I will either make it in Forex, or die trying

Mission #6 has been initiated.

Mission #5 cadjpy is progressing well.



Mission #6 eurjpy is also looking good.



Gbpjpy and chfjpy have deviated from the mission start criteria.

The market is moving.

1. S&P down
2. Bonds down
3. Oil down
4. Usd up

A number of new potential missions have shown up.

The jpy is suddenly weakening and has taken out my eurjpy trade at breakeven.



Based on the jpy strength, I have closed my cadjpy trade to salvage +13 pips.



This is a disappointing result, but I did what I was supposed to do... No regrets!

Next!!

In the meantime, a new mission has begun on gbpjpy (Mission #7).

As far as I can tell, the news today points the weakness of the jpy to two factors:

1. promising developments in U.S. debt ceiling talks
2. investors are heavily selling Japanese bonds

Mission #7 is in trouble and the first set of reinforcements have kicked in.
My plan now is to abort the mission with as few causalities as possible.

nice ... i will try to look forward this system .. hope it can suit me ... can i use this system on EUR/JPY ?

Sure you can.

I am using it across a large number of Forex pairs and I suggest for you to do the same.

This system is based on fundamentals so it would be good to have many if not most of the major and minor currencies at your disposal. Then you can cherry pick the currencies and setups that based reflect your fundamental opinion.

Mission #8 begins.

Mission #8 is progressing well and the stop loss is moved to entry.

Mission #9 begins on eurjpy.

Mission #8 is over.

There are no causalities or profits for this mission.

Stop loss for Mission #9 is moved to entry level.

Mission #10 & #11 begins.

Mission #12 begins.

After a week, it is clear that the trend has changed for Mission #7.

The debt ceiling disaster has been averted and the gbp is going up while the jpy is going down.

So instead of waiting for the Stop Loss to be hit, I closed all sell trades manually.



Over the past few days, I have had plenty of time to reflect on my mistake for this trade: I went against the daily trend.

Although it is painful to lose so many good pips like this, it will leave a permanent scar that will always remind me never to make the same mistake again.

Since I will be taking multiple positions on the same currency pair, I will now refer to all the positions on the same currency pair as one mission.

The mission for that pair will be over when the trend changes.

Mission #10

Stop loss for initial entry moved to entry level.

Initiated a new set of pending entries.

This mission began not long ago and the stop loss has already been moved to the entry level.

RSI removed

The RSI has not helped much with my trading so from now on I will not be using it.