Saw this and had to have a go. Both had broken a Maj TL.
EU then made a LL - LH and put in a 2 leg rally to the 21EMA (ripe for a short).
UC had made a HH - HL and made a 2 legged PB to the 21EMA (ripe for a long).
Not the best entry, entered on close rather than Hi /Lo but can't handle watching the D1 chart while day trading so the price I pay. Going for 1:2 RRR give or take but will watch closely would be happy with 1:1.
EU then made a LL - LH and put in a 2 leg rally to the 21EMA (ripe for a short).
UC had made a HH - HL and made a 2 legged PB to the 21EMA (ripe for a long).
Not the best entry, entered on close rather than Hi /Lo but can't handle watching the D1 chart while day trading so the price I pay. Going for 1:2 RRR give or take but will watch closely would be happy with 1:1.
I'm in this USD/CHF trade from last week. It seems to be all over the place at the moment, hopefully it will pick a direction and stick with it. Do you look at seasonal tendencies? We should get a stronger dollar in the new year.
ReplyDeleteThat's good that you've held through the PB! I hold for the 1st leg then enter again on a PB/RL (I like taking profit too much / I'm a wimp).
ReplyDeleteNo seasonal tendencies are not really my thing.
IMHO I believe that 99% of the time the market is driven by emotion and that is what I trade. To me the only thing that can effect the supply of a currency is its central bank. Data, even emotion can give you clues to what a central bank might do , but ultimately it is only the central bank that can control the supply and whether it should change. So I just trade price action (emotion) and IR as and when they change ( I don't try and predict when this will happen).