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Your welcome.
Best for your own trading.
Simple trade just based on a potential reversal.
didn't wish to leave this item on overnight.
Trade[1] Momentum trade:
I will elaborate as to why I tightened my Cease on where I did. This trade relies on momentum. If price were to come back as far as my tightened stop (shielded around 10 pips), that would greatly question farther down motion for me and I would be looking for a way out of this trade ASAP.
I chose to get out in the amount I did since price briefly respected 1.3670. As my stop was quite close with regard to that amount, I chose to bank the profits.
My trading toolkit:
Yellow line is your 8EMA. White dotted line is the 21 EMA. I also use a 50 SMA (pink generally ) but its not on the chart at the moment.
Stochastics 14,5,3 (Usually watch the 80,50,20 levels)
MACD 12,26,9
Trade[2] Support/Resistance trade.
In and out just like a cold shower.
Trade[3] Fade (loss)
Took a 13 pip hit this trade.
Trade[4] Fade / Reversal potential. (-9 pips) (~21 pips on 2/3) (39 on 1/3)
I closed 2/3 of this trade when price hesitated for a little bit in the small doji resistance. Lets see just how far the 1/3 could go. Done trading for this session.
EDIT Price popped higher just as I was going to head out, so I went down to the 1 minute chart and tighten stop to a. 1.3621. Got stopped out 39 pips on the 1/3rd
NOTE: I don't necessarily watch the /ES however there are occasions when I search for indiion from the SP500 and Oil. I seem at Gold and Silver occasionally when trading AUD and NZD. Its only a guideline. The SP was leading the move which got me interested in a long in the first place.
Finally, its best to trade your chart. Otherwise there can be plenty of confusion. They occasionally break correlation and you'll be left scratching your head as to why.
End of trading day. Wish I got in before on the down movement and just scaled out and let the rest run. Hindsight is. Usually I climb in a good bargain once I think I am getting into the transfer early. I believed it was only a small leg down for now.
Busy day yesterday, spend the majority of the night helping someone out.
Woke up now to find the EUR actually moving.
Play was obvious, get brief. Regrettably I kept on missing the brief entries. And one thing that I don't do is chase.
So, I began entertaining the idea of evaporating this market. Took a better appearance and decided no manner.
Momentum will stall and individuals will get their chance to fade this puppy. Right now though I think that I will sit on the sidelines for now rather than trade. Have a look at the 5 min chart. That momentum is similar to a cargo train. Careful out there.
This is what I am seeing. Enough to make me take a rest today.
Good morning everybody. Straightforward divergence playing in the middle of a downward trend. First thing that goes through your mind when you approach the trade is that its more than likely a fade. So you're on tippy feet.
In and out like a scared mouse.
Trade [1] Momentum / Commodities trade. 5 pip
Trade [2] Momentum / Breakout trade. 10 pip
What can I say? Its bothersome if price pulls back when its already into the movement. But traders constantly remember the mantra: Safeguard your profits
In Trade [2] there is a significant lesson that I'll elaborate on in my following post. Please see it.
....
About one hour . Momentum slowing . This is a reversal / fade possibility but since we are coming off major 4 hour service, the alternate breakout scenario is in play. Uncertainty is higher that normal for me higher so I am just watching it. Maybe pick a few pips if I get a very modest setup. Let's see.
Trade [3] Fade/Reversal trade. Closed 1/3 @ 3 pips. 2/3 is made to ride and locked from 2.5 pips on that. Lets see where go!
Hi all,
Only Want to go Right into a quick lesson about MOMENTUM. In Trade two on Wednesday, November 24, we see how I went long in anticipation of powerful momentum carrying price on the upside. Price did precisely what I expected.
First we pulled back a small amount to check the prior break.
Second, we continued in the expected direction with some strength, retested a small level, made a new high. Thus far so great.
Now traders already long want to see momentum keep up and price to continue its path. You don't want to see momentum slow down. Why?? This compromises your position and it gives price a motive to go sideways or worse, reverse.
You will notice if you trade in a pristine interbank market, that quite often when momentum produces a bullish candle. A lot of volume will very quickly come in the movement in anticipation of a much larger breakout. You will readily observe an extra 300-400 million around the bid and the offer will seem small relative to the bid. Allow me to tell you this however. If the market does not continue with certainty, that money is not going to just sit there. Its leaving and quick!
This is the reason why individuals who got long on a premise of a breakout and sustained momentum movement, aggressively tighten their stops! How do you know how much to tighten the stops? Mark your degrees of resistance/support. Go down to the smaller time frames and examine the internals. What would make you nervous if you were already long? What would you NOT want to see? Great, now tighten you cease accordingly.
Protect your capital. This includes profit.
So whats your latest trade you're in NOW??Originally Posted by ;
That is my workspace.
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