Anybody else catchein pips shortin da Euro!
I shorted about 5 min before the H1 candle.
Made a quick 1% on account. I dropped out though. I feel it will retrace a bit and if it does then maybe I’ll get back in.
Caught 54 pips a few miutes ago. Closed that position to lock in profits. Opened another short to see if it goes farther had it at 1:5, loosened it up abit to breathe at 1:2.
I have been watching the EUR/USD since about 8:00am this morning, waiting on it to bust thru a major trendline. Don’t know how long will last though.
Don’t see any support for it go higher though, small retrace, don’t know.
Fundamentals to me seem to be that Euro is in worse shape than the dollar.
If I didn’t have other open trades, I wouldn’t be so reluctant to stay in. My a/u long and u/cad short on H4 charts just took a hit, so I want to see what happens and don’t want to trade opposite of what I initially had.
I’m hoping euro is a fakeout for now although I’m thinking it probably isn’t. Nonetheless, I made some money on the move.
This is why I’d like to try and trade stocks…Euro/USD goes down, A/U goes down, USD/CAD goes up. It’s like forex itself is one big currency. Stocks are way more independent from each other, albeit sectors do form the same basic direction (which makes it even better in my opinion since the sectors themselves are independent).
What were your 1:5 numbers?
I am putting a short limit at 261. S/L at 335. No T/P yet. If I’m hit I will close out a/u and u/c trades for profit and let the e/u ride down. That would be nice if it all happened like that…we’ll see.
Started with the stock market about 6 months or so before i got into FX. Started with fundamentals of stock research, you know the basic stuff reading 10k, 8K, financial sheets and so on. Did not have enough money and the OTC penny stocks were to unreliable alongside no financial data to find out about the companies.
So i landed up in FX, Technical Analysis & Fundamental Analysis same all markets.
I guess everybody is waiting on that big bounce that may or may not happen with the EUR/USD. The two prior bounces started occurring Mar 25 & Apr 8, more or less. Wonder if it will happen again!
1:5 would have already closed out for a loss. I shorted at 1.3218, real close to another major round number, that may be enough to keep it from going lower than 1.32 for now. Went to 1:2 50 pips S/L.
Am down 18 pips now. 261 not in ballgame yet. If it rises to 1.3261 if may have enough steam to surge back up, maybe losing you quite abit of money.
How is trading stocks? I don’t know what you’re style was/is but personally I don’t study news or any of that stuff. All I need is a chart and a 200 EMA, maybe a stochastic and I’m good. I use H4 charts so news isn’t something I worry about too often. Maybe before making a trade if I see major news release in that currency pair then I may not make it, but other than that I don’t really care about the news.
If I am a PA type of trader on H4 charts, would the stock market be ok for me? The problem I keep having with forex is that I don’t have enough opportunities. For instance, I will usually make a trade in direction of trend as defined by level of price relative to 200EMA. So if there is a 200 EMA cross with price, I have to wait a week or so to see if it is an actual change or not. I just feel like it doesn’t leave me with many opportunities, whereas with stocks I can look at thousands of charts and use my same technique of PA and just find quality trades and not be so worried about the “next train” cuz it might be a while.
Only demoed using Think or Swim platfrom, nice platform. Used the Level II to watch price while trying to figure out what the heck Technical Analysis was.
Did not do me any good to know the fundamental side when i did not know what i was looking at when i looked at the charts.
Fundamental Analysis is a pain. However, am still trying to piece everything together. So much stuff to learn, however i believe that it will be worth it. Still learning how all Leading Indicators, Coincident Indicators, Lagging Indacators work and what they are. Tie that into public opinion and sometimes they all go out the window!
Thats why I say screw the news. The more indicators you have, the more conflict you also have. I ended up exiting out of my a/u and u/cad for a small loss. I really thought they will go up but I hate being on opposite ends. I’m sticking with the euro since it is a bigger traded currency and the signal is much more significant.
Would be unable answer that question and most likely if i even tried it would be an unreliable answer. There is probably another trader on the forum that could answer that one for you. Maybe Rhodytrader, Mastergunner or R Carter could answer.
You already in the trade? Less liquidity right now, hoping Tokyo and Aussie markets drive down Euro.
Don’t take this wrong, but don’t jump into trades unless you have done your own research. My research could go as wrong and as fast as anybody elses.
I’m not much of a fundamental trader. I see the charts and see what I want to do. Like I said, news is still a factor, just not a big one. What I was saying is that I was long on the a/u and short on the u/cad. I saw the euro right before it sank and thought it would be a good opportunity to short. It did go down and I made some profit. Afterwards, however, the a/u and u/cad was also affected since the a/u went down and the u/cad went up. I had initially went long on a/u because of resistance at 0.9250 area among other things. I had gone short on u/cad for similar reasons. It wasn’t until I had made those trades already did I notice the e/u approaching the bottom of support area.
Once I saw it broke resistance and went short, my other trades went in the opposite direction. I don’t like being short on eu while I am long on au or something like that because they conflict. The eu breakout affected the other currencies I had trades on. Afterwards, I closed the au and u/cad for minor profits and losses and decided to focus on e/u because of the major breakout.
So thats where I’m at right now. I’m short the euro at 1.3225 without other conflicting trades and thats how I like it. If that means I have to take a minor loss (~0.05%) then I will. Again, this is why I would like to try stocks. When one breaksout, the others don’t necessarily follow. I find that it happens way too often in forex.
Well I’ll be, the Euro blew out of the water and gave me a fat smack in the face, wiping out all my gains of 10% of my account (risking 2%, cause my R:R is 5:1) in a matter of 20 minutes. **** you Forex really xD.
I stopped out at entry price though so that’s one thing i did right. If not I would have got blown out for 2% drawdown.
Saw PipDiddy’s post in Fundamentalville last night before went to sleep, he warned of big moves. 3 positive economic Euro releases, while the GBP and Yen were both Negative.
Could be wild ride today.
yea I saw that coming, i just did not think it was capable of pushing the prices by more than 100 pips. With the PIIGS issue weighing on Euro and all. it even broke the magical 1.3300!!!
You went 5:1, Risk Reward? I was on a 1:5, i had played cards before FX and am not afraid of trying to get on a rush. However, that is bad trading form.
Still working on FX like i did poker. Will learn though, now that it is real money. I have heard time and time again on this board that it is better to stick with profits than to overtrade.
Another Euro announcement coming out in about 4 Hours, next are CAD.
Edit: Placed Euro instead of CAD.
very good point
man, 5:1 is a real bad idea.
The indicators i was referring to are fundamental not technical. The only technical i use is Fib retracements.
Should have stayed with watching my pennies instead of lapsing back into a gambling situation.