Good point about the 5 minute timeframe and shorter timeframes in general, particularly when paired with a strategy that stops into positions. Have to use it sparingly and at the right times. Intraday, forex seems to be ruled by the hourly charts and higher.
Fx futures Journal
- Thread starter Buy1Sell2
- Start date
Good point about the 5 minute timeframe and shorter timeframes in general, particularly when paired with a strategy that stops into positions. Have to use it sparingly and at the right times. Intraday, forex seems to be ruled by the hourly charts and higher.
but say you see that the 20 ma is fairly flat. why do you think that it will continue to stay flat when you put on a rangy market type trade.
also, does it bother you that 20 is an arbitrary number? or is it not an arbitrary number to you?
also, does it bother you that 20 is an arbitrary number? or is it not an arbitrary number to you?
Quote from Buy1Sell2:
Typically the daily 20 MA is fairly flat in a ranging market and on a steady slope in a trending market. I know it sounds simple, but that's it.
Pound at 8717..
Lowering stop to 8775 from 8825
Lowering stop to 8775 from 8825
Quote from optioncoach:
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.
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.
The 20 is the middle line of the Bollinger Bands. The 20 is most widely used due to that fact. There is no way to know whether or not it will continue flat or not. Your best way of trading is using my RSI grail coupled with the MACD, Histogram, and Bollinger Bands aaand just be patient. The Fx Futures offer a tremendous oppportunity for relatively easy money. The Cash/Spot Forex does not.
Looking good coach. I suggest a trailing stop here of 1.8771, so your stop is right there!--that is if you are using hourly charts. On the daily chart, my stop recommendation is 1.9028. I think this latter stop would be the one to employ to get the Pound down to 1.8200 as you want it to. (and I as well).
Yeah, if we keep falling then I will move the stop to breakeven.
What I really want to do is take profit at 100 pips and replce the futures position with an OTM put with NOV or DEC expiration. Perhaps an 8500 strike...
What I really want to do is take profit at 100 pips and replce the futures position with an OTM put with NOV or DEC expiration. Perhaps an 8500 strike...