Thank you for sharing your strategies, I believe everyone one of them is valid considering that market perception varies from person to person and also it´s been proven that nobody is right 100% of the time. What draws my attention is the fact that not a single strategy mentions Stop Loss Orders level.
One the main drawbacks than one can have in trading is not considering that cutting losses is a win and then stay on the wrong side of the equation wishfully thinking that any open position will eventually be filled positively, remember if we go against the trend whether short or long then the equity on the account will be busted in no time. From a different perpective, would it not be worth it to get in and out of a position 4 times losing a couple of pips in every trade that waiting for 1 week to book a 40 pips loss? (this thought applies for non trending markets)
Follow your own strategy protecting your account. My strategy for today (which I don´t expect you to follow) is to sell @1299 with SL@1304, if 1300 is broken and the break is sustained on the 1H chart close then I will buy @1302 with SL order @1297. If both positions go bad for me I would be losing 10 pips on the day (worst case scenario). My TP will be 10 pips fpr the day however if I reached 10 pips then, and depending on how strong the market is, I will either book profit of raise my SL orders to guarante that I get those 10 pips (meaning 1 pip is a USD 1 price cahnge).
One tip for going short @1299 is that I would not go short on the first but the second attempt using the 5 minutes chart. For the long scenario I would go long @1302 on a retracement to 1300 on the same 5 min chart. As you can see I do not have a long term strategy today simply because I don´t want to go into the weekend with an open position due to uncertainty on the short term direction of the market. It must be noted that EUR/USD is pretty much back to pre-FOMC levels but 10 Yr Note has maintained its bearish bias so everything could be just a guess today. Good day and good trading.
One the main drawbacks than one can have in trading is not considering that cutting losses is a win and then stay on the wrong side of the equation wishfully thinking that any open position will eventually be filled positively, remember if we go against the trend whether short or long then the equity on the account will be busted in no time. From a different perpective, would it not be worth it to get in and out of a position 4 times losing a couple of pips in every trade that waiting for 1 week to book a 40 pips loss? (this thought applies for non trending markets)
Follow your own strategy protecting your account. My strategy for today (which I don´t expect you to follow) is to sell @1299 with SL@1304, if 1300 is broken and the break is sustained on the 1H chart close then I will buy @1302 with SL order @1297. If both positions go bad for me I would be losing 10 pips on the day (worst case scenario). My TP will be 10 pips fpr the day however if I reached 10 pips then, and depending on how strong the market is, I will either book profit of raise my SL orders to guarante that I get those 10 pips (meaning 1 pip is a USD 1 price cahnge).
One tip for going short @1299 is that I would not go short on the first but the second attempt using the 5 minutes chart. For the long scenario I would go long @1302 on a retracement to 1300 on the same 5 min chart. As you can see I do not have a long term strategy today simply because I don´t want to go into the weekend with an open position due to uncertainty on the short term direction of the market. It must be noted that EUR/USD is pretty much back to pre-FOMC levels but 10 Yr Note has maintained its bearish bias so everything could be just a guess today. Good day and good trading.
Hi there, I'm very happy I found you guys. hopefully one will learn, and be able to contribute one day :)
ReplyDeletequick question, you mention that you dont want to have an open position over the weekend. does that mean you close your orders before market closes tonight? with what ever the market is prepared to give :) ??
Nope, luckily I was able to enter short @1299 SL @1304 so I´m actually going to leave the position open over the weekend and lower the SL to 1302, provided that the price close below 1299 today.
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