Trading EUR/USD Daily Hi & Lo

Quote from JSSPMK:

Now Short 1.3528 £8 per pip
(Reverse order 1.3790 £16 per pip)

135 pips required to break even
185 pips required for +2%
235 pips required for +4%
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Changing Reverse order to 1.3660 (red tick on chart). Main reasons for tightening reverse/stop are:

Technical signs of oversold conditions seen via RSI grail, MACD Histogram points to strengthening price action, price at lower band on Bollingers, EUR bounced of 61% Fibs beginning March 09 - end November 09, Weekly bar closed with a Doji within a bearish trend & after the FED's discount rate increase announcement. Selling ranges have been tighter last couple of breakdowns.

I believe this will be just a bounce, so no prisoners will be taken & I will be looking to book in profit as soon as price either starts trading near upper Bollinger band or starts to weaken (failure swings).

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2740148>
 

Attachments

-132 pips (-£1,056)

Now Long 1.3660 £16 per pip
(Reverse order 1.3440 £32 per pip)

134 pips required to break even
156 pips +2%
181 pips +4%
 
JS, I guess you thought that 3660 was a breakout, look at an hourly chart that goes back to 02/02/10 and see how many false breakouts you can find from consolidations. We are in a strong daily downtrend and going long is not a good idea unless on a very short time frame and possibly range trading. You may want to look at tightening your stops also.


The Ever One To Grow On VIPER
 
Quote from TradeViper:

JS, I guess you thought that 3660 was a breakout, look at an hourly chart that goes back to 02/02/10 and see how many false breakouts you can find from consolidations. We are in a strong daily downtrend and going long is not a good idea unless on a very short time frame and possibly range trading. You may want to look at tightening your stops also.


The Ever One To Grow On VIPER
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I think you have misunderstood the method, holding period does not need to be intraday, I am not using hourly charts, based on hi lo of daily bars. Resolution is near for current series of trades. I am more interested in range expansion either way.
 
Quote from JSSPMK:

-132 pips (-£1,056)

Now Long 1.3660 £16 per pip
(Reverse order 1.3440 £32 per pip)

134 pips required to break even
156 pips +2%
181 pips +4%
More...

Actually, I have no idea what you just said, of couse I am just a dumb redneck :D

What I saw was a long at a high, a 132 pip drawdown and longs in a overall downtrend. But since everyone has their own way of trading, I am sure you will be OK.

The Ever Watching VIPER
 
Quote from TradeViper:

Actually, I have no idea what you just said, of couse I am just a dumb redneck :D

What I saw was a long at a high, a 132 pip drawdown and longs in a overall downtrend. But since everyone has their own way of trading, I am sure you will be OK.

The Ever Watching VIPER
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I doubt you are a dumb redneck. In the current series of trades there were
both long and short trades. Sometimes trading breakouts I will have the unfortunate pleasure of buying tops and selling bottoms, shit happens.
 
Quote from JSSPMK:

Hourly chart possible IHS forming, could provide foundation for a bounce to 1.4
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JS, whats up?
I commented on the 1 Hr because I thought you were using this time frame as part of your observation/quantification process. I also noted one of your comments that you took note of some Fundy's.

Please don't misunderstand I am not being harsh, and in reality you may be able to incorporate just these two elements to help in your consistency. Also my comment on your stops was based on the generality that "traders in general" have problems sitting on a negative P/L, and this can cause mental/emotional mistakes. I'm not saying this will happen to you, I'm just saying :D. Oh by the way the Helicopter speaks today so be careful out there.

The Ever Observant VIPER
 
Quote from TradeViper:

JS, whats up?
I commented on the 1 Hr because I thought you were using this time frame as part of your observation/quantification process. I also noted one of your comments that you took note of some Fundy's.

Please don't misunderstand I am not being harsh, and in reality you may be able to incorporate just these two elements to help in your consistency. Also my comment on your stops was based on the generality that "traders in general" have problems sitting on a negative P/L, and this can cause mental/emotional mistakes. I'm not saying this will happen to you, I'm just saying :D. Oh by the way the Helicopter speaks today so be careful out there.

The Ever Observant VIPER
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oh yes, in that case you are correct at giving me a digispank, I could have been long at the time based on daily range and wanted some love & support from a younger brother :)

As far as Mr dollar chopper is concerned, I think I am ready for him. Thanks for being so observant

:cool:
 
Possible DB on Daily chart, indicators are pointing to a bounce. Break of 1.3440 ought to send EUR/USD down breaking current congested zone.
 
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