My USD/Jpy longs look good for 1600 pips each in next 30 days. Knowing me, I’ll probably close some positions when in good profit.
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Nice pullback on Eur/Usd. Added a long position.
That was news. I’d be careful trading pullbacks on news. Normally you’ll be OK, but sometimes the market wildly swings the other way.
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Yes, I know. Thank you.
That is a trade that will last for several days so I don’t really care what the news is today or tomorrow or the next day.
It’s hovering at break even right now and the lot sizes are microlots so it can’t really hurt me no matter what it does.
@AmericanTrader Thank you very much for clearing up things about the entries and exits.
Yesterday I made a few mistakes, got in too early, got out waayyy too early.
Putting it all in my journal and trying to learn from it one day at a time.
Your reply helps me a lot.
Going to work with it in the next couple of days (/weeks), as well as trying out the strategy on other pairs.
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Thank you Eur/USD!
That was a big enough upward move to allow me to close a few positions and take some profit.
Closing at 1.09156.
What a nice ride euro/usd was. It may not be over but I am very satisfied.
Still moving!
I wish. On the wrong side of AUDUSD right now.
Looks like the daily chart on that pair favors adding a short position very soon. It could work out nicely for you but it may take a few days. Is that how you see it?
Yea, maybe around the 6911 area? Or you thinking higher?
It’s been a 440 pip move up over the last 2 weeks with no real big move back down. But the markets do what the markets do right?
Or even just .6900.
Well, if it were me, I could see doing it Monday. It’s at the 500ema. I think it only makes sense if you are able to let it run for a few days next week.
If it’s a green daily candle tomorrow, I agree with you that it’s still searching for next resistance.
It’s so nice knowing I can just sit on my usd/jpy long position and see if it gets to the 148 sometime in the next few days.
Total stress-free trading.
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I’m trying to think about the math on these micro lot entries based on daily and weekly charts. I end up placing probably an average between all open trades on a particular pair of six to eight micro-lots.
Yesterday was great because the euro/usd that I thought would take a few more days to hit my TP hit it in just a day and a half. Since it pretty much went straight up on a daily candle I didn’t get to add more positions though.
But it looks like trades that are high probability on daily charts that could take 2 days to say 10 or 15 days to finalize end up adding several hundred dollars to my account balance every time. They are low maintenance and I’m using cost averaging.
Should I usually have one or two of these trades going?
So far, I think so. I can’t express how nice it is to just decide if I want to close a couple of positions on any given day and add to my account balance while letting the rest of them ride until they come close to the next support or resistance zone.
Then, I can use these as my unofficial “going with the trend” trades and still do my EMA scalping any day.
The usd/jpy would be $70 for each micro lot entry. The initial entry was 2 micro lots.
**Btw- that’s just where we are sitting today. Remember that I posted when the trend officially started that it was a 1600 pip Gap and each micro lot would be the $160!
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The day will come when these micro lot entries turn into mini lots.
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What’s the thinking behind hitting near 148?
It just looks like the next big resistance point. Rather just under it a bit. But there’s a lot of candle touches around that level.
Is it any more or less likely that price hits around 142 and then reverses? On the daily, there are definitely less hits on the 142 level than 148.
But price is also moving up in a channel, where price touched at 138 and 141. So do you consider those at all?