Fx futures Journal
- Thread starter Buy1Sell2
- Start date
I am a couple of days late here with this short. I haven't been paying attention recently because I have been focusing on daytrading. This is a problem with daytrading I think and I may just revert back totally to the swing and position trading with no charts less than 60 minute, so that I can keep focus on more markets and not miss signals. What it is, is being too active. Less is more in futures and I need to revisit that concept even with the experience that I have.
Attached is a chart of a classic triple bearish divergence on the Aussie that clearly shows that the market should have been shorted on the close Wed 01032007 at .7907. I am two days late here. I can't have that happen ever again. Feel free to comment on the chart.
Attached is a chart of a classic triple bearish divergence on the Aussie that clearly shows that the market should have been shorted on the close Wed 01032007 at .7907. I am two days late here. I can't have that happen ever again. Feel free to comment on the chart.
Just wondering, you attempted to buy the yen a couple times last month if I recall correctly -- why not now when it's finally showing relative strength? Would also be a good complement ("hedge" is such a dirty word around here) for your other shorts.
ps- you don't need to thank me for the questions, makes you sound like big gay al from south park.
It certainly showed strength on hourly charts Fri didn't it? I want to go long here, but I need to see a more clear picture in the chart. Attached is my daily chart where it's just not clear to me yet. I am just being cautious. I did manage to pick up 40 pips on the short side Wed using the hourly chart but did not trade the long side Fri.
I can see a double bottom with strengthening RSI, but I am not certain yet. I may take your suggestion with a stop below the potential double bottom, although I would rather buy on a stop above the reaction high on the chart. Let me give it some more thought.
The Yen chart that I just posted was the continuous chart. Attached here is the March Contract which has quite a different look to it with failure swings included. I think that your suggestion has merit and I will most likely buy on Sunday night and keep a stop below the low on the daily. The only issue is the large size of the Histogram trough which generally portends more weakness. I will need to be very careful here. I will pay special attention to the hourly chart for entry and exit until the daily shapes up a bit. Comments welcome
Well don't get me wrong, I am neither long or short yen as well, and don't really pay attention to technicals as much. But betting on further yen strength would for me translate into a bet on further depreciation of the commodity bloc, among other things. It would fit well with your other long dollar plays though.