Fx futures Journal
- Thread starter Buy1Sell2
- Start date
The problem here of course hpeganz, is that I am seeing the increasing weakness on the weekly chart and I am probably early. However, each thrust shoul be more short lived and then the selloff should eventually be larger. Right now, it is difficult to let go of this short when I think the bigger picture is going to be negative. If this moves above 1.2925, I may look at getting out. (or sooner of course--everything is subject to change)
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.
One thing that I always find interesting when looking at the 15 minute chart is that it so often will come to rest right on the 20 MA and then "ride" it for a quite a while before doing anything. Of course, on Friday afternoons, an awful of people have stopped trading for the week already and that explains some of it on Friday anyway. It is interesting thoughhow often it does just that .
Great--fx futures are my trade of choice especially the Euro FX. Please feel free to contribute or ask questions any time. I got caught a little bit on this trade today and I may be wrong with this one. As usual , I am trying to jump the gun a bit on the weekly chart and daily has had a bullish divergence which are very trustworthy in FX Futures. I believe that I should have been long at about 1.2650 and I did cover my previous short a little lower than that, but I didn't go long. I should have and I'll try to be a little better here in the journal in the future.
By the way, FX Futures trend very well --much much better than Equity Indexes where the market reverts to the mean quite a bit.