EUR/USD - Wednesday 22nd Oct

[andys0506]

Morning all.

Mmm looks like the sleeping bird misses the pips on this occasion.
Fired up my charts to see a huge drop overnight.
Well as the average daily range has already been met then we need to see some sort of retrace before considering entry on the short side. (I always trade with the trend - so not looking for picking up longs at this time)
1.2902 or 1.2932 would be nice levels to begin with. (As I write had been hit 30 mins ago but I missed it )

Currently out of market waiting for a good entry price...

 

[andys0506]

1.2902 reached and broken, 932 being approached as hoped for. Potential area to short coming up.

 

[bitrader]

The possibility of rate return to close 1.2940/60 resistance range, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval.

For short-term sells on condition of formation of topping signals the targets will be 1.2850/70, 1.2740/60, 1.2680/1.2700 and/or further breakout variant up to 1.2600/20, 1.2520/40, 1.2460/80.

An alternative for buyers will be above 1.3120 with targets 1.3160/80, 1.3220/40, 1.3280/1.3300.

 

[andys0506]

Short at 1.2932. Confluence of several fibs at this level.
Analysis on my blog.

 

[davidnmfarrell]

Hi,

I've been riding this down since 1.3483 - and loving it!

David

 

[andys0506]

Hi,

I've been riding this down since 1.3483 - and loving it!

David

Excellent You still in? Whats your target of you are?

I have just re-entered short at 1.2845 pre-empting the 15min consolidation break down.
Target of previous low at 1.2773 (+72) or thereabouts. Stop 40 pips away for now.

 

[davidnmfarrell]

Excellent You still in? Whats your target of you are?

I have just re-entered short at 1.2845 pre-empting the 15min consolidation break down.
Target of previous low at 1.2773 (+72) or thereabouts. Stop 40 pips away for now.

Yeah this feels great, especially as I missed the previous large EURUSD move. I'm trying to average 210 pips per winning trade on average, so this should help with that. But beyond that, I just trail a stop on the way down - if it rebounds I'll give away some profit but if it continues I'll bag more I suppose. Right now I'm still in...

Are you day trading?

 

[andys0506]

Yeh I normally take 1 or 2 trades a day. My aim is to average around 50 pips a day, so I like to get anything from 50-100 pips on a winning trade. +60 so far today from 2 trades. Should really stop but still looking for another short entry

 

[davidnmfarrell]

50 pips per day ? That would be awesome.. looks like you're well on track for this week!

I think you could make a living on 50 pips per week !

 

[andys0506]

Took a bad trade this afternoon. Getting greedy, 3rd trade of the day, I fell for the 15 min triangle breakout at around 3:15pm. Usual wide stop for me, so I lost 70 pips on that one!
So bad day today, -10 for the day. *Note to self - do not get greedy!! No more than 2 trades a day*