Crazy bullish pinbar so far. If days closes like that of would be looking to get into a bullish position.[/QUOTE]Not that anybody asked me, but – what the heck: my bias on USDCHF has been Bearish, and I’ve been waiting for it to close below the 61.8% retracement around 0.9248 before going Short.
However, if it manages to break up above resistance and 100% retracement around 0.9386 – which, incidentally happens to be the 38.2% “intermediate-term” downtrend retracement (from the July 24, 2012, high around 0.9971) – that would seem to signal a Bullish reversal and I’ll be looking to go Long.
Ok so my fiber short has moved 200 pips in my favor. 250 at its greatest today. Sits at 220 now. I’ve placed a SL. My entry was at 1.3337 and I’ve placed my SL at 1.3317. No use in having price go 200 pips in your favor and then losing on it. Also this is my way to satisfy my own greed. Now not only can I not lose but I will make 20 pips. Measly but trading 28 pairs those 20 pips will add up.
Yeah my acct is loving the struggles of the EUR, GBP, and CAD. I do have one question though and I’d like to hear anyone and everyone’s thoughts. I broke MG’s rule and looked at the weeks news outlook. Word on the street is Bernanke’s economy speech will be dovish. With these large initial gains with the USD, anybody thinking about sealing in some profits ahead of that since it could effect those pairs so much? I’m trying so hard to not count my pips before they’re realized, but it’s hard when it’s so far in the green!
Taking profit is an art. Could I be more efficient with it? Probably. I’m also pretty lazy with this methodology. Provided I maintain my edge, I don’t care to refine it. Some days I catch inspiration to toy with it, but it’s generally short lived.
The moral of my risk management is to reduce risk by diversity. In taking profit, do so where you know you are beating out your losses. So if you have it in your head that you will always peel off some profits, you should be doing the same for your losers.
I rarely hear of anyone ever scaling out of a losing position. People do that with winners all the time, however.
Guess i need to wait for a big enough retrace if that is ever going to happen.
