Fx futures Journal

Quote from optioncoach:

You make an excellent point and that is what I am trying to reconcile, taking profits and looking for re-entries on pullbacks or simply trail the move and ride it as far as the stop will take me.
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I think most likely, the trailing stop scenario is best for a market that is trending on the daily charts, whereas the profit taking scenario works best with a flatter MA on the daily charts. Probably just have to be able to switch gears. I posted profit targets a while back and I believe those to be valid in a trendless market. Trailing stop is probably best right now, but profit targets will still make money in the trending market as well. If not using the trailing stop in a trending market, it may cause a trader to get anxious and jump in and force a new trade.
 
i was just checking the quote on yen futures. do you guys trade the emini or the larger contract? also, why is the yen quoted using JPY/USD (0.008...) instead of USD/JPY (116.3...)?
 
Pound spiked up at around 4:00 AM this morning and then dropped hard. You think some traders woke up in London and deided to cover their shorts from last week and then new shorting came in quickly lol...
 
Quote from m4a1:

i was just checking the quote on yen futures. do you guys trade the emini or the larger contract? also, why is the yen quoted using JPY/USD (0.008...) instead of USD/JPY (116.3...)?
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The futures contract is quoted in USD, so the contract is 125,000 USD. The minimum tick is 12.50 in the big contract.
 
Quote from optioncoach:

Pound spiked up at around 4:00 AM this morning and then dropped hard. You think some traders woke up in London and deided to cover their shorts from last week and then new shorting came in quickly lol...
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Could be , but they look like they are covering their shorts quickly. Here is what I am looking for --Good short entries across the currencies. I may need to be patient. I want to trade from the side that I perceive to be the dominant trend and that's short right now. Iam already short positionally. so these would be shorter term trades. :)
 
Still short the DEC at 1.8666.

Pound is taking a nice dive right now on a breakout to the downside. Dove to 1.8650 from 8666 on a 5 minute bar. Hopefully the shorts are back in and will keep running to 8100 or so. I will feel more confident if we close below yesterdays low of 8629.

Quote from optioncoach:

I also wanted to roll to December with the new entry. Opening tonight seemed light to down so i entered a new short on the DEC Pound contract at 1.8666 (Devil Trade :eek: lol).

So the unintended end result is that I basically took my profits on the SEP futures and entered a new position on the DEC one.

New Profit target is 8100 which is projected combination of JUNE lows and 200 day MA.

Appropriate stop right now would be around 100 pips based on some resistance I see in the charts.
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It's interesting--I was just getting ready to post that the 15 minute charts (currencies other than Yen )were beginning to start the formation of a short pattern, then I lost connectivity. I come back and see that that is exactly what happened although it was a bit sooner than I had expected. :)
 
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