Euro Setup Sunday Night 6-15-2008
My basic trading system is this.
I look at a 15 minut charts, I see clear levels of support and resistance the chart. I think createorder entries just past those levels, taking into account the possible widest spread for that pair
For expample, The possible widest spred for the usd/jpy is wider than the possible spread onthe euro/usd.
I create order entries, add an alert that will be sent to my phone is this entry is reached, then I go to bed.
if the alert is triggered, I should wakeup and check on the purchase. This way, I am only buyingwhen a clear trend in either direction is established by a point where the rate breaks through a point of support or resistance.
I like the 15 minute chart for this at a minimum. I tried the 5 minute chart and thatreally hasnt worked for me.
Thats it, thats my system right now , thats my trading plan.
Now in the case of the Euro/usd, I have create entries to buy at 1.54148 and sell at 1.52976
Ok, I woke up at 3:15 checked my position and panicked. I closed my euro position.
Then I went back to bed. Here is what I saw when I woke up at 6:45
My "take away" from this is that, I might have been right when I picked the correct resistance point. you can see how once broken through, the point of resistance becomes a point of support, to say nothing of the money I lost by closing the position early.
And again, it reinforces by desire to not have stops, and let my position ride to the next morning, I guess playing out the london session.
My basic trading system is this.
I look at a 15 minut charts, I see clear levels of support and resistance the chart. I think createorder entries just past those levels, taking into account the possible widest spread for that pair
For expample, The possible widest spred for the usd/jpy is wider than the possible spread onthe euro/usd.
I create order entries, add an alert that will be sent to my phone is this entry is reached, then I go to bed.
if the alert is triggered, I should wakeup and check on the purchase. This way, I am only buyingwhen a clear trend in either direction is established by a point where the rate breaks through a point of support or resistance.
I like the 15 minute chart for this at a minimum. I tried the 5 minute chart and thatreally hasnt worked for me.
Thats it, thats my system right now , thats my trading plan.
Now in the case of the Euro/usd, I have create entries to buy at 1.54148 and sell at 1.52976
Ok, I woke up at 3:15 checked my position and panicked. I closed my euro position.
Then I went back to bed. Here is what I saw when I woke up at 6:45
My "take away" from this is that, I might have been right when I picked the correct resistance point. you can see how once broken through, the point of resistance becomes a point of support, to say nothing of the money I lost by closing the position early.
And again, it reinforces by desire to not have stops, and let my position ride to the next morning, I guess playing out the london session.
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