Two trades today. One losing 2 points, one winning two points. The losing one was aiming for 3 points profit, 2 or 2.5 would be taken. I will now set up TP at 2.5 points, SL stays 2.0 points. I will delete all orders tomorrow before the NFP otherwise statistics will be rather useless.
There were no trade since then. I removed now all nearby orders for NFP, but place two far away orders, at borderline power levels, just in case spike reach them for a chance of a quick reversal trade.
Gave a try today to YTC Scalper with USDCAD pair as I realized this is one of the "smartest" pairs in all FX, behaving more like commodity or stock index rather than highly manipulated currency pair like EU or GU.
Looks like I got my power level trading system up to speed, one month testing showing good results. Now it is a time to code it into EA and back test for 5 months we had CME data available.
I am working on a new approach to the order flow trading, having some other people's ideas and methods combined in. I won't go into details now, but just later, when it is refined.
Today was very messy day, after yesterday's fallout and Sunday's 100+ pips gap things could not go as normal in any case. So it's rangy and messy today, but still EURUSD delivered 100 pips to me in 5 trades (scale-ins).
It was about stop hunting both ways and nothing else.
Short trade lining up on EURUSD, hit the R1, previous day highs slightly exceeded, all in line with a London Stop Hunt theory, entry around 1.2520, target price 1 at 1.2475 and 2 at 1.2450 or let it run.
Looks like they have decided to run it bit more, to stop out as many shorts as possible accumulating larger short position themselves. Seen so many times. I don't place any nearby stops, scaling in lightly, slowly building my short position on eurodollar. I don't believe it is possible to use any small stop in intra-day trading outside of news nowadays, without it been constantly hit, as markets are whipsawy and volatile.
Everything remains in a range. I also believe it is a good day for order flow trading. Depending on the US news they might move it down to 1.2470 as you suggest. Going short on eur.usd those days looks like a no-brainer but... you never know. This is forex after all.
Absolutely. This is why I go in very light so can afford a luxury of having no close stop loss and instead hedge over and change direction if I can see a new cycle. But still I believe it's a stop hunting and ranging activity, makes no sense to close out and reverse as it is as likely to go up as to go down in a range. It's a mess.
Head and shoulders on the intraday chart today, end of the 3 day rise cycle as well on EURUSD. All favoring shorts, as rally seems to be topped. I am short EURUSD but very light, about 0.3:1 leverage. Will leave it open over the weekend with no stops, take profit will move 100 pips into the profit, there is no risk of negative slippage since take profit is a limit order.
PS I don't recommend opening any new trades today to be held over the weekend!!!
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