traderman1
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Good to see you getting straight back on the horse. You are impressing some people here with your courage.
Good to see you getting straight back on the horse. You are impressing some people here with your courage.
Good to see you getting straight back on the horse. You are impressing some people here with your courage.
Thanks
Positions are modified as below:
(T08022) sell limit eurusd at 1.4335 deleted.
(T08021) sell eurusd at 1.4267 stop moved to 1.4335.
Trade well
(T08021) sell eurusd at 1.4267 stopped yesterday.
Yesterday candle is a bullish engulfing one, but I don't have a trade today. I don't see a good setup and eurusd is very erratic.
Trade well
Attachments
At the start of 2011 I decided to diversify my trading instead of only trading eurusd. At that time my trades were eurusd, audusd and usdjpy at the same time. For reasons I don't remember now, I stopped this practice. Now I want to re-start this practice. From now on, I trade both eurusd and audusd at the same time. Of course overall risk will be distributed between these two pairs considering strong correlation they have.
Today both eurusd and aud usd significantly sold, so I short both of them. Stoploss will not be based on yesterday candle high because of long candle.
Here are the positions
(T08051) sell eurusd at 1.4093, s/l: 1.4268, t/p: 0.0000 (0.125*MR)
(T08052) sell limit eurusd at 1.4151, s/l: 1.4268, t/p: 1.3927 (0.125*MR)
(T08053) sell audusd at 1.0456, s/l: 1.0644, t/p: 0.0000 (0.125*MR)
(T08052) sell limit audusd at 1.0525, s/l: 1.0644, t/p: 1.0287 (0.125*MR)
MR stands for Maximum Risk which is 1%. Therefore, position size of T08051 is based on 0.125% risk. So if all of above positions hit s/l I lose 0.5%.
Trade well
Today both eurusd and aud usd significantly sold, so I short both of them. Stoploss will not be based on yesterday candle high because of long candle.
Here are the positions
(T08051) sell eurusd at 1.4093, s/l: 1.4268, t/p: 0.0000 (0.125*MR)
(T08052) sell limit eurusd at 1.4151, s/l: 1.4268, t/p: 1.3927 (0.125*MR)
(T08053) sell audusd at 1.0456, s/l: 1.0644, t/p: 0.0000 (0.125*MR)
(T08052) sell limit audusd at 1.0525, s/l: 1.0644, t/p: 1.0287 (0.125*MR)
MR stands for Maximum Risk which is 1%. Therefore, position size of T08051 is based on 0.125% risk. So if all of above positions hit s/l I lose 0.5%.
Trade well
Attachments
Woooow.......... tough days .........
Positions status:
(T08051) sell eurusd at 1.4093, s/l: 1.4268, t/p: 0.0000 (0.125*MR)
s/l hit
(T08052) sell limit eurusd at 1.4151, s/l: 1.4268, t/p: 1.3927 (0.125*MR)
activated and s/l hit
(T08053) sell audusd at 1.0456, s/l: 1.0644, t/p: 0.0000 (0.125*MR)
Closed at 1.0463
(T08052) sell limit audusd at 1.0525, s/l: 1.0644, t/p: 1.0287 (0.125*MR)
Activated and closed at 1.0462
Have a nice weekend
Hope the Euro will start trending again soon
That's one of the reasons that I started to diversify my trading. Take a look at the daily chart of USDCHF which usually has negative correlation with EURUSD. Beautiful downtrend, while EURUSD is range bound. Of course diversification is a double-edged sword and can (will ?) minimise profits also.
Congratulations on your new account and good luck.
audusd had a big drop today, of course I'm late, but I sell it. For euro it is still a mess. I prefer to have a sell stop entry. So, positions for today:
(T08091) sell audusd @ 1.0188, s/l: 1.0461, t/p: 0.0000 (0.25 x MR)
(T08092) sell limit audusd @ 1.0278, s/l: 1.0461, t/p: 0.9912 (0.25 x MR)
(T08093) sell stop eurusd @ 1.3990, s/l: 1.4190, t/p: 0.0000 (0.25 x MR)
Trade well
(T08091) sell audusd @ 1.0188, s/l: 1.0461, t/p: 0.0000 (0.25 x MR)
(T08092) sell limit audusd @ 1.0278, s/l: 1.0461, t/p: 0.9912 (0.25 x MR)
(T08093) sell stop eurusd @ 1.3990, s/l: 1.4190, t/p: 0.0000 (0.25 x MR)
Trade well
Attachments
Both audusd trades closed at 1.0347. No trade for today. eurusd is still in its range of 1.4000 - 1.4500. But I'll keep eurusd sell stop in place.
Trade well
traderman1
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You have been getting a beating this month. But don't give up. You are going through what is often called a bad spell. But you are impressing some people here with your courage.
PS I was surprised that you decided to Sell the audusd when it was as low as it was. It was easily due for a dead cat bounce after its rapid and steep drop in the previous couple of days. It had dropped almost 10% in a couple of days by the time you wanted to get into the trade. You were easily too late on reacting to that trade.
PS I was surprised that you decided to Sell the audusd when it was as low as it was. It was easily due for a dead cat bounce after its rapid and steep drop in the previous couple of days. It had dropped almost 10% in a couple of days by the time you wanted to get into the trade. You were easily too late on reacting to that trade.
Based on yesterday's price action, I'm going to short audusd again.
(T08111) sell audusd @ 1.0184, s/l: 1.0428, t/p: 0.0000 (0.25 x MR)
(T08112) sell limit audusd @ 1.0271, s/l: 1.0428, t/p: 0.9957 (0.25 x MR)
No trade for eurusd but (T08093) sell stop eurusd is still in place.
Trade well
(T08111) sell audusd @ 1.0184, s/l: 1.0428, t/p: 0.0000 (0.25 x MR)
(T08112) sell limit audusd @ 1.0271, s/l: 1.0428, t/p: 0.9957 (0.25 x MR)
No trade for eurusd but (T08093) sell stop eurusd is still in place.
Trade well
Attachments
You have been getting a beating this month. But don't give up. You are going through what is often called a bad spell. But you are impressing some people here with your courage.
Thanks
You are right, today I was thinking that sometimes I'm too late when I enter a trade. I'm thinking about this problem and hopefully I will try some alternate entry methods/setups to see how can I improve on this.
Trade well
traderman1
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As discussed on p21 of this thread, you are using discretionary entries. They are too influenced by personal emotions. Greed and fear.
Try to use a more Support and Resistance based entry.
eurusd
eurusd is still in its ugly range. No trade but sell stop is still in place.
audusd
Thursday price action was bullish. I won't go long since downtrend is still intact. Both sell orders are in loss right now.
Trade well
Attachments
traderman1
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Hello everyone,I am new here and I need your help, I am getting into currency carry trade strategy and wondering if you could tell me how to do a benchmark of several currencies considering 3month reference rate, which rate should I take LIBOR or National Banks interest rate??? For instance I would like to see the development of NOK from March 09 to MArch 2010, so I took the data from here http://www.norges-bank.no/en/price-...e-rate-monthly-average-of-daily-observations/ and made the average from March 09 until March 2010 and I got the result rate 2,29 and then here goes my Question do I need to count off any 0,25% to get the reference rate??? Iam super confused, can anyone pls help me???? THANK YOU!!!!
audusd closed at 1.0353 on Friday. Both audusd short positions are left open over weekend. Let's see what happens when market opens.
You have posted your question in wrong thread. Maybe you should post your question by creating a new thread in this section.
