart before I get short positionally. Today's intraday charts are ripe with fakeouts in both directions. I am deferring to the daily chart for the time being.
 
Daily uptrend is still intact here on the Euro FX. I have moved my stop up a bit to 1.2695 for now. I will only raise the stop from here unless I decide to close and reverse my position. :)
 
I believe 1.2920 is in play here and possibly much higher. More info is needed beyond that. I noticed that the DMI/ADX is beginning to set itself up here for an extended trend. Too early to tell yet, but the seeds are there. Stop is in place if wrong. :)
 
60 minute chart has been bearish all night, but as a position trader, I am still deferring to the daily chart here as being a positive influence on Euro FX. The shorter intraday charts are indicating to buy this dip. I'll need to see more negativity before going short. Right now, I think it's a long trade with my stop still at 1.2695. (Price is 1.2835 as we speak). :)
 
Today's Euro FX action is certainly a little disappointing to my long position, but many times, there is, "the pause that refreshes", in an uptrend. I will reevaluate my stop level later tonight. :)
 
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