The rules of this thread are that there can only be 2 types of posts.
Your trade. Tell us why you entered. Post a screenshot (clip2net helps wonders). Tell us how you’re feeling emotionally, and if you’d do anything differently.
Your point of view on someone else’s trade and any constructive advice you can give. Opinions are OK! Also give your background when it comes to trading experience.
This is a newbie thread so no flaming. TY. Post away! I’ll start.
I shorted UJ because I saw consolidation in the 4 hour chart. It couldn’t break the monthly august opening price. Price had gone up about 200 pips since the beginning of the week and then consolidated for a day and a half. I thought down was more likely than more up. Price seemed to be slipping lower slowly. This is my trade. It’s still open. What’s a good level to take profits?
Emotionally when I saw it whipsawing back up. I was thinking if it broke yesterdays high, I’d be very inclined to close it. I knew the move wasn’t sustainable at that rate mid asian session with no news. It was reacting to USDX moving randomly right now.
The next support area is 97.45, then 97.00. Price is at 97.80 and I’m up ~50 pips. ADR is 116 and I usually target 1/3 of that which is 40. If I take it further down, there’s potentially 35-80 more pips on the table. Monday, I longed UJ and closed it early to miss out many many pips. I’m not sure if I’m being greedy now or if I’m being smart by trying to extract maximum value.
I’m scared that this will whip back up because it was just running stops.
I just shorted USD/CAD at 1.03206. I felt the price has hit a declining line of resistance. Furthermore, the pair has been bearish for the last two days.
I am still in the trade. I woke up at 7 am EST, which was when price was at 98.15ish. Price broke higher 15 minutes before USD news. The news shot it even higher. For some reason, I just didn’t believe the move. I held on till 10 for the 2nd piece of news and looks like it was running stops on the upside and now they’re going to put pain on em by selling hard.
I was definitely feeling it emotionally though. I had a wrinkle in my brow but I trusted my instincts on the higher time frame level. Because of the upside run, I see it going even lower now, so I’m going to hold on until 97.00 at least. (Unless I change my mind due to emotions kicking in).
That’s the problem right now. I don’t know when a break out is a true breakout and when it’s a false one. I also don’t know when a pullback is a pullback or if it’s a reversal!
EDIT: This morning I was frustrated at myself and got a new avatar. Old one was “Take all the pips” lil guy. Now it’s the pig from “Pigs get fed. Hogs get slaughtered.” You can never lose if you don’t aim for 100% of the move. Take profits quick. I’m still experimenting with that one though.
EDIT: Markets sure are crazy man… Look at that whip back and forth action. If I had no trading plan. I’d be going short, getting out at a loss. Then going long, then getting out at a loss. And short again, and praying!
Ok. Price is slipping lower and fast. But is this sustainable? Will price continue this direction through asian session? How about Friday? What are the chances of it coming back up?
This is USDX. Price is “hinged” between that low and high. It fell right to the top of those lows and bounced back a little. If it fails to break completely, it’ll just go test the highs. I think it’s safe to hold on to my trade until asian session to see what happens. Worst case scenario is that it whips back up to yesterdays highs. Best case scenario is that it continues dropping but I don’t see that happening… not very often at least.
Gonna stand pat and hold my position. I also longed EU and GU near the lows of today but closed GU at +10 pips because I felt like it was the weaker of the two. EU is +80 now. GU would have been ~+100. UJ +50ish.
If we’re able to break the Week start consolidation, we will travel to the bolded line. That’s where price will reverse. I’m sure of it!
CLOSED MY POSITIONS. + 105 EU + 60 and 70 on 2 positions of UJ. I have to admit I was overtrading a bit. +nearly 50% on my account this week. YIPPEE! Can’t wait to continue like this and go broke!
Closed because I wanted to lock in profits and not be a hog. I’m more than happy with what I made. Not gonna get greedy, even though I suspect a further move by the end of the week. USDollar hitting that consolidation at weeks start though, and I didn’t want to take a retracement.
