Looking for Validation... | Currency Futures

futures.io - futures trading strategies, market news, trading charts and platforms

Currency Futures

This subforum allows you to find traders that trade Currency Futures. You may post about anything to do with trading currency futures in this section


Looking for Validation...

  #1 (permalink)

Posts: 232 since Sep 2010

Looking for Validation...

To keep me in the trade.

I am trying to find an indicator or even a set of Indicators, to help Keep me in my trades.

A quick Summary.... I entered Short, on the EUR/USD back around the first week of May of this year ( 2014 ) based on the Weekly chart.
Well, from that point, until now, it has plummeted in pricem which was my initial thought when I went short back in May.
What happened was, it consolidated from June - the end of July, and of course, I tightened my stop, and was taken out of the trade, and then wham, the EUR/USD just tanks, and I miss all of that drop ( profit in Pips )

Looking back, I am trying to find a way, that I can avoid getting " Nervous " and tightening my stop and getting taken out of a trade again, right before a huge move.

I have been looking at Heiken Ashi and the ATR indicators, to use as a basis for leaving my stops more " Lose "

I trade on higher Timeframes usually ( Weekly charts, where each candle represents 1 weeks worth of trading ).
So given that, what would be a good setting to use on the ATR ( a 14, 21 or a higher lookback setting ? )
And what is a good guideline when using the Heiken Ashi, to help confirm a strong trend, that also filters out a majority of any whipsaw ?
I have heard that if your Short in a trade, some traders will tighten their stop or even exit the trade, if you get 3 consecutive Blue bars ( representing Buying strength )

Thank you for any insight and help.
I just can't stand to be on the sidelines on such a big move, when my initial entry was correct, but I let a consolidation of price make me nervous and I then miss all of those Pips

Thanks again

Reply With Quote