Fx futures Journal

Quote from Buy1Sell2:

Initiated a short term trade here . Short Euro FX at 1.26410. ( I am already short Euro FX on a positional basis).
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Covered here at 1.25800 for 61 pips. I am letting the long term short positions in Canadian, Pound, Aussie and Euro FX ride right now. Other than the normal bounces which are necessary in trading, I see no reason to be long currently --at least not in the longer term.
 
It's an interesting Euro FX chart right now. Clearly daily and weekly have a short bias and I have ben touting that for quite some time. However, when the price jumps out of the Bollinger Band that far, it generally means there will be a bounce before more downside or a reversal. As a position trader though, I stay with my original premise and just stay short. We weather the bounces and let the trade run. If I see an obvious bullish divergence on hourly charts, I may consider taking profits and reentering at a higher price, but it needs to be very very obvious.
 
Right now, there is no reason to be long on daily continuation charts of the Euro FX. That can always change, but right now--stay short.


By the way, a quick look at AD,CD,JY and BP shows that they all have the same potential here for extended downside.
 

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Today was rather strange. I have been looking for places to make some intraday short trades in the Euro FX . The idea behind these trades is that I take some smaller profits in the direction of the trend as I perceive it , leaving the main short position alone to go through it's gyrations but with a short bias. I thought I had found a good trade at 1.25830 and shorted there. It bounced 10 to 15 pips against me and stayed there most of the day. Then all of a sudden, it drops down to 1.25470 and promptly starts to go back up, then it starts to drop again. Anyway, to make a long story short, I covered at 1.25610 for 22 pips per contract. The main core position is still intact and short. British Pound, Euro FX, Canadian and Aussie.
 
Watching the 60 minute Euro FX chart for signs of bullish divergence and failure swing here and through the evening hours and tomorrow. I am just keeping my mind open to that possibility. If we could get a good bounce, I would trade an intraday short again at a time of my choosing.
 
My Aussie profits are taking a good old fashioned shellacking overnight and today. It's ok and to be expected from time to time. Longer term still looks negative to me although this move here is beginning to have the look of some legs to it. I may just need to exercise patience with this one. Staying short and still i the black.
 
Quote from usdBull:

Hey Buy Sell...

I think DRT was looking for a possible move back up to 7535 area. You should be okay on this one.

http://elitetrader.com/vb/showthread.php?s=&threadid=77219&perpage=6&pagenumber=23
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Yes, certainly I am fine as you can see by the link here. I am a much longer time framer and totally different type of trader than DRT. I use underleverage and I weather the bounces. DRT works at catching the bounces back and forth.

http://www.elitetrader.com/vb/showthread.php?s=&postid=1201004&highlight=aussie#post1201004
 
10-4. I grabbed his chart. It shows more upside if this area is violated. It is a few days old now.

aud_thoughts1.PNG
 
Quote from Buy1Sell2:

One thing worth mentioning here to anyone reading. Once I am in a position trade , I stay in it. What this means is that I will be subject to bounces against my position. I don't fret that--I have just accepted that that comes with the territory and is a necessary evil to my successfulness. Now, any other trades I make will be intraday and only used to supplement my income while I wait for the positional to unfold. Here with the positional short trades that I have on, I look for 1000 pips per contract or a reversal signal from weekly charts or an exceptionally strong daily chart reversal signal. :)
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Are you saying you earn 1,000 pips per contract by trading EURUSD without any leverage? That's truly amazing! :confused:
 
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