Wednesday, August 3, 2011

Longer term trades

I was entertaining myself this week with some longer term trades. I wanted to go long usd/jpy over the weekend expecting gap up that happened playing that debt circus but I simply forgot to put trade in. Then I decided that it will probably go up some more so I put trade in with a stop bellow lows. It got close to t/p level over the night but didn't reach it (marked yellow). Then I managed to lose all profit. I surely don't understand those bigger time frames that well and how should I behave on them.
Those other trades was me trying to pick out some extended spikes, I couldn't believe that it's getting that low without some kind of intervention. My last trade got taken up by some kind of intervention spike (or whatever it was). I expected much higher move, so I closed later when buying stalled and shorting came.

It was very interesting for me getting up in the middle of night to check what's going with a trade. It probably isn't for me because firstly I don't understand price on higher time frames and secondly I'm too nervous about a trade and what should I do with it.

In newly found enthusiasm over longer term trading I decided to play something exotic and I really found extremely bad place to initiate long in eur/nok. Then again I had to try it again with second trade and make another small loss.

This longer term trading is hard on my scalping biased brain. Idea about long usd/jpy was good but everything else was poor in one way or another. In the end I made some small profit after taking big losses first (small account size now). If I put it in terms of my usual scalp size it's around thirty pips.

+30 pips


Adam Evans said...

Are you using your same scalping strategy but just on a longer time frame?

FX said...

No. In scalping I look for momentum, this wasn't based on that. That's why I don't like higher time frames, I can't distinguish easily momentum.