vc, Thanks for the detailed explanation. I'll study up on this, think I'm on verge of learning smthg very useful. Thanks again.
No problem, just initiated a long AUDUSD at MA 100...after there was a substantial depreciation. Also I set a stop long above MA 20 for USDJPY. I don't expect price to depreciate substantially again.
Break even. Made a profit on AUDUSD but a loss on USDJPY. I hate the chart for USDJPY futures. They have the reverse one - JPYUSD and hard to utilise it...but it was partly my fault too because I knew USDJPY was in overbought condition. Anyway, I am determined not to take a short position now.
Oversold condition and support with double bottom. Given that resignation of Italy's Prime minister has nothing to do with fundamental information, I initiated long at MA 100 for EURUSD. Besides, the spot price has deviated excessively to futures price, expect a correction here after the temporary shock. Target at 1.6500 and I will change the stops as I monitor the situation. I will close the position 15 minute prior to the London session.
Closed all eurusd positions now at ma20 resistance (1.05830) 30 minutes - made 80 pips of profits. By the way, there is too much volatility in usdjpy at the moment as it is going through some bear trend. Well, I will never consider taking a short position and I guess focusing only on long pays off now. While I was writing this I've just found out usdjpy had double bottom and is appreciating now...I think I may have missed out on long opportunity for usdjpy, shit ....it was worth 40 pips...well next time
Eurusd has just recovered to 1.6500 just an hour later I closed them ... I will certainly need to practice holding longer period from now on, feeling really gutted...but what's more disappointing me is missing out on opportunity on usdjpy ..
Just finished reviewing yesterday's chart. There was a selection bias in my trading. It wasn't only USDJPY I missed out on ... there were cross-pairs to EUR - I missed out on all of them. Very disappointed and will overcome the selection bias next time. Today there isn't much to pay attention so usual noise trading is expected - but only on buy side USDJPY - looks like it's too late - double bottom was formed a way long time ago... AUDUSD - waiting it to finish it's bear trend (may not touch it today as it has a strong bear trend) EURUSD - have not seen any major downturn today - not a currency that I look forward to trading Seriously, expect for USDJPY, which I have just missed out on again, all other currencies seems to be having a bear trend...may not trade at all today
Markets are too volatile today. It's going through some correction after yesterday's huge upmove. I give up on trading today, good luck ! I think the long term direction of eurusd is UP, not down. Just be careful if you want to short eurusd today.