Sell Eur/Usd

[4X4X]

Hi, your posts have been very positive, if this is your last post, will u be posting somewhere else? sorry if I missed any point, thanks.

[owner]

http://www.chartsignals.com/foam/fxoutlook.htm

[psperos]

i started building a Short position at 1.2322. Will look to add bounces.

...Keeping a close eye on the usd/jpy for and entry and as a eur/usd signal. USD/jpy is in the process of breaking out of its colsolidation range to the upside. this is one of my signals to start adding euro shorts for below 1.2.

...Will be watching the dollar, looking for it to gain some support and get over 89.50

stop right now is at 1.2402 . i will lower it once south is confirmed at a break 1.2118.

[dekorai]

Originally posted by currencia
No chart needed> I'll re-institute shorts once again at current level 1.2330.

Currencia, I have been following your posts the last two months. I would appreciate if you could share the reason for your call above.

I am a novice to forex (just 6 months), and always looking to be a student. I understand that the Euro broke upwards above the 1.2300 wedge late US session yesterday. Were you playing the false break for your short or felt a good reward-risk? I would appreciate your opinion on this.

I also happen to be trapped long on the USD at sub 1.22 levels from late last week, and looking for an opportunity to exit.

[currencia]

Shure Dekorai, here is the reason and bases..........

time and price were up according to my way of lookin at the market.

There should be no reason for U to be still short euro from the sub 1.2200. My trade at the 1.22 had a breakeven stop that was hit- no gain, but no pain. Clearly there was a fractal stop at the 1.2220.

[dekorai]

Originally posted by currencia
Shure Dekorai, here is the reason and bases..........

time and price were up according to my way of lookin at the market.

There should be no reason for U to be still short euro from the sub 1.2200. My trade at the 1.22 had a breakeven stop that was hit- no gain, but no pain. Clearly there was a fractal stop at the 1.2220.

Thanks Currencia for your your words of wisdom - much appreciated. I am paying the price for not having my stop at break-even. This is the first time I broke my trading rule (expecting a bullish dollar run after FOMC) and have to pay the price of emotional anguish. Hopefully a lesson never ever to break a trading rule again.

Regards,

Dekorai

[currencia]

Jajjaaj: I dated the triplets Faith Hope & Charity before.

Rules get broken, changed, and made a new all the time. So, leave Hope out of it. Get hera job at McDonald's or something instead. The market is dynamic and no one set of rules will carry you through your journey. Your brain is dynamic also; it changes as your experience list grows.

Cut losses and let profits run. The best way I have found is to choke that stop to break even at a fractal. This will get you a risk reward that exceeds 1:10 or better. Of course this idea does not work for breakout trading, which has lousy stops.

Now, why did U expect a bullish run after the FOMC? Because everyone else did? When U follow most everyone else, U will lose!

[dekorai]

Thanks for the feedback. I broke a cardinal rule of removing my stop loss, and am paying the price. I expected a strong dollar going into the end of last week when I took the position, and was obviously wrong.

I reduced my leverage to 1:1 and increased my stop loss limit. Because I felt my stop loss limit was larger, it lulled me into a false sense of 'its going to come my way eventually'. Wrong!

Experiences make us wiser provided we learn from mistakes, which I definitely will this time. So till I exit this position, I will live in hope that the Euro drops a bit. And then take a breather for a few days and reassess why I erred.

My apologies to everyone for being off-topic on this thread!