Forex trading live calls and set ups

I am thinking of closing this thread (Beachtrader voted a No)

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Decided to close short eu. I originally wanted to hold for the 1.42 area but I have since changed my mind because I don't feel very confident about the data coming out of Germany today and also it is getting closer to the bigger releases this week. Typically I hate holding a position from Wednesday through Friday on nfp weeks. Happy with my exit at 1.4373 which is testing a level of support. out for +112.
 
L0ck_St0cK_B0LL0cks said:
Decided to close short eu. I originally wanted to hold for the 1.42 area but I have since changed my mind because I don't feel very confident about the data coming out of Germany today and also it is getting closer to the bigger releases this week. Typically I hate holding a position from Wednesday through Friday on nfp weeks. Happy with my exit at 1.4373 which is testing a level of support. out for +112.
Click to expand...

Good points, got 2 shorts on the Euro atm, waiting to hit 200MA and S2..price came within 3/4 pips of the 200 (using 2 HR TF)..:rolleyes:
 

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Black Swan said:
Good points, got 2 shorts on the Euro atm, waiting to hit 200MA and S2..price came within 3/4 pips of the 200 (using 2 HR TF)..:rolleyes:
Click to expand...

Profit limit hit for 125 on first trade..could be heading for S2 now on trade 2..
 

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Black Swan said:
Profit limit hit for 125 on first trade..could be heading for S2 now on trade 2..
Click to expand...

Second trade closed for +122. Experience suggests HA 'candles' such as this are followed by a major retrace on the day..watch how price now smashes through S3 ;)

+247 for the two..Reckon that's it for me this week. 2 trades, 2 winners, quieter (less stressful) trading life..
 

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Nice going, I'm more than likely done for the week too. I try find one to two of these a week, i don't always get them and have to wait for the following week. It's a nice way to earn extra cash while working. I don't know if I could ever sit at home with a strategy like this. Will more than likely get bored which will lead to over trading.
 
L0ck_St0cK_B0LL0cks said:
Nice going, I'm more than likely done for the week too. I try find one to two of these a week, i don't always get them and have to wait for the following week. It's a nice way to earn extra cash while working. I don't know if I could ever sit at home with a strategy like this. Will more than likely get bored which will lead to over trading.
Click to expand...

There are huge benefits to swing trading but imho one of the biggest mental hurdles for folk to overcome is holding trades overnight, particularly if (similar to this morning) there is a minor retrace in the early hours..folk can easily get spooked first thing once their platform/charts loads.

Retail trading has to be a lifestyle choice, very easy to adapt a simple strat to suit the lifestyle be it; day trading, swing or position..As for over trading that's a rubicon we all have to cross, some of us many times before it finally sinks in just how pointless an exercise it can be.
 
Black Swan said:
Second trade closed for +122. Experience suggests HA 'candles' such as this are followed by a major retrace on the day..watch how price now smashes through S3 ;)

+247 for the two..Reckon that's it for me this week. 2 trades, 2 winners, quieter (less stressful) trading life..
Click to expand...

I can see you are a keen pips collector (like always).(y)
I'm not using HA candles, but must say I like to see when there is a first round one (without wicks) - something like Dino's system.

PS Like PSARs - may start experimenting together with HAs
 
EU - a possible reversal? Could be a good play - would hit a lot of stop losses on the way.
Just observing at the moment.
 
bedsit said:
I can see you are a keen pips collector (like always).(y)
I'm not using HA candles, but must say I like to see when there is a first round one (without wicks) - something like Dino's system.

PS Like PSARs - may start experimenting together with HAs
Click to expand...

PSAR is useless solo..use it to move stops but as 'entry and exit' it's a joke imho..

HA is fine, look at the daily of the Euro yesterday..

Only trading the Euro atm, aiming for the trades that give up circa 300 pips by entering off the 2HR then the 4HR, same position size/risk on each trade. I've taken 6 (combined) full trades over the past 3/4 weeks, only one loser..
 
Black Swan said:
PSAR is useless solo..use it to move stops but as 'entry and exit' it's a joke imho..

HA is fine, look at the daily of the Euro yesterday..

Only trading the Euro atm, aiming for the trades that give up circa 300 pips by entering off the 2HR then the 4HR, same position size/risk on each trade. I've taken 6 (combined) full trades over the past 3/4 weeks, only one loser..
Click to expand...

You may succeed in persuading me to give up 15 minute time frame eventually. Leaving trades overnight is not my favourite though.
 
bedsit said:
You may succeed in persuading me to give up 15 minute time frame eventually. Leaving trades overnight is not my favourite though.
Click to expand...

What suits one trader's psyche is totally inappropriate for another's. A lot of day traders do their thing very well; bag their circa 30 pips/300 quid for the day, switch off and do something else..it's just not me. Besides, I'm far too busy with other industry related stuff atm and if I'm honest it's where I see my future (hopefully)..
 
bedsit said:
EU - a possible reversal? Could be a good play - would hit a lot of stop losses on the way.
Just observing at the moment.
Click to expand...

I don't know - maybe I should stick to what I see rather than what I think. Can't see long opportunities (unless there is a PMI surprise). Short on the other hand has some space to move. If I go for a short I would put stop above 50% Fibonacci level.
 

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