Fx futures Journal
- Thread starter Buy1Sell2
- Start date
The Euro may need Friday to base after such a big move to the weekly. It will for sure if it wants to go up, but either way it may pause - no news to drive the market. You may get a chance to play for better position sometime during the session tomorrow if you want to scalp around your entry.
I gave back some of yesterday's gains today going long before the bottom kicked in. I was able to recoup pretty well during the back and forth and upmove into the noon hour, and am still up for the week. I know most people don't like it but I'm actually looking forward to some good ranging action. We'll see.
Quote from Buy1Sell2:
Well. I must pat myself on the back there a bit. The bottom has now fallen out and staying long would have indeed been a gamble. With the longs out of the way, the positional shorts that I am holding in both the Pound and the Euro are cleaning up!
Yeah nice job. Just in time too. I was going to comment on it but slipped my mind. I got sucked in on the way down and dropped some pips. But I typically bounce back quickly. At these levels I'm scalping with a slight bullish bias. A bit higher and I might switch to selling it more but I'm still going both directions here. I'm thinking range at least short term.
Personlly I try and trade between 5 and 8 AM EST when I can as it is a good active period for the Pound and Euro. After 8 it picks up as well but I usually take a break before the US market opens at 9:30 AM.
Taking a gamble risk here.
Short Pound at 1.8743 at 8:30 PM.
The Pound has not necessarily crashed but it has made a strong move lower off of recent highs and below the swing low established in mid Aug. The next area of support is the summer lows near 8200.
Therefore, I wll put a stop somewhere over 8800 and see if I can ride the Pound down towards 8200. Of course if the pound has another 100 down day I may get out early lol as usual
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Since I will most likely want to keep trading the Pound I may replace the futures with some deep OTM Puts a few months out.
Short Pound at 1.8743 at 8:30 PM.
The Pound has not necessarily crashed but it has made a strong move lower off of recent highs and below the swing low established in mid Aug. The next area of support is the summer lows near 8200.
Therefore, I wll put a stop somewhere over 8800 and see if I can ride the Pound down towards 8200. Of course if the pound has another 100 down day I may get out early lol as usual
.Since I will most likely want to keep trading the Pound I may replace the futures with some deep OTM Puts a few months out.
9:13 PM Pound at 1.8727 for 16 pips so far, gonna let it run overnight until I starr trading in the AM around 6 or so.
I place my trades generally off of the hourly chart or the 240 and then walk away. I don't watch the screen 23/7 but will check in every 2 or 3 hours and I also sleep. There are many times when I just have positionals on and don't look at it except once or twice a day. Right now while it's been ranging a lot of money can be made by paying a little closer attention to the oscillations. During trendy times, sometimes it pays to just ride it. I have been printing money the last little bit with the range so it keep interesting.
I exited this trade at 1.27250 for a seven pip gain. It really was poorly timed as an intraday trade coming so late in the day. I was selling below a reaction low on the 5 minute chart and the 5 minute is not to be used unless it's during the peak times and maybe not even then. I consider this trade to have been reckless in nature and rookie at best. I have positional shorts on- I'm not missing anything here. In fact, I could have caused myself harm.