I’m not going lower than 1h as PA has been predictably bouncing between the 5:1 & 10:1 in an uptrace on GU.
Quad witching huh… thought I caught a glimpse of the mother in law fly past the window.
I’m not going lower than 1h as PA has been predictably bouncing between the 5:1 & 10:1 in an uptrace on GU.
Quad witching huh… thought I caught a glimpse of the mother in law fly past the window.
sorry I got it wrong, only [B]triple [/B]witch, I’m sure she’s a lovely lady!
[B]OOPS!!![/B] :o
Took last week off(still got my 100 pip minimum) from trading. Ready to rumble this week. Got GDP data on the UK and USA within 4 hours of each other Tuesday. Then University of Michigan Consumer Confidence Wednesday.
Greetings Robert, I picked up on your hedging method when you explained to a different member. Milled it around in my mind and came up with a question. Example: with a $1000 account, staying within the 1% trade size rule, would your initial trade be the full 1%, a 10K trade? …and if so… would the second trade in the hedge also a 10K trade because it is hedged, an exception to the rule somewhat? All’s clear 'cept for this part.
Sorry, I didn’t respond to this, wild non-forex week last week.
Good question. Personally I would go with a 1% of balance trade on a $1k account but thats just me. When the figures compounded up to meaningful figures I would reduce to 0.5% and when doubled again to 0.25%. Strictly speaking the idea is not to exceed 1-2% of your account balance as your SL. The hedge trade as a counter doesnt really matter as you will not be making or losing either way until you lift… but watch your margin if your leaving the hedge over an exteded period of time.
Yes hedge trade is equal to the longer trade.
Cant second guess GU tonight but EU has behaved well. On the 1h I have up a 2:1/ 5:1/ 10:1/ 100:1 and 200:1.
idk what to do with EU my 1h stoch shows near overbought (will be in an hour or two). my daily stoch shows oversold and ive been waiting for it to start upward again. and EU is near a resistance level on my chart. so i dont think ill be trading this pair for a lil bit tho if it hits the res level with an oversold 1h signal ill probably short for a few pips
note its not a major resistance level but as the stoch is almost overbought im sure itll bounce off it
Just picking off the 17-20 pip trades tonight on EU based on the 5:1, 10:1 and the 100:1 on the 1h.
Not sure yet till London open where were going. Possible break north but likely to be a fakeout breakout i.e. initial break strong but a fall back.
ya on my chart after the huge drop it pierced a major pivot/reverse now headed up a tad to the next minor support (where its at currently) and with the stoch being almost overbought itll probably jump back down but then again the daily stoch is oversold so its giving me some trouble lol ill just be taking the small trades tonight
Understood. I’m leery to be making any trades tonight as I’m at work, kinda out of the loop, and highly distracted again, but I’m eye-balling hard, and watching the EUR/USD on overlay. I MIGHT have entered on the bounce down from the middle bollinger on the Hour chart in the 1.6150-1.6160 area, but I doubt it.
Yes 1.6150 area looks key.
Could easily be a bunch of range nonsense right up until the GDP data Tuesday. Maybe a retrace of some sorts.
I think a break north… yes a retrace but how far?
gotta be a break north soon - my stochs been oversold for a week now
Getting close now.
yep im lookin for 1 more small drop then a big reversal
I wish I could give a confident answer, but, no way to tell, I’m going to be watching the upper bollingers on the Hour and 2 Hour, and the middle bollingers on the 4 and 8 Hour. All in the 1.620-1.625ish areas. My thinking is that the combination of these four could be the set up for good sell position for the GDP data for the UK and USD before Christmas. Hoping to get my 100 pips somewhere in that mess. Still though, basically clueless.
I just switched to EUR/USD. Are you guys in yet or holding? Looking ripe for a buy.
i dont think were in. at least i know im not yet. my 1h stoch is nearly overbought so im looking for 1 more small movement down then sometime after that the major reversal should occur. my daily stoch has been oversold for over a week now so its gotta happen soon