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Mysticforex

What Are You Watching Today ?

By Mysticforex, in Forex

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Mysticforex    13

Mysticforex
Posted

I would like to get this thread going so we could let each other know what pairs we are watching.

 

We can't watch all the pairs all the time. Sometimes I am following a pair so closely I become myopic and miss opportunities elsewhere.

 

You can be as in depth as you like, post charts ( not mandatory ), or just give a buy or sell bias. We all know how to read charts so we can figure the rest out for ourselves.

 

I have been following the AUD/USD for several weeks now. Scalping up and down within a range, that lately has been edging lower recently.

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Obsidian    10

Obsidian
Posted

GBP/USD and AUD/USD --> sell on rallies preferred

AUD/CAD--> did not touch this pair yet but it seems like it is going to reach 1.0260

USD/THB--> anywhere near 30 is good for opening a long

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Mysticforex    13

Mysticforex
Posted

03/20/12

 

Will be watching GBP/JPY for a slight correction to the 1.3090 area ( Weekly Pivot ).

Then, who knows? will re evaluate.

 

I will also be keeping an eye on Oblivions gbp/chf. I used to trade that pair a lot.

When it gets wound up like that it usually pops pretty good.

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Obsidian    10

Obsidian
Posted
I like that... will add that to my "Watch List". Am also watching G/J and E/J.

 

don't forget to pay attention to time frames on the charts that I post.

30m-1h charts are just for short time trades..at least for me :roll eyes:

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MightyMouse    12

MightyMouse
Posted

I would certainly like to see us press to and then through 1.30 on the euro before the end of the week. I am expecting new decade lows, but it's not something that I would expect to happen very soon. When we get below 1.3, having a short position from above 1.3 will be awesome trade location.

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Obsidian    10

Obsidian
Posted
I would certainly like to see us press to and then through 1.30 on the euro before the end of the week. I am expecting new decade lows, but it's not something that I would expect to happen very soon. When we get below 1.3, having a short position from above 1.3 will be awesome trade location.

 

shorting aud/usd seems safer imo, pair may hit 1.0255, 1.0115 before eur/usd breaks 1.3..and once 1.3 is gone aud/usd will reach 0.9872 :roll eyes:

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Mysticforex    13

Mysticforex
Posted
shorting aud/usd seems safer imo, pair may hit 1.0255, 1.0115 before eur/usd breaks 1.3..and once 1.3 is gone aud/usd will reach 0.9872 :roll eyes:

 

Agree, Aud safer. I eventually see 9773....

I am not a Candlestick trader, however, I don't like the look of yesterdays daily candle.

Also, we rarely see a 200 - 300 pip move these days. It's more like 30 pips a day, then a slight retrace up. I have had shorts all the way from 108xx, but always exit with 30 - 50 pips.

A lot of them though, so it might almost equal out.

One of my weaknesses as a trader has been holding trades that carry a negative roll.

In general I think the less time you hold any position, the less "at risk" you are.

aud.thumb.gif.86740895fbf8899078a17b7d40353cbe.gif

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MightyMouse    12

MightyMouse
Posted

In general I think the less time you hold any position, the less "at risk" you are.

 

You are right on the money. The flip side to that, though, is that you also limit your potential gain if you limit your risk.

 

You can't leave a position on overnight to catch the whole move if you want to trade with a large leveraged position like you would if you were trying to catch, say, a 30-50 pip move with a 10 pip stop. There is a great likelihood that you can wake up and your account is gone with that type of leverage on and it still will go in the right direction without you in it.

 

I have been short the euro since early March. I am really trying to get "positioned" which I have yet to accomplish, so my position is still small and would hurt only the most sensitive of individuals if it ended up getting stopped out (again). If I do get positioned, then I will add a lot more to the trade, but at that point, when the position is larger, the risk of loss will be nearly zero with the trade.

 

The comparison is this: Are you better off taking the 30-50 scalps for 300-500 usd gain risking 100USD each time, or would you have been better off you initially risking 100 usd on a smaller position and leveraging the gain as it moved in your favor? Scalping the move down, you can, perhaps, make/take money every day if things work out in your favor and you know what you are doing. If you were able to catch the whole move from 1.08ish down to 1.00ish, you can make anywhere from 8k to about 30k if you know what you are doing and things work out in your favor, starting out with the same 100USD potential risk.

 

There is really no right "answer" the above. It's all about style, stamina, temperament, greed, etc.

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