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5 Comments
July 31st, 2009 at 7:27 am
Don’t whorry Chris. You have done more pips than you ‘given away’.
My experience with one of my trades in last days is that after the first short at 1.4226, I have close the trade with a gain of some 37-38 pips, than I short again (which was a wrong signal to me) and the trade goes against me, up to 1.4241… But didn’t hit my stop loss. Last night I saved my account when the strong drop of price happen, and at the level 1.4025 I have closed this trade with a small gain. You remember when last night, before go to walk, you suggested the possibility of the new downtrend of the healthy trade? Yes At that time I saved my money with the trade I closed and I decided not to enter again. I ask you something and your response was that you hope your trade and the stop loss to protect your money…
I think that all last week we have experienced a difficult market with eurusd…
From your comment here, I have read your question and I understand you in this issue. But the second question you have here “should I reconsider my aproach TO TRADING IN THIS MARKET? I think I need more explanations.
July 31st, 2009 at 10:20 am
Terry, what I mean is that the trend trading approach, although profitable, has not been performing well in the EUR/USD (because it has been choppy these past 2 months). I will spend some time over the weekend thinking about whether I should modify my trading strategies to better suit the current volatility.
July 31st, 2009 at 11:07 am
Thank you, Chris. Your answer is what I was waiting for. The only think that keep me close to your theory and practice is that is so close to me.Chris, forget for a moment the compliments in my start, when I have been so enthusiast that I received the support from you. I am not going to make compliments only now, I try to discus with you as I feel. So, some time I make mistakes and go in, I have seen you have not place your trade, and when some two or three times you enter and I didn’t, it was because I was not so sure about the momentum in the particular time.
I am waiting to see where the misterious of this market is sleeping…
August 3rd, 2009 at 8:35 pm
If I am following you correctly, you are trading the H4 chart. When I read your comments above about the trade, I looked at the Daily Chart and zoomed out quite a bit. I noticed that the area you are trading in that on 12/22/2008-1/02/2009 was a consolidation period where the high on 12/18 touched and bounced off the 200 MA. That 200MA was in the same area where the market hit a high on 9/22 and traded sideways a few days before the euro went south to its low on 10/27. Jumping back to the H4 chart your trade was short until it hit the 200MA which acted as resistance. Then it moved up to the 100MA and once it closed twice above the 100MA it then shot upward. Do you use the 100 and 200MA in your charts as potential support/resistant points? Does this have any merit? Also looking at the PIP Mavens MACD, it looks like it had given a buy signal which was also confirmed by stochastics and OBV. Just looking at the candles during this time, it looks like the bulls were really testing. On my chart,even though there were alot of dojis, most were edging up.I am just looking at the chart to see if there were any warnings. I guess you were looking for a trend and as you finally decided, the market was not ready to trend. It seems though, any time trading around any major MA, one must be cautious.
August 4th, 2009 at 3:13 am
Hi Steven,
Yes, I would say that the 200 and 100 MAs do have merit. However, in the main members area, I want everyone to be able to first focus on trading on a bare candlestick chart before including technical indicators. Most technical indicators will give you an estimate (of, for example, the trend), but they are usually poor in helping you decide where to enter and exit your trades (they are usually too late).