EUR/USD

It is looking bearish at the moment - I agree. I have to re-analyze to see best entry.

Fairly happy with yesterdays trade though - started off @ £5/pip and scaled it down, took good chunks of profit along the way and moved stop to allow a free carry in the case it was a bullish move. Once it broke the stop it confirmed break down intermediate uptrend.

Hey GC, this is downtrending so shorting into the bounces and going with the trend is best......

that flags been broken or just abt sitting on the lower line.

Stopped out for the remaining 1/5th @ 12810

This part is the REAL test of my resolve considering i'm probably a scalper at heart, taking profits quick and fast - which isn't good long term I know!! Giving myself the satisfaction of a profit - but really just harming the chance of being a successful trader.

Its reached the 200sma on the 1H chart, and the 49sma on the 4H chart.

Usually I would take my winnings here at +50 pips - but I am going to go against my natural tendency and try really stick by this!

gclark25 wrote:

gclark25 wrote: Plan on staying long for the duration of tis trade - although may take 2/5ths off on the 49sma and the rest off @ the 200 sma if it reaches it rather than the oblique resistance channel (Feel it could be a bridge too far and would be happy with ~50 pips total.

Took 2/5ths of trade off @ 49sma level on the 1H timeframe.

In the case of a 49sma break, I will let the rest run if it does not break back down below it.

Stop moved up from B/E to 12810 - which I take as the Higher Low. If it breaks below that, I am happy to come out of the trade.

letting it ride the wave and will take a view at the end of today.

As a side note - there is the small case of a 200sma to get through which will provide some form of initial resistance - maybe as the peak of a wave (III) within the wave C.