[Marko23]

EUR/USD Short, but correction only.

ADD: at support, yesterday's high. Stop at break even.

ADD: out at break even.

[thalestrader]

Originally Posted by Cory2679 »

Thales, how come you didn't consider the short where I did?

I took a hit on this one. Sometimes I feel like I've got "it," and sometime I don't...and sometimes I feel like when I do apparently have "it" I'm just getting lucky.

Oh well, moving on!

Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

Best Wishes,

Thales



EDIT: You may still take a loss on, as might I, but whther you entered where you did or waited for where I enetered, the stop should be 1.6295: (1.6296 high + 1.8 avg spread then round up to nearest whole number on FXCM micro platform (for a long, you would take the Low - avg spread and round down to the nearest whole number).

[Cory2679]

Originally Posted by thalestrader »

Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

Best Wishes,

Thales

Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

I guess I was being too agressive with moving my stops.

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

EDIT: I've added a 1 min chart to illustrate what happened.

[thalestrader]

Originally Posted by Cory2679 »

Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

I guess I was being too agressive with moving my stops.

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

Best Wishes,

Thales

[Cory2679]

Originally Posted by thalestrader »

A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

Best Wishes,

Thales

Thanks for the advice. I guess I was essentially "predicting" that that level would be the lower high.

I see the logic, but I had been doing it the way I was doing it (aggressively) and I guess had gotten "lucky" with it...it served me well on a few trades.

I guess I've learned something.

[thalestrader]

6E/EURUSD has been the weak sister to the 6B/GBPUSD, so 6E would be a better short candidate given the same opportunity.

Best Wishes,

Thales

[Marko23]

Originally Posted by thalestrader »

...
but wait for a lower low before you call it a lower high.
...

And one must compare within the same degree.

[india quant]

looking 132.84
risky but
day ended net down in in nifty future
so, thinking of taking this risk.