update... booked 25 pips. very dollar bullish. pattern took a long time to develop, that tells me that there may be another leg down.
Showing posts with label euro. Show all posts
Showing posts with label euro. Show all posts
Wednesday, November 19, 2008
eur/usd 60m long 1.2512
I stuck with a level that I speculated price would breach. I noticed another level that was deeper, of course hindsight is always 20/20 and I would have gotten a better fill. Oh well, I am up a few pips right now. Looks like I am on target to hit p/t.
update... booked 25 pips. very dollar bullish. pattern took a long time to develop, that tells me that there may be another leg down.

update... booked 25 pips. very dollar bullish. pattern took a long time to develop, that tells me that there may be another leg down.
Monday, November 17, 2008
eur/usd 60 min short
Just another euro short that paid 60 pips. Found nice FPP resistance at 1.2722. Price hit me while I was asleep. Target was back inside of the range. As am writing this post the pair has dropped +120 pips from entry. I did not enter with my "runner", but it's not a big deal. Since my understanding of FPP, my levels for s/r has been incredible. My backtesting has also been stellar. My levels most of the time will have a less than 10 pip drawdown. Awesome.....
Saturday, November 15, 2008
eur/usd short at 1.2505
Here is a short I made on the euro at 1.2505. Pretty self explanatory but as you can see I have completely weened myself off of all indicators. Support and resistance is my bread and butter and I just want to focus on that. Although I spotted more trades this week, for whatever reason I did not take it. I have been really backtesting my s/r trades and after a little adjustments to how I cherry pick my s/r levels (thanks to my friend Steve W.), my trading and confidence has taken off. My focus is now on s/r, but more specifically areas that I am tentatively calling a Fractal Price Pivot or FPP. Simply put, it's an area where price tugs and pulls at, usually within a fractal. Another trade I am also tentatively calling an Apex Trade. This is exactly what it sounds like, I look for major areas where price pivoted and as price approaches the apex of the pivot, price will usually bounce at these levels. Many time it's where complete reversals occur. I am still utilizing fibs, weekly pivots, and chart patterns, but I will use it when there is a confluence with major s/r area, FPP, or apex. I'
ll include several other snapshots.
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