Upon checking the charts before work this morning, I can see I was stopped out at 1.3037 as there was a “market jump” which meant my stop @ 1.3026 couldn’t be used.
So in all I ended up giving back the 3% gain from Friday…
Off to work and another look at the charts later as feeling a little frustrated just now!
OK, I really need to get to work…
But I’ll be watching the 1.2940 - 1.2980 levels on the fiber for a potential long and and also the 1.6050 - 1.6020 levels on the cable too, also to get long.
Whether I take these is another question as we have NFP on Friday but I can’t help but think any lower prices this week will smart money accumulating their longs ahead of the news release.
On the USDX I’ll be watching the 80.10 - 80.50 levels as possible resistance.
In the mean time may scalp on the way down…
Need more chart time tonight.
Good day / Bad day.
Short on the cable this morning @ 1.6106 after a break in MS yesterday. Measured the swing from the high made yesterday @ 1.6117 to LO low today @ 1.6077 and got an OTE @ 1.6106. Unsure on this swing as wasn’t sure whether to use the high made on the 4th around NYO so had to use a 30 pips stop. This OTE would have been 1.6114 and was the preferred choice but I was maybe worried I may miss the move so I opted for the 1.6106 level. We were also in the daily trinity overbought area.
As I was viewing this as a counter trend trade my fib levels to get long were between 1.6050 & 1.6020 so I took off 50% @ 12 pips, bit early I know but wanted some profit and reduce risk, took a further 25% off @ 26 pips and the remaining 25% (in 2 12.5% chunks) at 40 & 42 pips respectively.
Wish I’d took more money out but it hit the levels I’d anticipated to get short and also to exit so all in all I was happy. Made 6.7% profit.
Fiber,
Again a break in MS on the 4HR chart so I measured a fib from 1.3089 - 1.3041 and I got my sweet spot at 1.3075 but again being a bit unsure on missing the move my entry was at 1.3070, SL 20 pips.
Again I am counter trend trading so my initial targets were 1.2980 - 1.2940.
Like an IDIOT, I entered my TP @ 1.3065 instead of 1.2965!! Got 15 pips profit and made 2.2% profit but it slid all the way to the TP level and could have netted me around 10% profit! (50% off at 30 pips & half at the level)
The major issue I had today was my position was opened incorrectly on the cable and at 8% risk!! So on both trades I was at 11% risk and only made 8.9% profit. I should take my money to Lingfield Park and stick it on the favourite at them odds! Also the TP being incorrect means I should also be paying more attention to deal.
I need to trade when I’m allowed to and not rushing between work!
So a good day in all but the figures are distorted.
No current trades open at the minute and may not trade tomorrow as it’s NFP day and I really need to get my day job back on track as it’s slipping over the past months. Need to rationale between the two, hence why I am more looking to the D1 & 4HR trades plus anything lower and I freak out and can’t understand!
I’ll post this in my journal too so as to remind me about my attention to detail and risk management.
Hi Tommy,
I also work and am practising trading the D1 timeframe, you will have smaller position sizes and probably larger SL so keep your risk within your tolerance. But overall, I find it less stressful.
John
Hey John, hope it goes well.
Yes, I’ll limit the risk to 3% on future trades on the D1 & 4HR frames.
Keep me posted on your results.
Tom
EUR & GBP Thoughts.
Euro:
Run back up to the 1.3080 level then down to the 1.2880
Cable:
Run back up to the figure (1.6100) and then back down to the 1.5880.
Just thoughts at the minute, need to some more chart time before any trading.
EUR / USD
Long Term - Bearish, daily broke down. Looking to sell the rallies.
Targets - 1.30754 - Stops behind this level, S&R level and 79% retracement of current swing.
TP Target 200% level @ 1.2740, S&R level, possible stops also at this level. 1.2760 79% retracement.
Counter trade, long @ 1.2895, 1 HR structure bullish, S&R level and 79% retracement of current swing.
Entered long @ 1.2889 at the gap open, looking to fill this gap at the minimum.
Half off @ 1.2914 with stop to B/E and T/P @ 1.2980.
T/P may be adjusted but will judge this as the trade is (hopefully) progressing. T/P entered as not able to view the charts tomorrow.
Another 25% off @ 1.2909
Stopped out on the remainder at 1.2889. Have taken another small position long at 1.2888 after clearing stops @ 1.2886.
Closed this as I want to re-assess the market. Closed at 1.2935 for 1.5% gain, giving a total of 4% for the day. Happy that I kept my risk parameters on these trades too.
Not sure if I will try and get in long again or wait and see if my sell set’s up later in the week around the 1.3080 level.
Trading finished for this year, I got short at 1.3085 and took half off @ 1.3055 closed the remainder at 1.3084 so a small gain to finish the year.
Next year I will look to add divergence to my tools along with the OTE S&R concepts currently being used.
Looking to get short on the EUR/USD due to resistance @ 1.3186. Although I’m bullish overall (based on 1hr / 4hr and D1 market structure) price is within the daily, weekly & monthly oversold region, so this will be a counter trend trade.
Going to limit risk as I’ve had a great run since September since I started to journal my trades and I’ve been wanting this bearish trade for a long time now. That may be a mistake as I’m aware we can’t fit the market to suit us but even so, I need to take the trade as that is what I’m looking at. I’m also bearish on the D1 / 4hr USDX so short term bullish. If we can hold above 79.60 then we can run up to 80.00 quite easily.
That’s what I’m looking at should a set up arise.
I too prefer end of day position trading. Less stressful and whilst you may not make a fortune steady profits are eqsier to come by.
I do not see why people think FX trading was the key to getting rich overnight.
