[Mysticforex]

Probably the most traded pair in Forex. I tend to shy away from trading it.
Seems like I alway's get burnt on this one. I keep telling myself I will not trade it again.
Then I see something on my chart that looks very promising, and jump back in. Only to get burnt again, or just get out by the skin of my teeth.
So, maybe I can get some enlightenment from other's ideas on where they think E/U is headed.

True Story:
When I first got into Forex I decided I was going to be a Fundamentals Trader. I had heard of charts, but had never actually seen one. My very first trade was EUR/USD.
I had just returned from Europe and it had seemed like it cost me a lot to exchange my
Dollars for Euro's. So I figured the Euro must be hot. I bought 5 Standards Lots Long.
Lost $1500 in a heart beat. Maybe that's why I am gun shy.

[tjnoon]

I usually post the trades I am taking in the UTA sponsored link but I thought I would contribute to this thread. I did post to the gbpusd with an example as well. I think that for daytrading, if you have an effective strategy, the eurusd is a good choice, mainly because of the low spreads but also, because it usually has good movement. Also, for longer term position trades, I think one can do very well with this pair. Here are three charts showing the strategy that I use.

The tradeplan is very strict in that for the Euro session, you only trade it from 2 to 5 am est. If still in a trade, you can continue to hold it until it finishes. The US session begins at 8:30 est (at least, for this tradeplan and strategy). Here's a look at the results from today.

The third chart is of the same strategy, on a weekly chart for longer term holds, but with different indicator settings showing the last several trades. My backtesting shows a very strong 75% win rate over the last 10 years and so far, the ongoing trades are holding up, as you can see from the last several recent trades. This would be a great one to use in a tax free retirement account. Of course, responsible position sizing is a must and one should be very careful not to over leverage, as with any trade (again, imo). Even a strong winning strategy will throw a series of losses at any time and so smart money management is critical to stay in the game to take the next trade, right?

I guess the main point I would like to make with these examples is the importance of a well researched tradeplan. This plan uses a 2 (can do more) position approach with very defined trade mgt maneuvers. One position comes off at a fixed target that the strategy has determined has a good chance of succeeding. The other position trails. The stop actively adjusts to cut rist, then get to risk free, and finally, if the trade gods are smiling upon us, will continue trailing for a bigger move. It also identifies increasing price momentum and allows to add to the existing position. You can see a variety of how this works in the examples I've posted.

Plan your trade and then trade your plan, so the conventional wisdom says. I fully agree.. I realize this is just one style of trading but it shows a good example of a tradeplan at work, with well defined trade setups, entries, targets, stops, mgt rules, etc.. Same market, same strategy but on different timeframes.

[Mysticforex]

We have broken key support A 13950.

View my commentary here.

http://goview.com/?id=f93f6c25-97ee-...d-1919363f8e0dhttp://goview.com/?id=f93f6c25-97ee-...d-1919363f8e0d

[Mysticforex]

We just hit the Weekly Pivot @ 13902. Could see a bounce here. the original TP is only 38 pips away so I think I will take my money off the table +51 pips.

[PiptopiaX]

Very nice. I have been following your posts on the g/u thread also. You always seem to trade against the trend.

[Mysticforex]

New setup on the 30 Min Chart, EUR/USD.

Click here to watch video

[Mysticforex]

The 30 Min setup is now open. I filled @13880.
TP is the 800 SMA using a 20 pip buffer.
800 currently @13773, so I will round up to 13800.

[Mysticforex]

TP hit @13800 +80 pips.