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Any thoughts about this new low? I took a very cautious one lot long trade near the low that worked out for a win. A few bars after my fill the POC shifted down 95 points and everything appears to have stuck there. I'm still leaning long at the moment, maybe a run up to the 1.2450s or 60s (before 8:30 am). I've been "bottom fishing" at 1.2425 but only getting a few nibbles. I'm not sure how many times I'll leave my bait down there before my opinion changes. I don't want to be in a trade when the US numbers come out but I would jump on a move between now 6:30 am and 7:30/8:00 am.
Just couldn't get a good read of this market I guess. Was late to the party and only saw the tail end of the down move as it was happening, then noticed the up move earlier. It sure left an ugly looking VP in it's wake. Did catch a piece of that up move by adding another order a bit higher but just couldn't pull the trigger on a short trade at the top. Had 2 orders sitting at 1.2477 and 81 but the market never really reached for them. There's always tomorrow.
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See attachment for more esoteric work on the daily EURUSD
1st target hit @1.27 on the number. Next targets are 1.29 and 1.31 and higher going into U.S. Labor Day Holiday.
I expect a NEW high on Monday and then some consolidation and pullback within this mid-term (present) uptrend.
The month of June is done and we have established the lows on my turn date (+/- 1 day--though it was an 'on time turn date of 6/01/12) of 6/01/12.
If we go higher I make more ticks; if we consolidate and then re-test 100% or breach the lows of 6/01/12 I am okay because I am playing with the houses money right now.
When I have enough of the houses money I PRESS it like a mofo~~and I mean PRESS it. I drop down to 480 and 240 minute charts and trigger off the 60 minute chart.
I take profits (on my PRESS bets) at resistance and new highs; then re-load on shorter-time frame cycle lows (off of the 480 and 240 minute charts).
This is a campaign trade and I trade it differently than shorter-term swingtrades. I expect to be trading in and out of EUROFX futures and EURUSD forex positions {anticipated multi-month uptrend} until at least Labor Day.
I can and do trade a purely technical 'top-down' swingtrade methodology for shorter-term trades in many asset classes that uses common indicators.
For campaign trades, esoteric methods {Geometry, Planetary Spatial Analysis & Gann} are more accurate for giving me the larger picture.
I realize most traders are either not funded for LARGE campaign trades or simply don't have the interest to trade larger forecasts; I get it. The moves are glacial compared to shorter-term trading.
It also takes brass balls to hold positions that can have equity swings of mid 5 figures each day--I am not unsympathetic to that either.
Personally, swingtrading is far far more satisfying to me; however, intraday trading GC, FDAX, NQ, CL, 6E & ZN satisfies something in me on a different level.
Not something I can properly articulate~~so I won't. I believe intraday trading is akin to going up against 10,000 people in a room and you are given a test--if you are better than 95% {2 standard deviations}--you go home a winner nearly every day.
That is probably the most articulate way I can express my feelings about daytrading. I don't think about the money~I think about the ticks and outworking and out-thinking and out-performing 9,500 other men (sorry, I don't count the women--my apologies) on a daily basis.
The 500 men that I am roughly on a par with; they are my brothers and some make me look like a pebble in a pond and to many I may seem like a large big-swingin' SIZE trader.
If I could give advice to any struggling traders--it would be to MASTER one setup and be monogamous until you OWN it.
If you can do that for 6-9 months and consistently HONOR your trading plan; you are on your way to freedom.
We all have the same amount of time each day--use it wisely and as a grown man or woman or girly-boy; you, as a trader are going mano-a-mano against some of the brightest minds and well-capitalized risk specialists in the world.
Everything is relative and at the end of the day none of us own money; we just borrow it and use it to make life easier and more pleasurable.
Speaking of pleasure; I am off to a nice party (celebrating the end of fiscal 2nd quarter end of '12).