Possible commerce tomorrow: Short on a rest down of 225.85/60 with a stop near the peak of the overnight rally. Not seeing anything to activate a long as it looks at this time, but it is just a provisional egy anyhow. Everything could look very different at London open and if that is the case oh well... back to the drawing board...
Wow.. Things sure do seem different, so scrapping the above for now... I've no clue if what is happening now is a pull back on the long (226.50 - 227.40) or part of the retracement of the short (228.40 - 225.55). London will give more hints. The new lines I've drawn are only watch levels.
Only sold the rest down of 226.90, slightly better at 226.93. SL at 227.43, the high of this overnight. Open goal.
Rationale: price broke one of my view amounts as posted previously. An agressive exchange for me, but the stop not too far off and risk managed. Additionally, cable was appearing quite heavy while UJ was stood still.
I just closed it for 52. Reason: was not expecting the movement to be this fast and that I get nervous in fast markets, even if they're in my own direction.
200 for the week today, and I may leave it for the week. It's NFP on Friday anyway and do not usually NFP times cos the markets act bizarre - waiting around all day and then going mad!
My watch levels broken today... I did not remain in and maximise profits but I hope someone else did and made cash.
Great work. I received the exact same move on EUR/JPY after price failed to hold over the R1 rally and produced a shooting star on the hourly. I targeted preceding resistence to act as support and bagged 50 pips. Additionally, I began in '05 and in addition, this is the first year without a fried account - lol. We walk the same route.
Well completed thanks and MACDoug for the encouragement. Wishing you luck on your journey.
Well, it has been a decent week and I do not wish to spoil it, but... gold looked sooo great for a brief earlier at 802.25. That box on the chart is an order awakened by cancelling it accidentally (luckily before it triggered!!) , and took it at 802.28 at market instead. Just a little place on this since I understand gold can be EXTREMELY volatile at times. . It can create GJ seem like EUR/GBP!
Brief @ 802.28, first SL at the afternoon highabove 807, proceeded to the high of the 15 minute pullback at 803.88, open goal, conservative risk management.
... chose to make it a scalp. 40 @ 801.88 and I'm not actually in the mood anymore; perhaps im just pissed cos I made that fearful newbie error sooner and shut a good trade premature - thus im gonna call it a day.
I am taking a look at the hourly EUR/JPY chart. I like the hourly time period since it's simple to trade long or short term. For medium and longer transactions you just analyse it on a 24 hour basis as if it were a daily chart, but the benefit is that it may set you into transactions much earlier, and it's simple to exit unshed (or less poorly shed!) If you picked on a wrong'un. In addition, I think it's the most reliable time period for intra-day trading also.
Like I said a couple of posts before, my medium term outlook for this pair is LONG and I posted my reasons for this in the lady trader thread on Monday.
Today and yesterday, it quickly recovered back to about it is day high after taking news related tumbles, so the pair isn't looking as depressed at it's been lately. It's already crossed above the 200 ema, retested and bounced back it off along with the bearish divergence on the OsMA might herald the pull back which I am now looking out for.
However, when all's said and done I open transactions based on particular price levels and not on indiors, so if any egy I make now looks wrong tomorrow I won't try trading it. When that occurs I make a new plan or when I am really unsure, the best option is stay out of it.
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