Fx futures Journal

Quote from optioncoach:

Yeah, if we keep falling then I will move the stop to breakeven.

What I really want to do is take profit at 100 pips and replce the futures position with an OTM put with NOV or DEC expiration. Perhaps an 8500 strike...
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I don't like it, but I know what the thinking is and it is "safer" Take the profit and invest in the put. Thinking is not necessarily wrong, I just don't like it in a market where you can have a stop in overnight.
 
The reason I want to do it is so I can continue to scalp the Pound if the opportunity arises. If I hold this future for days and days, the only trade I can do is to add shorts. So that is the only reason I am considering replacing the future with the put after the big move.

P.S. I hope you do not mind me participating like this since it is your journal. It is just nice to share and bounce my FX future trades with someone else.. :D
 
Quick word of advice for anyone reading. Even trending markets or breakout markets seldom continue the move outside the BB. They have a tendency to ride the Bands or stay just slightly inside of them on daily charts. My point is that if you are thinking of jumping in short at this point, it may be a good move long term (I think it is), but you may endure some pain during a pulback etc. Just something to think about. If you are using very little or no margin 1to1 2 to1. etc. it may not be a big deal to just jump in. Professionals succeed many times on position plays because of that very fact--They can sleep with the market order sold at the bottom of the day. Day traders cannot do that and that is why I pulled the day trade taken at the end of the day yesterday. I already had positionals on and was not overextended. Why chance a trade on a 5 minute chart just to be greedy? These are questions that I ask myself and I knew the answer--take a few pips and don't gamble.
 
Quote from optioncoach:

The reason I want to do it is so I can continue to scalp the Pound if the opportunity arises. If I hold this future for days and days, the only trade I can do is to add shorts. So that is the only reason I am considering replacing the future with the put after the big move.

P.S. I hope you do not mind me participating like this since it is your journal. It is just nice to share and bounce my FX future trades with someone else.. :D
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No I very much encourage and enjoy your participation! Question here: Why would you not be able to continue to trade the pound if you left the short futures on. You would just make your day trades around your position and at the end of the day, you would still have your short Pound position.
 
Quote from Buy1Sell2:

You 're fighting a strong 240( long grails at .8555 and .8585) and a medium strength long RSI grail on the daily. I'm pulling for you, but would hold a smaller profit target as a suggestion.
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The Yen continues to hold strength versus the rest of the majors. It is off today, but nowhere near what the others have been doing recently. What is your view longer term?
 
I think I would short the YEN on today's pullback at around 8581(talking about the yen future) on the hourly chart and set a stop at above the middle BB channel line (8602 at 20 day MA).

First target would be 8529 which is AUG daily low.

THis is purey a technical assessment...
 
Well the issue is that if I went long any Pound futures, it would offset my short and close it out.

The solution is to simply daytrade using the DEC futures for the next few days before I consider rolling over my SEP futures to DEC but there is not too many days left really lol....

Quote from Buy1Sell2:

Question here: Why would you not be able to continue to trade the pound if you left the short futures on. You would just make your day trades around your position and at the end of the day, you would still have your short Pound position.
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Added another Pound short position at 1.8670 at moving average resistance for continued move lower. New average entry price is 1.8706.


Stop lowered to 8730...


Quote from optioncoach:

Pound at 8717..

Lowering stop to 8775 from 8825
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Quote from optioncoach:

Well the issue is that if I went long any Pound futures, it would offset my short and close it out.

The solution is to simply daytrade using the DEC futures for the next few days before I consider rolling over my SEP futures to DEC but there is not too many days left really lol....
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Yes, although I would contend that even if you had the put on, when you went long you would be closing out the put position temporarily.
 
Yeah but the put would run to NOV or DEC, let's say and I would just be entering and exiting futures positions along the way. I am not set on doing the option yet but will consider if we hit 8600 next week. I am just hoping the drop will sustain itself :) since we had a few down days in a row already.
 
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