First Trade of the Week

Entered e/u short @ 2950. I was originally waiting for the resistance and trend line bounce @ the 3000 mark, but once I saw it bounce off 2994, I waited till it moved 50 pips in favor of my assessment and entered.  I have a 100 pip trailing stop and am into the trade with +33 pips.  My R% on this trade is 3% – the most I’ll risk is 5%, so I need some decent pips before I can build in more short positions.  My idea is that we will consolidate around 2850 – 2800 and then move down from there as the Euroland Fundamentals come out this week…the forecast for them is not looking good – or at least worse then the US.  Once we get to the consolidation, I am moving my stop in to trail about 50 pips away.  Any comments would be appreciated.

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5 thoughts on “First Trade of the Week

  1. Thanks Scan – I appreciate the added comfort of someone agreeing with me Unfortunately I was stopped out @ 2974 at a 24 pip loss…I am putting a sell order in @ that same spot (Jacko AH theory) once I see a good bounce off of the 1.30.

  2. Did you get your current trend analysis (down)from reading and applying info from jacko’s thread or are you in the members group ?

    Some of what I would comment on (pertaining to my trade) isn’t totally according to jacko’s method and some of the purists there complain if any other idea is brought up. On the other hand, I haven’t heard from any member that doesn’t admitt they use other methods mixed.

    I see that you entertain the same notion .. we all have small variences in how we mark up our charts and I just happen to believe we are seeing a turn up and traded it that way.

    Good pippin and you may contact me if you desire any further explanation ,,, tim

  3. Hey Tim – thanks for the comment.

    I am not a member of Jacko’s group – I had the opportunity, but my wife and I decided that we didn’t have the time to invest in something such as that.

    I do use other methods, in fact I posted on the thread about using the 65 sma and Jacko or an admin removed it. In any case, I appreciate the candor and hope to see you around here.

    How far up do you anticipate e/u going?

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