Hi Alpiner,
As I don't trade EURJPY I can't give you first hand experience but let's take look at the daily charts.
Since the turn of the year, we have a high of 162.30 and a low of 152.18, a nice 1000 pip range and during that time you'd have been able to bank a lot of pips. With today's move we are now towards the middle of the range again.
The trick is not to have more than one or two positions at the extreme of the range because at some point the price will break through. You say you've only been doing this 4 days so as you say it is very very early days.
If you look back to 25th January, price consolidated at this point for over a week and we are just appoaching this area again. It may well take a breather here but all you can do is make pips wherever the price decides to go.
I'm wondering why you didn't take any trades today - especially if you had trades closed out as you say. To give you an idea of the amount of trades I've taken in the last 4 months....
November 165 trades
December 43 trades
January 118 trades
February 41 trades
The method certainly won't be for everyone - it takes a very different mindset to most 'systems' out there and also extreme discipline. It works for me but how much of that is 'me' I really don't know
Best of luck - test a few things out and please, please don't just jump from one system to another. Over time you'll get to know yourself and which type of method you are comfortble with. It may be far removed from how I trade - who knows?
Kind Regards
Steve
As I don't trade EURJPY I can't give you first hand experience but let's take look at the daily charts.
Since the turn of the year, we have a high of 162.30 and a low of 152.18, a nice 1000 pip range and during that time you'd have been able to bank a lot of pips. With today's move we are now towards the middle of the range again.
The trick is not to have more than one or two positions at the extreme of the range because at some point the price will break through. You say you've only been doing this 4 days so as you say it is very very early days.
If you look back to 25th January, price consolidated at this point for over a week and we are just appoaching this area again. It may well take a breather here but all you can do is make pips wherever the price decides to go.
I'm wondering why you didn't take any trades today - especially if you had trades closed out as you say. To give you an idea of the amount of trades I've taken in the last 4 months....
November 165 trades
December 43 trades
January 118 trades
February 41 trades
The method certainly won't be for everyone - it takes a very different mindset to most 'systems' out there and also extreme discipline. It works for me but how much of that is 'me' I really don't know
Best of luck - test a few things out and please, please don't just jump from one system to another. Over time you'll get to know yourself and which type of method you are comfortble with. It may be far removed from how I trade - who knows?
Kind Regards
Steve
Dislikedas i expected things getting more tougher later, especialy now with the big drawdown on the euro-yen. the fundamental question: are we in a longer up or downtrend is realy hard to answer. all my shorts that i worry about in my last post got hit their targets. so now my longs are my new problemchilds...fibonaccis realy helped me to find good targetzones and to avoid stranded orders in the wrong direction. but it will hapen...
steve i wonder one thing. what do you think is more important to your system: the fact that most of the time the market turns and hit the target? or that your account grow overtime enough to take the 1000p stop? in case the second answer is right my system could fail. i do 1-2 trades a day, today nothing. maybe the eur-yen is to slow for this system. but its to early to resume, im in the market 4 days.Ignored