94915I am actually trading using pyramiding now. However, not pyramiding on each new high near are important. I said I would add another lot if the price closed above 1.3700 and it did, it closed at 1.3770 (UK 8pm) where I included another position. I'll add a third position on a close above 1.4200.Originally Posted by ;
94915I believe also that 1.4200 should act as a powerful resistance. And like I exchange mechanicaly, but som component of the positions I handle more active. If price will be strugling to maneuver through that amount I will close part of the positions and will reenter after some retrace and when price starts to go up again. It's just a vision and it may not happen. If it will it just will be naturaly.
1.3834 appears also a remarcable degree for me
94915It's great if you're able to get in at a better price, however suggests that awaiting retracements works on stocks but not on currencies. With pairs such as the EUR/USD that the price is more inclined not come back that produce a retracement and to keep going. That does not mean it wo retrace though.
94915Hey David I in with just 1 lot and I stay there with just 1. I am a conservative trader and try to not get greedy. I won't ever allow a winner to completely disapear. I visit a re trace happening now but not overly stressed. Take care All and trading.
94915Thanks for the reply and I hope the trade works out to you.
Personally, I will let a winner to evaporate. I will not take the trade off the table if I feel that the trend remains in place and there is signs of it'following through'. This will mean I'll find a loss instead of a win but there is nothing particular about trading. It is all about the probabilities, and there is more opportunity with it than against it whether the trend is set up.
Now was the first big down day of the trade, the market has closed around 1.3680, first lot remains about 290 pips in profit, next lot is about -90 pips beneath water. So I'm now only 200 pips up despite being almost 400 pips up a few days back.
Anyhow, that is 1 to the number of days with no new high countertops. I'm not to bothered by the fact that the lot I entered is 90 pips under water, after all, as I said earlier in this thread: it is almost impossible to pick an exact top or bottom, except by chance. Therefore trades being in the red at sometime in their life do not necessary mean there were transactions.
94915Well, the market closed about 30 minutes ago (I set it as 8pm GMT) at about 1.3845 so that is another new high. This trend has been strong.
First lot was clicked at 1.3390 455 pips
Second lot was clicked at 1.3770 75 pips
That is a total of 530 pips. I am hoping it's going to last for a very long time without a doubt some pips will need to be handed back when I exit.
Hope nobody bailed from the transaction yesterday...
94915Just discovering the price is stalling now at the 50.0 Fibbo line. Not a motive though, not for me. I'll bond on a large weekly candle, either 2 or 3 weeks without a new large, or a major change in market sentiment as measured by OandA's open positions ratio.
94915That's another new high close @ 1.3930. This tendency has been strong so far and can't continue. But while it stays there's more opportunity with it than against it. There were 8 new highs in the last ten trading days! If a person can not make money trading the market in those conditions with such a powerful tendency I doubt they can make money. Incidentally, according to OandA's open position ratio, that is precisely what most retail Forex traders are doing at this time, swimming and losing against against the tide. The majority of them happen to be short. It's food for thought eh? In case the majority of OandA's traders are retail traders and they have been net short during a trend afterward who is on the side of those losing trades? It must be the large players as well as the associations. Below are my ideas on this if anybody is interested http://www.myforexdot.org.uk/whyretailforexiswrong.html
I can see why most traders lose also, I'm beginning to feel the urge to spend the trade off now so I do not lose my winnings. That is psychological not logical. The market price is making new highs (that is a powerful bullish signal). The last 2 weekly candles have closed over 1.5% over the preceding weeks high (that is another powerful bullish signal). And retail Forex is net short (that is another powerful bullish signal). Yet despite those circumstances I'm feeling the desire to close a very long... Not gonna do it however.
So anyway, is anybody still trading this upward movement, how are you all doing?
94915First time I contemplated taking off this trade. The EUR/USD has gone through the 1.4000 mark, stalled and dropped around 70 pips in one hour or so.
There isn't any technical change signal from either momentium (that would call for a week) or deficiency of new highs (that would require 2 to 3 weeks), but sentiment appears to be shing... OandA say 54.31% of traders are short the EUR/USD which is still a bullish signal although nowhere near as strong as it has recently been. Most retail traders are usually erroneous. In the event the Open positions ratio reveals retail Forex web I'll close the trade. I will enter long again if, following a correction, the price makes another new high.
94915Possibly simply made a mistake and bailed out at 1.3913
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