Seeking consistency

Of course, price goes up & down. I have been looking for short levels all year on the indices, but they resolutely keep marching higher. That doesn't mean you can't get some good pips out of all the 'down' moves too.

My trading style (on this thread) is to try to find an entry that will take me with the 4 hour trend for a few days or possibly even weeks. Therefore I am only looking for potential set ups to get me in long at the moment.

Hope that makes sense & thanks for your post (if you are short today, are you targeting yesterdays low or lower?)

Just stopped out of this trade. However I also see a re-entry opportunity, once again relying on the Daily 20ema to act as support, the recent low makes (hopefully) a double bottom with yesterdays. I misses the first 15m entry set up (hammer), so have taken the next 15m option (the bullish engulfing / outside candle) with my stop below yesterdays low

My 4 hourly trend is still bullish (based on 20ema being above 50sma and both sloping upward). However this is right at the bottom of their 'channel' and the last 4 hourly High was a lower High than its predecesor, so this could signal the start of a trend change to either ranging or downwards. Time will tell...

Stop hit.... If it rallies from here I merely had too tight a stop by 1.5 pips!!

Anyway

Second trade to close on this thread = -35 pips
First was cable at be

therefore cumulative result is -35 pips

Has the news provided the push back up to allow a short set up to be taken?

watching 15m & hourly for opportunities around this price

Hi,

Another question, since you just bid on cable; since you have a "medium-term" strategy, how do you handle days like tomorrow?
You have already committed to trade within 24h of the most important econ data release of the week, but does it affect your target, stop? Are you not concerned about liquidity drought when today's european session ends?

I am just a curious about how structured your trading plan is. I am more mechanical in my trading in the sense that I need to have most scenarios covered with associated risk management conditions beforehand, so I can automate everything. It would be interesting to know how it works out for you who is more discretionary in application.

1 hour timeframe offers an entry opportunity too:
(risk 30 pips)

It appeared on the 30min timeframe and I think I have missed it. Order placed anyway, lets see

Hi there

Thanks for taking the time to post another thoughtful and interesting comment. Yes, it will be interesting indeed.

I only look for the news release times at the start of each day to prepare me for a potential set up (for example USD CAD earlier) opportunity. The USD JPY set up I took at around the same time (twice!) was not news release related ,as far as I know.

My objective (at the moment, on this thread) is to get into what I perceive as the four hourly trend. My cable trend (my 20 and 50 ma's) are long at the moment, hence I have taken what I see as potential set ups to get long. If I'm wrong (or even spiked out by a news release tomorrow) then I'll lose on this trade.

Only time will tell me if this style of discretionary trading suits my personality, or if I need to start building more mechanical rules. If so, perhaps you will be kind enough to give me some ideas that work for you?