Hello everyone,
Today I am stuck in a position I am not quite sure what to do with it anymore. Here’s the thing:
This morning I entered a London Open Breakout type of trade on EURAUD. It was a typical breakout move from the Tokyo session range right as the London market was opening up - like I say it’s a typical setup I seek to exploit often and which is explained over the chapter#7 of my Forex Trading Course. It ran pretty nicely to the +40 pips mark but not enough to hit my target (it was sitting at +79 pips). But there, this trade lost all type of momentum and have been flapping about the 1.6300 level (around +20′ish pips profits) all day long, and I literally mean ALL freaking day long!
Now in hindsight I reckon I should have closed this trade a long time ago but I have left it open and, to be honest, I am not quite sure what to do with this thing anymore. As I type these lines it remains open at +12 pips, but price action is totally flat-lined in all fairness…
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5 February, 2:23 am
Hector - Hopefully you moved your stop to break even and just waited it out. There’s a gap several hundred pips below that could influence the price lower. Sounds like you have nothing to lose, and 27 pips won’t pay the bills. Btw - That was another excellent breakout trade. Folks are lucky they get to see you in action.
5 February, 2:42 am
Hi Hector,
As you have taught me:
1) Markets aren’t perfect.
2) Never let a winner turn into a loser.
3) Stay out 2 hours before the news (AUD retail sales come out at 0:30 GMT Feb. 5th)–so hopefully you’ve gotten out by now.
Also, you may have another shot at this pair. At my time of writing, it looks like this cross is retracing back to the ADR as per your 3SMA system on the H1 time-frame. Personally, I’ll be looking for potential entries. Oh wait, nevermind. AUD has a news release on interest rates coming out in about 3 hours from now (It’s currently 0:35 GMT). I’ll likely hold off until after that announcement. Good luck.
5 February, 8:13 am
I say let it play out man…you don’t want it to be one of those trades where it could’ve been…but then again if it’s not, then so what, a loss can be a good loss :)
Seems like alot of pairs across the board are going through some sort of readjustment of some sort and it’s quite difficult to profit from any setups…maybe you should consider opening a 2nd business of some sort to help divert your attention away from the charts when it’s flatlining.
5 February, 8:22 am
Hi Hector,…
I was following both the AUD/USD and it’s corelating currency the EUR/AUD this monday morning 9am, west coast time in the states,,and waiting for a breakout of either pair,,,i was actually focused more on the AUD/USD,,it looked like a cleaner set -up to me to long..
and I was tracking the EUR/AUD in it’s retracement trendline,(which i believe was your breakout,,sliding back to the your +12 pips point),..nad having looked at my forex factory “hot sheet” on my FX OFFICE day traders pro’s page ,I was anticipating a volitile price movement around the N.Y closing hours,,,but it spiked several hours earlier,,?? on both pairs..and the 30 SMA was crossing over the 50 on both pairs,,,so,,..like you reccomend, i closed out both charts for the day with no further time wasted………
hopefully you grabbed those 10 or 12 pips you had ,,,and went for a good bottle of wine and dinner out!
I’ve Incorporated one change to your stratagy in that I try to never let a position run back to 0 pips,,,
being up 79 or so,,i would have cleared the first half of the trade off at 50,the second let run back and a stop loss at +20 pips……..and thanks for the updated affiliate materials I recieved today!
James ForexRoadMap.Com
5 February, 10:04 am
I’ve just closed off half my position on a EUR/GBP trade as from what I’m seeing the majority of Euro based pairs are in sideways environments awaiting for direction from the upcoming ECB announcements on interest rates.
It also doesn’t help that the Reserve Bank of Australia upped their interest rates by 25bp yesterday which could also limit the downside on the EUR/AUD pair?
-Tom
5 February, 10:29 am
Whoops, disregard that last statement, meant to say it would help your case and it looks like it has made a new low for the week already!