11-13-2011, 01:59 PM
Yep, I also agree fury. I won't be touching this money...as it's not the least bit necessary for me to meet my needs (my other trading acct. does that just fine)
Originally Posted by fury
this is just an envelope pushing, personal challenge. Still it'll be intersting no matter what...and it'll make my day if i can get this to a level that one could actually live respectably off of.
11-13-2011, 02:00 PM
it'll close if i lose huge amounts too
Originally Posted by leandar
for some reason, i'm not worried one way or the other.
11-13-2011, 09:33 PM
Ok all... I will be updating this thread with all the current totals for the last 2 weeks.
Right now, long eur/usd at 1.3759.
20 pip stop
40 pip target
11-13-2011, 09:40 PM
Won't make 1.3799... counter on the daily? Asian range not that high? But good hunting!
EDIT: My longer short is at 1.3783.
Last edited by R Carter; 11-13-2011 at 09:46 PM.
11-13-2011, 10:03 PM
eur/usd long at 1.3759
primary reasons to take the trade:
Gap fill trade from the weekend. Price filled the gap, and although is yet to move up much from the close of the market on friday.
volume and price action on a 1 minute TF and 5 min TF indicate that sellers are running out, and buyers are still interested
at this price.
Was a little nervous entering this trade for the following reasons:
it's the asian session, and not my typical trading time.
I'm taking a long trading while price is currently in a daily demand zone
I know that price always pushs to size. Size is above current price...but fairly decent size is also below current price.
I'm going long somewhat in the middle of a "liquidity sandwich". This is not the ideal place to take a long trade.
secondary Reasons I decided on taking the trade.
I have a long bias on eur/usd for this evening.
the size closest to current price is the size above. This will tend to act as a magnent on price.
we have a psychological number: 1.3800 within that liquidity block (starting around 1.3800 and moving up to about 1.3820)
there is a minor liquidity gap between around 3760 up through about 3785.
high probability of making at least 1R
Believe london will likely push up into liquidity before pushing down...before pushing back up. This is a
bit far fetched to call out like this, and I should restrain myself from this type of thinking...as it can lead
to overtrading and overconfidence.
more on this trade as it progresses.
11-13-2011, 10:08 PM
Live Trade Psych journaling -
Feeling a bit nervous, price pulled back against me a few pips. Nothing to be concrned about. Actually, nothing to be concerned about
regardless of being stopped out, or targeting. Do not enjoy the slow volatility of the asian session the sunday market opens (sunday for me)
interest seems to be flowing to the long side... it seems that slightly more aggressive buying is picking up. it is currently 6:55 pm (18:55 my time)
wasn't sure about taking some profits at 1:1...now I know I will do that (or close to it). However, still not comfortable making this decision this
late in the trade. Will work out some sort of exit or trailing stop strategy for these types of trades (actively managed, short term trades)
Something more mechanical, before the start of trading tomorrow.
Starting to feel more confident about this trade. almost too confident. I seem to have momentarily forgotten that it could indeed stop out for
a 0.35% loss. Will absolutely take some profit off around 1:1, if it is reached.
11-13-2011, 10:19 PM
Well reasoned as always. Asian is typically rangebound. I see nothing wrong with your trade looking to the 1h. Looking to the daily I see short bias. I trade off 4h and daily and as of yet see nothing of significance on my TF's at least that point north. But as I say, good hunting.
11-13-2011, 10:21 PM
Feel like I have more riding on this trade than i usually do on most of my trades. I think it's primarily due to the very public nature of this typically very private activity. Funny thing Is, I have 1 contract on in the 6E futures (did have 2, covered 1 at + 10 ticks), and I nearly forgot I had it on.
an open position with $200 of unrealized profit, and I forget about it, but I cant take my eyes off the screen where a win or loss will increase or decrease my net worth by a whopping $3.50.
It has to be the public nature of this project. I need to take it a bit easier than I am. I tend to run a bit more intense than the average person...but that is not going to work to my benefit if i can't relax more.
And speaking of the trade... PA is starting to look a bit toppy here.. like we might roll over to the downside. but, the volatility and volume are both so low, I don't think it's worth me trying to read into. Something like reading the cover of a very old, very weatherbeaten book.
Definately not very comfortable with this trade ATM.
But, per my written rules, i will follow them as I set up. Also, this journal should provide me any insights necessary to
improve my trading plan and rules, so to be better prepared every single day for the next day.
P.S. btw...closed the 2nd contract out on 6E for 5 ticks profit... up almost $200 in my primary account tonight. lets see what happens here...what this thread is all about.
11-13-2011, 10:28 PM
R Carter....my suspicion is the light volume pre-asian and where price traded during that time (primarily between 1.3775 and 1.3815), stacked on the higher volume closing price of friday...plus this current asian session between 1.3775 - 1.3755 gives me reason to believe this will break up before it breaks down.
Originally Posted by R Carter
Liquidity is a bit of a ways to the downside. Easier (cheaper) for a large institution to put a short squeeze on, pop stops and resting buy orders above 1.3810-1.3815, and fill their order at a higher price, without slippage....
IMO...if they want down, they will be better off pushing it up before they push it down.
if the want up....well... cool
But... again... who knows right. this is trading.
11-13-2011, 10:31 PM
stop moved to BE on this trade. on the off chance it pushes back down before continuing up. well...i guess i get stopped out and miss a profitable opportunity.
however, if it pushes down and keeps running... glad i didn't lose.
from right about here...1.3773, it's either going to break up to my first target of 1.3779, or it's going to likely retest the lows.
no point in chancing loss when a retest likely means failure, and i'm so close to first target anyway.
risk free...sounds good to me.
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