DIlemma - What's to do?

That (Paper) long of mine is still intact despite the poor entry - Well it was just above 1660, so maybe just unfortunate that support didn’t hold - now at breakeven, with resistance overcome for the time being at 1660.

I’m still hopeful for the 1.2000, but there’s a long way to go to there yet.

My problem has been for many years “In too soon, out too soon”, so let’s see how the “Bottle” holds on this one ! :slight_smile:

Well I thought the “Dirty 30” was manipulated !

It seems the poor old retail punter gets just as badly treated here !

Lovely jubbly shillings for a Friday morning’s work :yum:

“…If we looka at this as **more than just a response to a NFP report, “they” have now taken out a lot of the the “Sell stops” in the market and left it parked just above the major psychological level of the last few times “They” did not let it get high enough for serious “profit taking” on the up-move, so just about every “Up bet” is wiped out for a loss. My reading is that there will be many many " down bets” coming in now.
What would cause most pain now ? Take it down to test the August double bottom, possibly to break even the 1574, to get as many "short " as possible, Then Hammer it back up to take out all the shorts -

However Fridays action show there are no residual orders left at the 1660+ level, going smoothly through in both directions, so maybe the upside is now very vulnerable ! :wink:

That’s what I would do if I were “in charge” of the pain machine.
We shall soon learn I guess whether that is a real head and shoulders or just the start of “Range trading” .

In the words of Burt Reynolds (The longest Yard ) "it worked once - Let’s try it again ! " :relaxed:

Ok - I just got stopped out of that long (Paper) trade for a loss, But since the price is not up much, I’m back in again, Long again at 15757 with a SL 15430 on EURUSD.

I don’t have huge confidence, But the stop is close at 30 pips and the possible upside could be quite a lot, so Here we go again.

I’ll quantify the loss late in an Edit, But at least this time I’m on the bottom of the range.

I’m tempted to say if I get stopped again, I’ll go “Stop and reverse”, but then WHere would I put the stop ?

This is where having a trading plan is crucial. And as part of the trading plan you must include your trading edge. Your trading edge is specific conditions you expect to find when you trade. Now if those conditions exist, you dont need to overthink your dilemma. You just have to believe in your trading plan.

{Edit - 97 pips lost on the long trade. Plus whatever the Interest Rates are on the EURUSD }

Stop and reverse at 15986 SL above recent high - SL = 16126. The monthly and weekly are showing “UP” but daily is showing down since Sept 20. 16000ish has been support, and is showing signs on the short time-frames that that area is a place the Bears want to hold.

{edit 3 - It’s been up to 16110 in the last 30 minute bar, so “In too soon” again here - even if the bet turns out right, I’ve left a lot of pips on the table, or a better entry would havee mdeant I could have has a much larger size ! ]:confounded:

so + 22 pips on that one yesterday.

[Edit 2 - Volaitility is rubbish these last few days - VIX is below 10 a lot recently. DJIA looks overbought massively on any scale having risen 6400 pips in a year for a 33% + increase into completely new territory. PE Ratios are rubbish. In the UK House prices are through the roof.

With banks effectively paying zero interest on any deposits (although they still charge us 20% ish !) , money is going whereverit thinks there might be a profit - whether it is house prices, stock markets or bitcoins ! Consequently, wherever you look there are bubbles.

With a VIX below or around 10 - that is supreme confidence (Complacency).

Something has to change. I can’t see any more upside in anything which will rock that cmplacency, so I think we must expect a decent downside in most of the things I have mentioned. But if so Where would the money go ?

The US, The UK and most of Europe is in such massive debt, that for Govts to allow interest rates to rise to more normal amounts, would mean massive, probably unsustainable tax rises to pay the interest on the Bonds they would need to print. Without being able to earn interest, “Money” has little choice but to keep fuelling these bubbles, until some say “Enough i enough” and start taking real profits to hold in cash - enough to cause the markets to move. Then perhaps even the PPT will be unable to hold back the torrent !

However what effect that will have on forex I have no inkling except that Germany is one of the few countries without really high debt levels, and perhaps in reality Germany IS the Euro so EURUSD should hold up well - except for the well known German desire for a weak Euro ! - Hmmmm ! ]
[Edit 4 ? Out 15914 - say 7 pips. Just watching now.]

Well so much for the “Head and Shoulders” which was so obvious on EURUSD. :slight_smile:

THe double top is at 1.2092.

I just came out of a long (Still paper) at 1.1921 but only 25 pips taken. Tempted to short it now for the retest of the 1800 level, but it’s lateish Friday over here, so we’ll see where they park it for the weekend.