Finally giving it (another) go

[Edinburgh Trader]

Hit a 78.6% retracement on the EURUSD.

Although I am tempted to sell with a tight stop, I will wait until I get a proper buy signal

 

[Edinburgh Trader]

Typo............sell signal !!!

 

[Edinburgh Trader]

ok...........looking closely for an entry on EURUSD

 

[Forexmospherian]

Hi ET

The EU sell you are looking at - at around 2 15 pm - was it just a scalp and were was your stop ?

above 2880 /85 for me is still bullish - but any scalp sell from 2900 - or 2897 is fine for 10 -15 pips

If it goes under 80 then hold on

If not - know it might turn up and try over 2900 again

its then a LH - or do we have a HL etc etc

Will keep an eye on EU over next hr etc

 

[Edinburgh Trader]

(at the same down as watching the Dow rise!)

 

[Forexmospherian]

Dont forget Us dollar news at 3 00 pm as well ;-)

 

[Forexmospherian]

As of now - 87 and 80 are crucial price to go under for a larger fall

If we dont breach under both on EU - then expect price to test 2900 again

 

[Edinburgh Trader]

I'm looking to sell at around 2889, with a stop of 15 points.

I know that's much bigger than the stops you play with F!

 

[Forexmospherian]

I'm looking to sell at around 2889, with a stop of 15 points.

I know that's much bigger than the stops you play with F!

personally I would not sell at 89

need under 87 and 80 for a drop - so yes at say under 85 and 78 OK - but 89 still in up bias - scalp wise

 

[Forexmospherian]

For now 85 and 80 are interim supports on EU

 

[Edinburgh Trader]

I'm leaving the £/$ alone today becuase of the referedum, but by bias would be long £.
Make me slight nervous about going short EURUSD

 

[Forexmospherian]

with only a few mins to news I come out of scalps etc and then wait for up to 9 mins later to let the dust settle etc

 

[Edinburgh Trader]

F, what time frame charts do you look at?

 

[Edinburgh Trader]

I'm short as at a couple of minutes ago.
Could well be foolish, but its all lessons learned!!!

 

[Edinburgh Trader]

looking like I should have listened..............

But I'm trying to follow my plan.

Stop is at 2904, so I'm still in the trade for the minute!

 

[Forexmospherian]

I'm leaving the £/$ alone today becuase of the referedum, but by bias would be long £.
Make me slight nervous about going short EURUSD

Thats a good decision

Ok the news might have been massively dollar bullish and EU could have dropped 20 - 50 pips - but that;s just taking a gamble etc that players dont 2 way spike

For me the EU session structure on small frames above say 2870 and 80+ is still bullish - but only confirmed over 2904 and over 2920

For me to sell need under 80 and 70 etc

 

[Edinburgh Trader]

meanwhile my Dow shout would have been 30 points in profit!

LOL

 

[Edinburgh Trader]

You gotta love this game.

Two signals, took one, currently under water (although still in) and didn't take the other (which I'd have closed out for 34 pt profit).

Stick to the plan, stick to the plan, stick to the plan (and breathe!)

 

[Edinburgh Trader]

That's me stopped out.

Will review tonight, but pretty comfortable that I should have taken the trade according to my plan.
Perfectly possible my system is sh!t

 

[Forexmospherian]

Remember 90% + of all strats and methods are sh*t - many let you know within 3 -6 months and some take a year plus before you find out

I reckon you need at least a few hundred trades over say 6 months plus to know - and for intraday - at least 500 trades ( demo or live) to find out

Regards


F