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EURUSD 6E Euro
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EURUSD 6E Euro

  #31 (permalink)
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terratec View Post
I leave the 6E most of the days one hour or a bit later after London close. Most of the time volume in the US afternoon session is too thin and they can move it like they want.
Today we had some volume later. I think it was about the Greece call, what else.

I also tend to only trade around the Europe open. But in some cases, like this short I took a few minutes ago, the opportunity seemed too good to pass.

Mike

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  #32 (permalink)
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Mike, guess you have large stop of this trade.

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  #33 (permalink)
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supermht View Post
Mike, guess you have large stop of this trade.

I've been adjusting my method the last few months for larger targets, and also larger stops. It is working better this way.

Mike

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  #34 (permalink)
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If I were looking for ideas to support my short position, I would say:

- The new HH at 14:33 is not supported by CDV, which shows a LH and more sellers than buyers
- The new HH was probably an attempt to shake out shorts
- The resistance near the session high, and the S2 pivot, is holding
- The gap did not fill, a bearish sign

Now, I always try to look for reasons that I might be wrong as well:

- The channel is moving upward, yet I am short
- The later half of the day showed nothing but buying
- The S3 support and 1.3600 area held pretty well

Now there is nothing left to do but sit back and see if I am right, or wrong, about the trade.

Mike

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  #35 (permalink)
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To be honest


terratec View Post
Nice entry. So you did hold over the weekend. What about FOMC?

To be honest I just pulled my stop to break even at the end of the London session on Friday and kept it open over the weekend, hoping that it would leave me enough space to avoid my stop being hit. I was also very aware of the meeting of EU Ministers and was hoping their inability to do anything useful would continue. Luckily the market didn't like the news to much and the market gaped in the direction I wanted today.

The S&R was drawn looking back a year and my thinking was that it represents a strong demand and supply zone and the EUR was acting weaker than the other USD based pairs over the past 2 weeks.

Let's see if my target gets hit, my analysis might be completely wrong.

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  #36 (permalink)
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Big Mike View Post
@FulcrumTrader in his most recent cumulative delta webinar on futures.io (formerly BMT) pointed out how volume analysis on the 6E can be particularly difficult due to the secondary nature of the marketplace (second to the Spot Forex market).

However, I switched to the Euro many months ago (I think it was around January this year?) from crude oil, and I've actually really enjoyed the switch. The reason I decided to start learning more about cumulative delta was quite simply one of boredom and piqued interest. The more I learned about it, the more interested I became. Now you'll see all my charts contain a cumulative delta panel on them.

Only time will tell if my trading will improve using cumulative delta or not. I do not wish to make this thread about cumulative delta. I want to make this thread about trading the Euro, whether it be EUR/USD forex market or 6E secondary market. I only shared a bit of background info.

Mike

Heres the 1 min. volume for MBT (single contributor) on esignal for this morning . Im assuming its the # of ($10k) units trading hands through MBT = "volume" but I can follow up with esignal on that . Volume for forex is difficult like you said but I see some patterns here that we could use to our advantage , perhaps for a heads up on end of a move to take profit .

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  #37 (permalink)
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Heres the chart .

Attached Thumbnails
EURUSD 6E Euro-snapshot-382.png  
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  #38 (permalink)
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Mike, nice short, I am in too

out at whole number, easy 80 ticks


Last edited by supermht; September 19th, 2011 at 07:36 PM.
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  #39 (permalink)
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supermht View Post
Mike, nice short, I am in too

hehe, yes always nice to come back to your desk and see some targets filled that were 60-70 ticks out...

Mike

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Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #40 (permalink)
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Big Mike View Post
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If I were looking for ideas to support my short position, I would say:

- The new HH at 14:33 is not supported by CDV, which shows a LH and more sellers than buyers
- The new HH was probably an attempt to shake out shorts
- The resistance near the session high, and the S2 pivot, is holding
- The gap did not fill, a bearish sign

Now, I always try to look for reasons that I might be wrong as well:

- The channel is moving upward, yet I am short
- The later half of the day showed nothing but buying
- The S3 support and 1.3600 area held pretty well

Now there is nothing left to do but sit back and see if I am right, or wrong, about the trade.

Mike

Mike, will you please post the updated chart for this trade? See where you exited? I'm also interested in using the cumulative delta and i think you and I are thinking pretty much the same way about it as a compliment, not a signal or indicator, but as a compliment to price, almost a part of price if you get what I mean.

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