FOREX PRO Weekly, February 28 - March 4, 2011

It seems that the Interest Rate event made a great shift upwards! but now it seems about to go downwards again.... I've gone Long on EURUSD, GBPUSD and short on USDCHF yesterday but I've been losing around 50 pips in each. Only EURUSD made me win, with the last shift upwards... should I remain on the other trades? I'm losing but feel confident on the bullish bias on the GBPUSD and bearish on USDCHF.... what would you recommend me to do?
 
It seems that the Interest Rate event made a great shift upwards! but now it seems about to go downwards again.... I've gone Long on EURUSD, GBPUSD and short on USDCHF yesterday but I've been losing around 50 pips in each. Only EURUSD made me win, with the last shift upwards... should I remain on the other trades? I'm losing but feel confident on the bullish bias on the GBPUSD and bearish on USDCHF.... what would you recommend me to do?

Hi, Carlos,
Due to your quest, I have some feeling, that you have no confidence in your positions. This situation very often appears when you have no detailed and strict trading plan.
It's very difficult to give you some worthy advise, because I should to now a lot of things to do it (risk management, your context for entering, etc.)

The general answer is - follow your trading plan. IF you have no reasons to keep GBP and CHF positions, or your initial context for enter has been broken by the market - get out. Or, if context is still valid - wait, until your stop/ profit will not be triggered.
 
Thank you so much Sive. =)
Well, yes, I still have no confidence in my positions, mainly when I have to reach my stop loss... it seems me hard because it almost ruin all my profits. Maybe my stoploss is too big.
 
Thank you so much Sive. =)
Well, yes, I still have no confidence in my positions, mainly when I have to reach my stop loss... it seems me hard because it almost ruin all my profits. Maybe my stoploss is too big.

If you don't mind, there are two simple rules:
1. The max risk in any single trade should not exceed 2-3% of total assets.
2. Make your trading plan before entering the market, and better in writing. Then, just try to follow it.
 
Thank you so much Sive. =)
Well, yes, I still have no confidence in my positions, mainly when I have to reach my stop loss... it seems me hard because it almost ruin all my profits. Maybe my stoploss is too big.
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my friends so called mentor(provided by his fxbroker) tell him .. if u open a wrong position wait .. price will go back and give you profit,dun use stoploss... aahhh GJ fall and he Blew :| .. my mentor teach me one thing trade what you see,not what u want :)
 
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EUR/USD Daily Update, Fri 04, March 2011

Good morning,
Our yesterday's trading plan has worked out well, and personally I prefer not to have any positions during important macro data release, especially intraday.
But if you're day trader and have entered into position in the beginning of the week - you may hold it, just tight stops.
So, what we can do today? If you still intend to trade, here is what I think:

On daily time frame market has hit monthly pivot resistance 1 and yesterdays intraday target - 1.3975. So it stands at resistance. But it's not overbought. The next daily target is 1.4033 - 0.618 from large ABC move. Trend is bullish.
Now we can't count on solid down retracement on daily time frame, because market neither hit any target yet, nor overbought. So, if want to open a possition we have to look at intraday time frame.

4-hour chart.
Trend is bullish. Look at 1.3880-1.3888 area. This is 4-hour K-support, and weekly pivot resistance 1 (1.3878). Just below the market 1.3856 - previous highs and b/e point of 4-hour trend + trend line support.
1.3830 area - is a 5/8 Fib support + low of this strong uside bar. The trading plan assumes entering from 1.3880-1.3890 area with stop below 1.3830, target - 1.618 from large ABC - 1.3992-1.40 area.
The reasons are as follows - risk/reward - OK, if market will break 1.3830 area it will lead to: shifting 4-hour trend to bearish, moving below previous highs, erasing of strong upside bar and breakout of trend support. That's why placing stop here is absolutely logical. At the same time, this combination allows as to not risk much today.
But again - I prefer not to have any positions during NFP release...
 

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Hi, what do you mean with GJ? I agree with your mentor... I think that your friend's mentor is an account-destroyer master lol XD But what do you mean with GJ blew?
 
Thanks Sive...
What kind of recommmendation could you give me about GBPUSD? it seems to be an awfully volatile currency pair.. can I apply the same concepts that you explain to EURUSD, to GBPUSD?
 
Thanks Sive...
What kind of recommmendation could you give me about GBPUSD? it seems to be an awfully volatile currency pair.. can I apply the same concepts that you explain to EURUSD, to GBPUSD?

Gj (GBP/JPY)Fall from 21x.xx level Straight from Heaven too Earth and he Erased :mad:
Attached a Stoploss Indicator for you .. i am Intraday Trader .. i trade with 1 Hour chart .. this Indicator show me .. the Best Stoploss value :) Cheers ...

Sive sir u rocks ... EU follow you today as usual :D
 

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