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Swing trading the FX
- Thread starter chesstrader
- Start date
I am reading yur journal and so far I found very sound trading principles and I like the way you analyse the markets !!!!
However, don't yoiu think it is dangerous to trade simulataneously equities and FX since it will require from you more work????
You said you were a mechanical trader? so basically discretion has no place in your trading????
However, don't yoiu think it is dangerous to trade simulataneously equities and FX since it will require from you more work????
You said you were a mechanical trader? so basically discretion has no place in your trading????
Yes discretion has no bearing on my trading. I focus on research rather than trading leaving that to my computer. However, I do believe in discretionary analysis of the markets and do take part in it as you can see from some of my posts.
I do not think its dangerous as I had a lot of free time over the summer to simultaneously cover both areas. However, after I liquidate some of my current equity position I plan on strictly focusing on FX while playing the rare merger arb play out there.
I do not think its dangerous as I had a lot of free time over the summer to simultaneously cover both areas. However, after I liquidate some of my current equity position I plan on strictly focusing on FX while playing the rare merger arb play out there.
Basically it is plan the trade and trade the plan and you are perfectly right This is how it should be done!!!
Hi ct,
As a matter of fact, I just opened up an FX account a couple of wks ago and starting trading a strategy similar to what you're talking about, just basic swing trading using s/r, tl's, and some Wyckoff price/volume principles, using the currency futures for volume.
Basically my plan is to do the bulk of my analysis on the wknd, looking at the daily and wkly, looking for potential setups, profit-targets, and stop-loss points. Then drop down to the hrly for my entries during the week.
One of the things I like about FX is, since several of the major pairs seem to be highly correlated, one can look for the best setup and profit potential of the pairs.
For instance last wk on the Eur daily after it failed to react back to the bottom of the range following a reaction on wide spreads but lower vol, Wed a wide spread up closing on the high on the highest vol in a weeks. On the hourly late-Wed/early-Thurs there was a very shallow reaction that went sideways on very narrow, contracting spreads that formed a small apex (triangle) and was a nice entry point.
Currently the daily is at the 200d ema and the Aug 12 highs, providing some resistance. The hourly is forming another apex on narrowing spreads.
H
As a matter of fact, I just opened up an FX account a couple of wks ago and starting trading a strategy similar to what you're talking about, just basic swing trading using s/r, tl's, and some Wyckoff price/volume principles, using the currency futures for volume.
Basically my plan is to do the bulk of my analysis on the wknd, looking at the daily and wkly, looking for potential setups, profit-targets, and stop-loss points. Then drop down to the hrly for my entries during the week.
One of the things I like about FX is, since several of the major pairs seem to be highly correlated, one can look for the best setup and profit potential of the pairs.
For instance last wk on the Eur daily after it failed to react back to the bottom of the range following a reaction on wide spreads but lower vol, Wed a wide spread up closing on the high on the highest vol in a weeks. On the hourly late-Wed/early-Thurs there was a very shallow reaction that went sideways on very narrow, contracting spreads that formed a small apex (triangle) and was a nice entry point.
Currently the daily is at the 200d ema and the Aug 12 highs, providing some resistance. The hourly is forming another apex on narrowing spreads.
H
HC,
This is great .... I am glad to hear that... I will open a new journal on Fx trading in which I will put my analysis of the Fx market my trading plan and my game plan and what I intend to do!!!!
I think the market offers really great set ups using those time frames now the thing is to know if the hourly chart will do fine or if we have to use the 15 mn to have a better view of the market ...
Moreover I noticed that the 2 hours and 4 hours charts could give very good set ups (double bottoms divergences) that are not present on the daily chart but that are on a longer time frame than the one hour which means that their signals are much more powerful..
CT
This is great .... I am glad to hear that... I will open a new journal on Fx trading in which I will put my analysis of the Fx market my trading plan and my game plan and what I intend to do!!!!
I think the market offers really great set ups using those time frames now the thing is to know if the hourly chart will do fine or if we have to use the 15 mn to have a better view of the market ...
Moreover I noticed that the 2 hours and 4 hours charts could give very good set ups (double bottoms divergences) that are not present on the daily chart but that are on a longer time frame than the one hour which means that their signals are much more powerful..
CT
Hey ct,
Not sure what you mean exactly. One of the things I watch for is convergence of s/r, so when an important ma like the 200d is also at/near previous price resistance, I look for a pause for the cause. The Sept Euro closed exactly at the now flattening 200d ema and is sitting on the 8/12 high, and the hourly seems to be consolidating in preparation, I think, for another rally.
I look at the wkly just to get a gauge of the longer-term trend and price behavior.
H
Not sure what you mean exactly. One of the things I watch for is convergence of s/r, so when an important ma like the 200d is also at/near previous price resistance, I look for a pause for the cause. The Sept Euro closed exactly at the now flattening 200d ema and is sitting on the 8/12 high, and the hourly seems to be consolidating in preparation, I think, for another rally.
I look at the wkly just to get a gauge of the longer-term trend and price behavior.
H
hc,
I also believe that the Eur is bullish but I think it may correct in the shot term for me the move has gone too fast and too quick and I am looking for a retracement or at least a biggest consolidation before entering long but on a medium terme basis I am bullish...
I also believe that the Eur is bullish but I think it may correct in the shot term for me the move has gone too fast and too quick and I am looking for a retracement or at least a biggest consolidation before entering long but on a medium terme basis I am bullish...