A number of them look appealing today for me, chosen EURUSD. It’s on, it’s close enough to 9 o clock.
fish…
My stop loss on gbpchf just got hit.
Gonna look at what takes my fancy now. Think it will involve JPY.
I’ve got trailing limit orders to go long on GBPJPY and short on NZDGBP. Whichever gets filled first I’ll go with.
My limit order on GBPJPY has been filled first.
As I write, my GBPJPY sits at breakeven.
About he same here, been a slow day, hope it’s on still in the morning, then I won’t have to bother trading 
On GBPJPY I moved my stop loss to break even when price spiked in my favour this morning on good news for GBP. My reason is that I’ve observed in the past that the market sometimes shows its true sentiment if all the gains made on good news are retraced, which is what may be happening to the GBP at present. I’m still in the trade but I expect my stop to be hit as the JPY is strong today and GBP is showing reverse lights on its tanks!
I’m now long on NZDEUR.
This afternoon will be volatile. Non-farms at 1.15pm and then Yellen speaks at 4pm.
My break even stop on GBPJPY just got hit. GBP is reversing against all its pairs.
The market has just taught me a lesson: don’t move your stop loss to breakeven!!! Had I not moved it then my profit target on GBPJPY would have just been hit! That’s 2 trades I’ve messed around with that have gone onto hit my profit target.
Don’t beat yourself up about it, you thought that it was the correct decisions at the time,plus what if it did not go back in your favor?
That’s true. The non-farm news could have been bad and caused the opposite effect.
The whole point of trading this way though is to leave trades alone because if I’ve realised something, it is that I am the weakest link.
2 losses in a row, maybe the plan needs to be improved, but not yet.
EURUSD closed at a loss this morning, just in time to put another loss on the USDCAD on!
So I’m down to +45 running total.
If I learnt anything from backtesting it is to steer clear of any pair involving CAD because it is too volatile, plus all its pairs have high spreads.
I’ve had 4 closed trades so far and ive been right about the direction in 3 of those. My 5th trade on nzdeur is still ongoing.
EURUSD long today.
You’re a brave man picking that pair with the news we will get today
At time of writing I have the CAD as the strongest currency and AUD as the weakest however the AUD is already stretched.
If we weren’t getting such important news later then I would be looking to go long on EURJPY.
I am still long on NZDEUR so I think I will stay out of the market.
I’m still in the game with my NZDEUR trade. Didn’t get wiped out during the news spike at 1.30pm. Here’s hoping the move against NZD was to wipe out the stops for a move up!!
Loss again - 25, running total +20, not so good, will tweak my plan, I think it might be a good idea to stick to less pairs do a little more thinking, and look at the 1hr chart instead of daily.
I will find a simple way to do this damn thing
My NZDEUR trade is still on and in profit, as I write. I will let it run over the weekend instead of closing it off.
At time of writing I consider JPY to be the strongest currency and GBP the weakest however I am not going to act on it because I am already in a trade, it’s friday and it’s a BH in US, which means low volume.
I’ve observed that my NZDEUR long trade last week went as high as 3 times my profit target as did my GBPJPY long trade this week, which is promising because what I could’ve done in hindsight is move my stop loss to breakeven once price had gone in my favour by 1:1 and just let it run to 1:3 as price never came back to my entry point once it had reached 1:1.
We are definitely on the right track with what we are doing and I am at peace with it. Like I said in a previous post, I’ve had 5 trades and have been right about direction in 4 of those (note: one of those is still ongoing but as I write it is in my favour).
I suppose what I am doing is simply trading with the strongest possible trend and momentum. Pairing the strongest currency against the weakest. By using half a day’s ATR I am giving myself a large stop loss which I think reduces my risk.
May i ask what type of risk you are talking about, are you reducing the risk of the trade being stopped out or are you reducing your risk via your position size?