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FXWave Old Dog Trading Journal
- Thread starter FXWave
- Start date
Quote from FXWave:
Trade 2
EUR/USD Short
Closing 1/4 of overall position or 1/2 of remaining position @ 1.3226
With Fed speak tomorrow and todays moderate gains; I am securing some profit as tomorrows volitility could stop us out.
Trade 2 pip tally
1st 1/2 position: 26pips
1st 1/4 position: 84pips
final 1/4 position: breakeven or profit or add back to position?
Quote from FXWave:
08-02-10 04:34 PM
I am looking at a potentially overbought EUR/USD. I like the 8/11 date for a potential reversal point. The charts currently look near complete and due a retrace; yet they also look good to test the highs further and if the 8/11 date has any validity then a week of higher to sideways pricing might be just what the "top-doctor" has ordered. Stocks also look good for some further testing of the highs as they just stepped into the right territory to conveniently "bust" some stop orders.
hope that helps your perspective Petsamo---I look to post some charts and some short termed currency trade setups this week and maybe a bigger pictured trade next week.
The above illustrates my perspective going into this week. I have been focused on the 8/11 as an ideal turn date; while I have been taking early stabs at shorting the GBP/USD and EUR/USD as the EW patterns are complete and the highs have been tested.
While both trades have proved to be profitable; the trades advanced further than I anticipated they would without a significant followup retracement; so gains were not fully capitalized.
I have posted a chart below that includes my EW counts and my expected retracement targets.
Attachments
"With commodities getting hit; the Auzzie is vulnerable even to the weak Euro. Our position size is half our average size on this trade as this is a trend reversal trade on a grand scale so we intend to add to position if conditions warrant. The pair is severely oversold and the technicals are showing multiple simultaneous extensions and thus is indicating that a rebound is in order. The Fibonacci's are also harmonizing on multiple timeframes so we look to take an early stab at a potentially massive rebound. We are still cautious and are not willing to risk too much as further testing of the low is always a possibility."
entry: 1.4282
stop: 1.4250
target: 1.4648
entry: 1.4282
stop: 1.4250
target: 1.4648