Eur/usd

Also a good morning on USD weakness

peter44 said:
Long GBP/USD @ 1.7438
Click to expand...


Peter GreaT TRADING (myself included for once). I had not noticed your recent posts until now. But we seem to have had the same thoughts in mind.

I also felt the USD was going to retreat today and did something I rarely do and that was implement a number of correlated trades last night and this morning. Namely

Short usd swiss at 1,2952 (take out of low fo Friday evening star day) up +85 at the moment.
Long GBP USD 1,7445 (take out high of fridays morning star/ bullish hammer) +145 at moment.
Long Gold 425,65 up 1 dollar (+100) on Gold note the 3 time failure to take out 420,8 placed stop below
Long Aus Usd 0.7448 +30

Only Trade not gushing for me being long silver at 7.09 unchanged currently.

I am delighted with the morning as the USD seems to be retracing a fair bit, I am aware I do not blog these, so no gloating intended but glad to be riding along with Peter, although given the extent of the move i am still holding most despite some lock ins where size permitted.

For those wondering why not a bigger position in just short the USD index, the answer is I don't really know, apart from the fact each instrument though correlated appealed for some similar and some different reasons, I hope the entries proved useful, after a number of spinning top days stop order's placed at the limits of the hanging men/morning stars have got me into each trade, this may help candle entry guys.

Good luck to all, thanks for sharing a rare totally chuffed morning, in spirit intended! :)
 
Hi Peter,

First off, thank you for your postings - they make interesting reading......and well done on your profits - they cannot be argued with.

I think your live trading record proves a very important point though: you have to trade a strategy that suits your personality. I have to agree with an earlier post (from cecja I think) where it was mentioned that you let a trade go against you by -130 points before it eventually turned around for a profit of a lot less than this risk.

You obviously have a great deal of experience in this market to have the faith/knowledge that your -130 pips won't just get worse. The commonly quoted golden rule of "cut your losses short and let your profits run" seems to be one that you don't adhere to, and yet you still seem to be making excellent profits, so fair play to you.

The only thing I (and probably others like cecja) would fail to understand, is exactly WHEN would you take the loss? Surely if you have been trading since 1989, you must have come across the odd "freak" rapid price movement that would go severely against your position if you had no stop. That -130 points for example could go to -160, and then -200...........when exactly would you take the loss and move on?

Thanks once again for your postings. Look forward to your reply.


Cheers

Damian
 
Hi Damian,

Thank you for your posting.


All trades are treated differently. A single course of action for all trades would be preposterous. There are so many variables. I will and certainly do (see my other trade postings) cut a losing trade. When to close out a losing position or take a profit comes with experience (in my case) In fact it is almost second nature now. But what I have learned over the years is there is no such thing as a trading system. There is no magical signal that tells you when to enter or exit a trade.



Regards
 
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The Baptist said:
Peter GreaT TRADING (myself included for once). I had not noticed your recent posts until now. But we seem to have had the same thoughts in mind.

I also felt the USD was going to retreat today and did something I rarely do and that was implement a number of correlated trades last night and this morning. Namely

Short usd swiss at 1,2952 (take out of low fo Friday evening star day) up +85 at the moment.
Long GBP USD 1,7445 (take out high of fridays morning star/ bullish hammer) +145 at moment.
Long Gold 425,65 up 1 dollar (+100) on Gold note the 3 time failure to take out 420,8 placed stop below
Long Aus Usd 0.7448 +30

Only Trade not gushing for me being long silver at 7.09 unchanged currently.

-----------------------

I am delighted with the morning as the USD seems to be retracing a fair bit, I am aware I do not blog these, so no gloating intended but glad to be riding along with Peter, although given the extent of the move i am still holding most despite some lock ins where size permitted.

For those wondering why not a bigger position in just short the USD index, the answer is I don't really know, apart from the fact each instrument though correlated appealed for some similar and some different reasons, I hope the entries proved useful, after a number of spinning top days stop order's placed at the limits of the hanging men/morning stars have got me into each trade, this may help candle entry guys. Good luck to all, thanks for sharing a rare totally chuffed morning, in spirit intended! :)[/QUOTE

-------------------------------------------------------------------------------------------------------------------------------

Interesting. you have been active today Peter. I am definetly more position orientated. I am still holding on to my Dollar weakness trades of above.

Were you not tempted to ride that further, on what basis do you anticipate reversals? The GBP USD trade above is up another +180 pts today - Ausd +75 and +130 more pts on the short USD Swiss. They maybe about to turn but I would be intrested in what had you decide to short the euro so many times?






]
Click to expand...
 
The Baptist,

Hi I'm sorry your post is very long I don't really have time to look at it closely now. But are you asking what my Dollar positions/ and outlook are?


Oh I see Baptist, had a quick read now. That is indeed impressive. What size are you trading?
 
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