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LouDogg's Spot Forex Trading Journal
- Thread starter LouDogg
- Start date
Yes, I do agree with you about being ready to act when big announcements come. I haven't been able to convince my job the same though. Still, there should be some interesting things happening in the next few days. Better to lose an opportunity than manage it poorly.
As to your question on another thread concerning why using Pivots or the parabolic SAR in conjunction with MA's could help, it is twofold. The first is that they are derived directly than MA's, so they reflect the same information in a different way. The second is that by using both sets of information related in different contexts, the best of both indicators can be had, leading to better entries and exits. Well, that is the hope.
My personal feeling is that TA tools just provide a framework to view prices. They do not predict anything themselves. Sometimes, when using only one indicator or several derived from the same methods, it can create a kind of tunnel vision that prevents me from making good decisions. So, I try to use a variety of different indicators to give myself as textured a picture of the market as possible. My max at anytime is 4 because I am not clever enough to handle more.
Sorry to let this drone on, but I though your question deserved a reasonable answer. Now, I am back to the markets.
As to your question on another thread concerning why using Pivots or the parabolic SAR in conjunction with MA's could help, it is twofold. The first is that they are derived directly than MA's, so they reflect the same information in a different way. The second is that by using both sets of information related in different contexts, the best of both indicators can be had, leading to better entries and exits. Well, that is the hope.
My personal feeling is that TA tools just provide a framework to view prices. They do not predict anything themselves. Sometimes, when using only one indicator or several derived from the same methods, it can create a kind of tunnel vision that prevents me from making good decisions. So, I try to use a variety of different indicators to give myself as textured a picture of the market as possible. My max at anytime is 4 because I am not clever enough to handle more.
Sorry to let this drone on, but I though your question deserved a reasonable answer. Now, I am back to the markets.
These are the trades I had for yesterday. Nothing impressive. Right now I am uncertain of the immediate general direction of the Euro/USD.
Bought 3 lots at 1.2358
Sold at 1.2360
gain of 2 pips, $60
Bought 1 lots at 1.2354
Sold at 1.2362
gain of 8 pips, $80
Bought 1 lot at 1.2375
sold at 1.2375
wash
Sold 1 lot at 1.2374
Bought at 1.2374
Gain 1 Pip, $10
Sold 3 lots at 1.2380
Bought at 1.237
Gain of 4 pips, $120
Total: 14 pips, $270
Normally, I really don't like going after small moves like these just because it is way to easy to caught on the wrong side of a big move. But, sometimes you have to adapt your strategy to the conditions you are working in.
Bought 3 lots at 1.2358
Sold at 1.2360
gain of 2 pips, $60
Bought 1 lots at 1.2354
Sold at 1.2362
gain of 8 pips, $80
Bought 1 lot at 1.2375
sold at 1.2375
wash
Sold 1 lot at 1.2374
Bought at 1.2374
Gain 1 Pip, $10
Sold 3 lots at 1.2380
Bought at 1.237
Gain of 4 pips, $120
Total: 14 pips, $270
Normally, I really don't like going after small moves like these just because it is way to easy to caught on the wrong side of a big move. But, sometimes you have to adapt your strategy to the conditions you are working in.
I am always interested in new approaches. The tools themselves really don't matter as much as the approach one takes with them. I have tried using the RSI before but got turned off to it after being burned a few too many times. Right now, integrating a MA 50 along with the rest of my set up. What I am trying to do now is concentrate more on longer term trades. It definitely requires a different mentality.
Right now the Euro/USD is trading around 1.2280. I decided (maybe foolishly) to ignore my stop at 1.2230 and wait this one out. I still feel we will see it drop into 1.20 soon.
We'll see
Right now the Euro/USD is trading around 1.2280. I decided (maybe foolishly) to ignore my stop at 1.2230 and wait this one out. I still feel we will see it drop into 1.20 soon.
We'll see