ReyHaynes
Short

(BREAKEVEN) EURUSD Short (1 unit @ 1.93 reward)

FX:EURUSD   Euro Fx/U.S. Dollar
128 6 1
Price action and USD fundamental trade. Looking for trend continuation on the short side.

UPDATE: This trade was literally fractions of pips to hit my target but retraced back to breakeven this trade...which sucks because the direction was absolutely correct. Wrong setup plan. Should have set this to a "let it ride" trade.
Hi Rey, nice work on the positive risk:reward ratio. It is good to see you setting yourself up so you don't have to be right on every trade. One thing you might want to keep in mind, as you know during this time of day (afternoon US to the London open) some pairs hardly move. Profitability of traders actually improves during this time of day if they employ a buy at support and sell at resistance strategy. With that being the case, you might find better win ratios on trades during this time of day by initiating them closer to stronger levels of s/r. If you run your type of analysis across a multitude of pairs, you might be surprised the frequency of trades you'd take.

For example, the EURCAD historically holds an incredibly tight range during this time of day (because both EUR and CAD are offline). If you catch the EURCAD near a decent sized pivot or Moving average, the reaction you are looking for is more likely. Best of luck!
+2 Reply
ReyHaynes PRO JWagnerFXTrader
a year ago
Thanks for the feedback. It's extremely tough for me sometimes since I also work a fulltime job for now but most of the time when setting up these plays, I am predicting the slowdown which is beneficial to me because it allows me to further evaluate my trade later in the day without major price movement. Usually during downtimes, there is somewhat of a predictable yet slow price movement based on if the action already consolidated or pulled back for a continuation move or pullback move.

I do have to be a bit more mindful though because I end up putting my trade in a position to have swap calculated in which can be detrimental if it's negative.

I'm hoping to solve these problems in a few weeks when I will be trading full time!
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JWagnerFXTrader PRO ReyHaynes
a year ago
Great to hear. You are on the right path. I've been to China a handful of times and that is one thing I loved was their time zone (same thing for Australia). When you wake up in the morning, it is afternoon time in the USA. The markets are hardly moving which makes analysis less stressful. Then you go about your day, come home and make adjustments before bed.

What time zone are you located and what hours do you work?
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ReyHaynes PRO JWagnerFXTrader
a year ago
I work 10 to 6 in the heart of NYC.
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JWagnerFXTrader PRO ReyHaynes
a year ago
Ok - so from about noon to 3a is when the market volatility is quiet. If you can over a lunch break, troll through some charts and find those pairs that are close to s/r (including european currencies and including crosses of those european pairs). Buy support/Sell Resistance and you might need to close out prior to London open. Let me know how it goes.
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ReyHaynes PRO JWagnerFXTrader
a year ago
You seem like a highly established trader. Thanks so much for the valuable feedback! It's especially needed for my transition to full time trading in a few weeks!
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