Fx futures Journal

Covered Pound short at 1.8845 for 46 pip profit.

Gonna be busy most of the day and away from screen so I thought I would just take the 46 pips now and call it a nice shorting morning :)

Good luck with your continue short in the Pound and Euro, I am not quite there yet to hold for so long ;)

Quote from optioncoach:

New short entry at 1.8891 on the pound with a target near 8817. Gonna let it run with a stop at 8921.

So 30 Ppoint risk for 74 profit target. Might have to hold this one a while so will just let the position run with the stop.
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Quote from vanquish:

just starting euro fx trading, bot 12806, stop 12803
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I don't like stops that close. There is quite a bit of noise in the currency futures and this size stop will be hit most of the time.
 
I typically begin with a stop at least 100 pips outside the reaction high or reaction low. That stop is only for catatstrophe and helps me avoid the noise of the currency markets. Then, as the trade moves in my favor, I move the stop much closer so as to make the risk/reward more acceptable and then my take my profit at the level that I want to. The signals that I take are generally strong enough that the initial stop outside the reaction high/low is never hit.
 
And never good to go long after I called the short continuation lol..

When an underlying is falling this far this strongly, jumping in with a long is dicey, i.e. trying to pick the bottom...
 
Quote from Buy1Sell2:

There is a potential set up intraday for a long Euro trade here with the low of 1.2800 being lower than the previous reaction low of 1.2806. --And the MACD below the zero line with RSI tracing a higher trough. This is not a prediction--only it's worth watching to see if the set up develops. Right now it's all downhill with the very sharp RSI peaks on the hourly.
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Again--worth watching. Not mature yet--it may be mature on the 15 and 5 minute chart, but not on the hourly yet. I've taken a long off the 5 minute chart here and will watch closely. Long 1.28070
 
Quote from Buy1Sell2:

I don't believe that the 1.2789 target will be difficult to hit, the 1.2726 is questionable, but the 60 and 240 are synced up together today and so I must hold for that lower target.
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Looks like I should have stayed with that Euro short Coach! Remember I took that massive 18 pip profit at 1.2832 last night and here we dropped to 1.2785 this morning.
 
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