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edit ... Closed both Short legs on the Pound and Euro ... Loss 22 pips .. crap trade ...... Good thing is since the close both moved way further against me so good timing on the exit at least
hi Barn,
you sold the NFPs tonight! well done never easy to forecast. good on you for making it back it's a nice feeling.
TBH, i have also had a roller coaster week. mixing 1 hour fx with 5min dax and dow on IC.
made some great trades and some terrible ones. last two days getting somewhere on the 5 min indices fx has been hard work.
apart from a few dumb fx trades last night and a bad entry on the FTSE tonight de30 and dow have been spot on last 2 days. dax was off tonight german bank holiday so thought i would look at the FTSE as pav is making a killing on it. too slow and quiet for my liking.
attached is a chart of the week think you can see the swings.... mentally testing once this week. still using a few AB set ups but more adaption of my 1 hour momentum trading on the 5 min.
2 weeks of profits now in a row on 95% due to the 5 min DAX & DOW. remember daylight saving starts this weekend.
i'm out week over for me.
...apart from a few dumb fx trades last night and a bad entry on the FTSE tonight de30 and dow have been spot on last 2 days. dax was off tonight german bank holiday so thought i would look at the FTSE as pav is making a killing on it. too slow and quiet for my liking.
...
Not realising that there was a holiday in Germany that would render me unable to trade again until monday, I chose to leave the position open!!!
Surely it will be okay with the way the US finished though? Should gap higher....as long as there is no bad news over the weekend that is.
It's a short position! If it weren't so small, I'd be praying for bad news!!
Oh bugger
It's a short position! If it weren't so small, I'd be praying for bad news!!
if (or when) my accumulated exposure of short trades amounts to a whole euro per point (i.e. ten open short trades). Until that time I'll tolerate the exposure and patiently await the next downswing.
All good .......
Out of curiosity, do you have a pre-set level at which you will scale into more shorts (ie. A specific Tick value, or a predetermined percentage of the Index value/Range etc.), or is it a totally discretionary decision on a day to day basis?
Without wishing to be too specific, this particular system usually involves entering/exiting trades after a set number of ticks above/below the previous trade's entry/exit.
OK thanks ...... keep us posted on the trade's progress/outcome if you can.
If you save any screenshots, throw up a couple more charts/trades if you get a chance. Any of the Dax or Dow would be good
I just completed my first few trades for the quarter on the FTSE this week, and I must confess that other indices are boringly slow and difficult to adjust to after trading the demonic DAX.
On the subject of ballsups, I think I may have made my first one on a forex account I opened just last month. Fortunately I was only trading miniscule position sizes on their Germany 30 product (0.1 EUR per point).
The last position opened was a short that narrowly missed its profit target, but was still a few points in profit when I checked on it during the wee early hours of friday morning.
Not realising that there was a holiday in Germany that would render me unable to trade again until monday, I chose to leave the position open!!!
Still riding it! It just opened approximately 100 points against me! At 0.10 Euros per point it's created a massive 10 euro dent in my account! (Loving these micronised lot sizes.)The DAX is wild one... for me i need it.. FTSE looks a lot cleaner though.
I see the DAX opened a little higher this morning hope you got out with out too much damage. I never hold any trades over the weekend. unless i took it on a daily time frame.
Abso-DAXING-lutely!will you be trading the dax tonight?
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