Fx futures Journal

Quote from Buy1Sell2:

My goodness we need to have the British Pound Futures make a new daily low today or tomorrow. I'm, still short from 1.8847 and looking for downside. The market just teases everyday so far. Stop still above 1.92
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Could today be the day?
 
Everyone must be waiting for the Fed Talk today. These three trades I have on are a real grind and test the patience. Aussie has performed the best so far. Stops remain where they were. We may need to take the market higher again before we get through this area. Staying short for now.
 
Quote from Buy1Sell2:

I will short an additional Euro FX position at 1.2748 on a sell stop.
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Filled, and the market is bouncing up from here. This is happening to me a bit right now. 1.2722 is very key today. A move below and especially if there is a close below there would be very bearish.
 
Quote from Buy1Sell2:

I will short an additional Euro FX position at 1.2748 on a sell stop.
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What a horrendous entry that was!!--at least as far as intraday goes--it may turn out to be a fantastic entry when all is said and done. What I would really like with the low volume this afternoon, is a slow drift downwards into the close. I don't need some wacky doji on a Friday.
:)
 
Quote from Buy1Sell2:

Staying short for now with my stop the same --above 130. Adding a short Euro FX here at 1.2804.
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Just curious how and when you decide to add. I attempted that method but it destroyed my average price and somehow i would end up loosing or making very little on a decent move.
 
Quote from Trader273:

Just curious how and when you decide to add. I attempted that method but it destroyed my average price and somehow i would end up loosing or making very little on a decent move.
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I start with a very small position and work up to a larger one. I use daily weekly and hourly charts to define new entries. (The hourly chart stuff has been new over the past couple of years--I recently tried it in ES, but the FX futures hourly charts are much more reliable). I never risk more than 2 percent of my total liquid net worth. If my stop was more than 2 percent of my liquid net worth, I would either cut the size of my trade or not enter the trade/idea at all. :)

We need to break that hourly reaction at 1.2797 here to get some downside today.
 
At this point, I would expect a bit a short covering before perhaps another round of down. 1.27 today and 1.88 seem possible today--- One downside here in this is that the 240 minute chart was in the beginnings of an uptrend, so that will need to be negated-- We must break 1.2743 for this to continue convincingly.
 
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