I believe . . .
DislikedNice PIN on CHFJPY weekly chart was stop out as well. I think it was A setup, taken from weekly PPZ, 38.2 fib ret., and a lot of space down to 82 area where was my first PT(I think its obvious from the chart). At least it takes much longer to blow out account on weekly chart then on H4 or H1.
DislikedI'm still in Cad on the 2nd half. My 1st half was 32 pips. I have mentioned in an earlier post that I will give a little more leeway to an "A" category trade on the 2nd half. The key being, it's on the 2nd half.
So I moved my stop loss on the 2nd half 22 pips above my entry. To many times Price will retrace and test the break and then continue on.
I've done the same with the Eur/Chf.Ignored
No and certainly not Alter, I wasn't being ironical atall...
Right so it was a loosing trade...
The setup was good, let's not use absolute words so as to refer to it as A+ but i'll say the setup was good.
The pin bar broke, so you're in...
it's on the weekly and you wait for it to give you some handy pips before you look to move your stop to BE.
THIS IS EXACTLY WHAT IT DID!
It went a good 150 pips in your favor,
It's to avoid trades like these that Jim recommends a move to BE as soon as you possibly can.
you may argue...Ignored
DislikedI didn't move my SL as there was no reason to do so. Next PPZ was another 100 pips farther and it was just first day of the week. It's also different if the trade goes in your way...Ignored
DislikedI've been keeping my eye on the EUR/yen at this level and i was wondering if anyone has any tips or ideas on how they will make their entry into this trade. I'm trying to decide if I should buy at the break up above resistance or wait for a pullback and then buy. This is for a 4hr or daily TF chart. any ideas would be great.Ignored
DislikedI didn't move my SL as there was no reason to do so. Next PPZ was another 100 pips farther and it was just first day of the week. It's also different if the trade goes in your way 70 pips on H4 chart or weekly where you have 350 pips SL, I can not treat it in the same way, can I?
I think the problem with weekly setups is that they are likely to be under influence of fundamentals. And this is exactly what happened with this trade. On Tuesday there were some positive news, DJI went up and JPY down.
Anyway I will stop trading when I'm 15% down , so...Ignored
Dislikedfundies mean nothing. pivot zones are there to guide you and help manage trades. They are not meant to be used as a mechanical way of exiting trades.
im in a trade with a pivot zone 150 pips away and im already up 75 pips.
would i in a million zillion years let that turn into a losing trade waiting for that pivoit to be hit?
this is where your struggling.
its not hard to get over that hump.
just keep working and send me emails with charts if you want or need to.Ignored
DislikedI'll give you a tip (on top of PA, which Jim will discuss with you), worth many lost accounts.
Yen is very special currency and not as simple to trade as many think. Japanese traders and BOJ always play games with traders (check PA after Tankan report earlier this week). They work like one big brain and they hate traders other than their own. Ever seen Tokyo stock exchange at work? It's a quiet harmony compared to mess on wall street.
Here is a tip: Almost all jpy crosses move in unison (95% ) ..., so you have to...Ignored
Dislikedhow many of you are envious of jarroo and mad at my post that i would move my stop to BE?
This is a great lesson.
because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.
Im about not taking losses, what more can i say.
These happen to me all the time but on the bright side i rarely take more than tiny losses.
the other thing to remember?
they dont all come back and stop you at BE. sometimes you get these huge runners after...Ignored
DislikedThe USD/CAD pinbar created a tug-of-war battle in my brain. When I got home from work last night I read this forum as usual and saw a couple of posts regarding the USD/CAD pinbar. I then looked at my chart and decided that it was a good opportunity after performing my rookie analysis. The pinbar had bounced off of a nice PPZ, had fib confluence, we recently had a BEOB on the weekly chart and there seemed to be a decent amount of space.
I logged into my trading account and placed an order to sell @ 1.2656 with first TP @ 1.2510 and second TP @...Ignored