Fx futures Journal

One thing worth mentioning here to anyone reading. Once I am in a position trade , I stay in it. What this means is that I will be subject to bounces against my position. I don't fret that--I have just accepted that that comes with the territory and is a necessary evil to my successfulness. Now, any other trades I make will be intraday and only used to supplement my income while I wait for the positional to unfold. Here with the positional short trades that I have on, I look for 1000 pips per contract or a reversal signal from weekly charts or an exceptionally strong daily chart reversal signal. :)
 
Quote from optioncoach:

nice fx shorts... :)
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Thanks Coach How have your trades been going? I know you called that rally in the Euro intraday the other day. Did you get most of that?
 
Hourly chart of Euro FX attached here. Just food for thought. I didn't trade it, I decided to just stay with the positionals and not stay up overnight. It's good to stay away from the market every once in a while. :)
 

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Again , I view the overnight action and this morning's action as a bounce or short squeeze. I will stay short for now. --Euro FX
 
Whenever there is a large spike in the hourly chart like today, it pays to drop down to lower frames such as the 5 and 15 minute and look for signs of fresh direction. It creates a unique situation where the 20 MA is still flat on the hourly but is steep on the shorter charts. These are many times ripe for reversal which can be viewed on the short charts even thought the MA is steep. Also, it is still 3 hours from what I call "dead market" so there is plenty of time for action (if daytrading) on the short charts.
 
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