Friday, June 27, 2008

One trade

One little trade. Again I didn't have my scalping instincts. I had scalping instinct to go long at 53 and b/o but I was afraid to pull the trigger. Shorting it was just betting with odds against me. I didn't want to close a trade when I had nice profit first. It's like having some kind of therapy, I feel good being in the trade. So I stay just to be focused. Later I did close it and got +6 full size pips.





6 comments:

ORION MACHINE said...

I am just curious why you seem to be using the 1 min chart now. Do you trade from that timeframe now, or just using it to show overall picture of your trades?

FX said...

I always watch 1min and 10sec. Today I just showed overall picture. There wasn't really much on 10sec. When I stick in trades longer it isn't much on 10sec. If I scalp nicely than I show 10sec mostly.

ORION MACHINE said...

gotcha, you don't look at daily down to hourly and 5 min?

What is trichet expected to do on the 3rd? Raise interest rates?

Its going to be a tricky day because of NFP, ECB Rate decision and weekly jobless claims all within 45 minutes...

FX said...

I don't know about Trichet, I don't really care. We will see in seconds what market is going to do. I never go in before the news or try to predict it. It's not my level of competence so better not to pretend it is. I know that you do many bracket trades and do it well. It's just not my cup of tea.


I have metatrader also open with pivot levels, opening range and stuff. On it I look at 30min and 15min mostly. I use it to judge where is next support or resistance level. Maybe based on pivot points or previous levels. I do check bigger picture like 3h or daily sometimes but that usually lead me to ideas that I want to implement on 1min immediately. Which is not good idea.

I'm now trading on laptop at my work. At home I have two screens. So on one I watch 1min and 10sec usually eur/usd, sometimes gbp/usd. On second I have 6 smaller charts set on 6 pairs 30min or 5min. I like to see what is happening all over the board so I can judge is it sometimes general dollar move and is there some important levels on other pairs which can halt move.

ORION MACHINE said...

Thats a great point that i have not considered, about the other charts getting to levels that may hamper anothers momentum... thanks

As far as Trichet goes, I don't try and predict a direction either, thats foolish to me, but I do like to know the potential strength of a move based on the rumor. Usually whether it is right or wrong the reaction is big if the rumor is big. :)

FX said...

Yes sometimes for example dollar is going down all over. Than when it's rejected of the usd/jpy round figure low downtrend stop on all pairs. At least for a little bounce. Than I try quick short on eur/usd to catch longs unguarded and can get at least 10 pips.