Fx futures Journal

Quote from RoughTrader:

I'd be careful of U.S. home sales data coming at 10:00 EST.

RoughTrader
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Yes, Thank you for the heads up! I don't ever know when reports come out as I position trade (other than the Non Farm and the Fed meeting). Hopefully that would give me some better prices to short otherwise I will be selling on momentum below today's low of 1.2805.
 
Quote from Trader273:

Selling below the low of the day??
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yes, it' a longer term play. This area of 1.2800 has shown support a couple or three times. I feel it is significant if we trade at 1.2790.
 
Quote from Buy1Sell2:

yes, it' a longer term play. This area of 1.2800 has shown support a couple or three times. I feel it is significant if we trade at 1.2790.
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I like that strategy, I like to play momentum like that. I found picking tops and bottoms is a fool's game- at least for me.

Good luck:)
 
One thing to remember about fx futures---big moves can have their beginnings at absolutely any time of day--not just during the morning report times. Sharp traders will look towards the closing prices as well for indications. Closing price is the most important price of the day.
 
Quote from Buy1Sell2:

Time horizon is until I get stopped out. This could be a day or several weeks or months. The stop is outside the recent high on the daily chart. If the market moves down, I then move the stop outside of new reaction highs. This type of stop placement keeps me in trades and usually turns into a trade that is 3 or 4 to 1 in terms of what the winning trade wins compared to what the losing trade loses. On the occasion when I catch a good trend, this becomes 7 or 8 to 1.
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Interesting. Would you consider this to be a classic trend-following approach?
 
Quote from wwx:

Interesting. Would you consider this to be a classic trend-following approach?
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Well, sort of with the following note: I am initially trying to find reversal areas and then I follow the ensuing trend. In that sense it would be trend following. Classic trend following has the trend underway before one enters the trade. Now my entry at 1.2790 last night does not appear good at the moment, but we'll see.
 
This market is a little frustrating at the moment--This is why you must have patience to be successful. I will be stopping myself in to another short when we hit 1.2823 as I feel there is good potential for a downside market the rest of the day. :)
 
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