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Friday, November 28, 2008

eurusd (eur usd eur/usd usdeur usd/eur) trading (short time intervals example)

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You should read this post from an educational perspective. It contains three types of trades: how to trade during a topping process, how to trade between a top and a bottom, and how to trade a bottoming process.

Trading during the topping process:

eurusd (eur usd eur/usd usdeur usd/eur) trading (short time intervals example):

We did some trading on forex few moments ago. It is trading using very short time intervals. Opposite to what some people may think, trading shorter intervals is risky as the gains are small and if a larger bar comes along and price goes against (and you do not have a stop) then you incur large losses compared to gains. On the other hands if you have tied stops, they you get get stopped out easily.

I did nice trades for short time intervals (because this is done before going to bed, and I want to close the trades before doing so).

Attached charts shows the action. When eur/usd moves a pip in your direction you make 10 dollars per contract. For instance, a move from 1.2925 to 1.2930 is 5 pips or $50 dollars.

Keeping a position between a top and a bottom:

After the series of micro short term trades, here is a multiple hours trade that we plan to close soon. The trade has made 250 pips at one point, but we just checked it now (9:10AM). It has now more than 225 pips gains. We plan to close it on possible retest of lows and fail.

9:20AM: we just closed the EUR/USD short trade. Profits are 230ish pips.

Trading the bottoming process:

Few minutes after closing the short trade at 9:20PM, we made a series of mirco-short term trades, similiar to what was done earlier today. The difference is that this time the trades are made on long side.

The purpose of these types of trades is to show you an example of how to trade at a top, between a top and bottom, and in a bottom!

11:08AM: We just started scaling for what we think is the area of the bottom for today for EUR/USD. Entered at 1.2673

11:16AM: with eur-usd at 1.2653, the entry is completed. Direction is long. Average price is around 1.2660.

11:44AM: with eur usd at 1.2680, we took profits on the long position.

11:55AM: short covering of EUR/USD latest today's low seems to be at the end. We started trading it on short side for some fast trades. first entry on short side at 1.2710.

12:08PM: eur/usd at 1.2690 area. We closed the latest short side trade established in 1.2710 earlier. If you followed this trade, if we were you we would close it.

Safer trades would be to buy on restest of today's low if it restests and fails, or sell any sharp rallies if it goes to 1.2750 area.

We are done with trading EUR/USD today (unless we see some good trades). Have a good weekend!

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Happy trading,


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