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Trading Price Action on EURUSD Spot FX
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Trading Price Action on EURUSD Spot FX

  #21 (permalink)
Trading Apprentice
Melbourne Australia
 
Futures Experience: Beginner
Platform: FXCM Trading Station
Broker/Data: FXCM
Favorite Futures: EUR/USD
 
Posts: 24 since Oct 2013
Thanks: 7 given, 9 received

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Volume has really thinned out in anticipation of the ECB press conference, US GDP and Employment data.

I took one trade around 13:30, a short @1.35135 in an attempt to ride the mini bear trend downwards. Tight 6pip SL just above previous LH. Didn't hope for much. Stopped out for 6.5pip loss.

Stayed out the rest of the day. I had some idea that the next 24-48 hours were serious; didn't think it would be *this* serious.

Really excited to see what happens. I will stay on the sidelines and watch as the pros duke it out. Maybe sim trade a little so I stay connected.

-6.5pips

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  #22 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary

I just followed over from your old thread, good choice on spot fx, I suggested micro currency futures but didn't think about spot FX. I will be following your thread, I trade the 6E/E7/M6E EURUSD future contracts so I like to see forex action as well for the EURUSD.

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  #23 (permalink)
Trading Apprentice
Thessaloniki
 
Futures Experience: Intermediate
Platform: Amibroker
Broker/Data: Dukascopy
Favorite Futures: EUR/USD
 
Posts: 23 since Jun 2010
Thanks: 2 given, 1 received

what is wrong with this trade?


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The big bear candles (18:49 and 18:59 gmt on May 14th 2014) gave me the impression that the bears are in charge. The upward moves are much weaker. I went short at around 137085.

Ususally the big candles during a consolidations tell me what the next move will be. This time they gave me the wrong message.

I am trying to analyse and see any early signs that the market would go up. The only bull sign I see is the strong up move from the support (1.37031) at 18:23. But I thought it was over.

Can you comment please?


Last edited by bgeorge; May 14th, 2014 at 05:53 PM.
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