FX Trade Setups, Entries, Management and Exit

[Splitlink]

Paper profit -14. If it runs back 50% I'll try to close. I don't like stops much, they seem to bring me bad luck! I've still got the original 20 point stop in place

 

[scholfield]

Yes, today oil trading has been quite good so far. Not much heat on any of my trades which I love!
Problem will be doing it again tomorrow and the next and the next!

I find days where I do well, almost as frustrating as losing days! They give me false hope that i'm getting somewhere and then I get brought back down to earth the following day!

Tougher day so far on oil for me, as expected.
I had the trend as up in the morning, and so was really just looking for long signals, and but looking back at the days action now, it's no wonder it was tough finding good long entries, as we've been heading down all day!

Lots of times, having my bias/trend, and only trading in that direction helps me. Days like today it definitely hurt, especially as I could see lots of potential short trades that I felt I had to ignore.

I might run an experiment with trading without any bias/longer term trend view

 

[Splitlink]

It went to +20 points and then back quickly to +15. I closed at 99.346 +14.

 

[Liquid validity]

Do you know if there's any good free data on EURUSD spot rather than future? I downloaded the free ninja data, but it's a two or three pip spread, i.e. it's more realistic to use the future. I used to record myself when I used MB trading. I did suggest ages ago that sites like Trade2win keep an archive, but wasn't sure on legality of this.

http://marketreplaydata.com/
Don't forget that link has FX futures as well,
6A 6B 6C 6E 6J & 6S
http://datasuite.cmegroup.com/dataS...ctCode=6E,6J,6B&exchange=XCME&selected_tab=fx
Check futures spread and adjust per unit comms to
take into account the spread of the broker you trade with.
Set comms minimum to zero,
Then set comms level:
Unit = 1
Comms = per side cost(2.50 base as example) / 100000
= 0.000025 - enter that figure as comms level for 1 unit.

Then adjust that figure to account for typical spread,
i.e. LMAX, say 0.4 EU typical, 6E spread is 1 tick.
So comms set to zero will be close enough to LMAX.

 

[Purple Brain]

eur/cad setting up for a long. Stop will be at 3883, 10 pips below weekly R3 and yesterday's low and just on the monthly pivot point.

 

[Purple Brain]

I thought gbp/jpy was also setting up for a long, as if it did signal, it would be from a higher low at around 159.30, but if I'm interpreting momentum correctly, it doesn't have the legs at the moment.

 

[Purple Brain]

eur/cad - closed below 49 average. Off watch-list. It'll possibly find support at 3887 and maybe move up from there, but rules are rules.

 

[Splitlink]

Morning. Purple Braiin, nice to see you back after yesterday's absence.

 

[Purple Brain]

Morning. Purple Braiin, nice to see you back after yesterday's absence.

Thank you splitlink. I was looking in from time to time, but had the day shift so couldn't trade.

 

[Splitlink]

GBP/US looks firm, to me, on 30 min charts averages so I entered entered long at 0945 level 1.60559 with hard stop of 20 points.

 

[Splitlink]

Well, I was wrong! Out for -16.

 

[Splitlink]

I'm going yto try again but on Footsie. It seems a little more friendly, to me.

 

[Purple Brain]

Cable is a real mixed bag on the 15 minute chart. I view the underlying as up, but the big boost up from the Wednesday evening US data event has skewed any chance of a sensible analysis for me.

 

[Purple Brain]

eur/aud potential long.

 

[Purple Brain]

gbp/aud potential long.

 

[Purple Brain]

gbp/aud only recently turned up from a down bias to up (by my analysis). If it finds support at 6983 which is today's open it should also coincide with the 49 average, which would be of interest. I would place a long stop at 6943 which is 10 pips below the daily pivot point, below the half-century, below weekly & monthly S1s and today's low. That's going to be a relative big stop at around 40-60 pips, but I can trim my position size to maintain my standard risk.

If I do go in long, I'll be looking at a primary target of 7070 just short of the weekly pivot point and a slightly better than 1:1 R:R. But I'll also be looking for any hint from price action on the way that either my bias is wrong or my assessment of strength to reach target is wrong and I'll bail out.

 

[Purple Brain]

gbp/aud if it comes off the experimental 17 average - which is what it seems to be doing right now - under normal circumstances, I'd go in on quarter size. But given the stop size will be even bigger if I go in at a higher level on a quarter of an already rather small position, it just isn't worth the mental energy to manage the trade, in which case I'll pass.

 

[Purple Brain]

gbp/aud - got the entry setup and signals, but with a 73 pip stop on quarter size I'd been down to £50/pip - not worth it.

 

[scholfield]

And todays oil trading.
I'll stop cluttering this thread with my oil charts soon. Promise.
Might start my own little thread. Hopefully I'll then get input from those 'in the know' which
might help me improve!

OK-ish day.
Removed my trend/bias filter today. Took trades without consulting with the higher Timeframe trend. Anything went! long...short.....

Ended up +34 ticks.
My 2nd short could have given me another chunk of the move, but I closed too early.

 

[Purple Brain]

usd/chf providing a perfect example of what I like to see - the complete absence of anything immediately tradeable. It's the ones that look like they're behaving well that cause the grief.

That's not to say usd/chf won't start looking like a champion any time soon, but it would be delightful if it was always as clear cut as this one right now.