Split your position size in equal sized parts, and enter longs gradually against the Euro. The EURUSD pair is the one most people trade, so, it'd be an EURUSD short, but I wanted to show people how the uptrend in the dollar/euro cross looks to prevent biases.
We have 5 days without a new high, and a new low under the previous 3 days' range. This is a good excuse to start entering longs againt the Euro here. You can enter 0.03 lots, per every 10k in your account, gradually, and ramp it up if it drops a bit more, as long as it doesn't drop too much (more than a 229 pips climb in EURUSD). Once we're in profit we can start adding and tightening stop losses. For now, I'm not using stops, simply adding gradually, for as long as the trade remains valid.
"For now, I'm not using stops, simply adding gradually, for as long as the trade remains valid."---- did you mean you're not doing stop order entry buys, or that, you're not using stop loss orders? I'm thinking too much ;)
IvanLabrie
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@moorekapital, not using stop losses, and not using limit or stop orders either. Only market. I'd use stops only after the trade progresses in my favor, to protect profits and allow me to add to the trade.
@moorekapital, that's why I go with market orders now only. I decided to not care about anything outside of NY session too, channeling Sartre, does the price action exist if no one is there to watch it? (referring to stuff that happens outside NY). I chose to believe it doesn't haha, so that I can have some mental rest after NY closes. I'm concentrating my efforts on daily or higher timeframes, so, the intraday noise I'll treat as that, contrary to my previous approach, which was considerably more stressful, potentially leading to second guessing ideas that needed more time, and also, prevented me from monitoring more instruments like I do now.
Cheers!
moorekapital
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@IvanLabrie, mmm, great observation--- great lessons in there.
IvanLabrie
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@moorekapital, it's all preference, we trade our trading beliefs and systems, not the market, as Van Tharp would say. In a way, we're able to choose what we want to bother with, if the trading system and our logic has an edge, over time we will make money. So many ways of doing it, this just happens to align with my personality traits and beliefs that I feel comfortable with.
:)