Here's my usd/yen trade from this week, any comments welcome.
I shorted the bearish engulfing, seen by the arrow. My reasoning was, Big Boss and Boss down, worker in agreement. You can see a few days before, a counter trend bullish engulfing printed, and failed. i entered an order a few pips below the bullish bar on the 17th, and on the 24th the order was filled.
My initial plan was to enter 3 positions, and take profit at 50, 100 pips, and run my final position to try and tp at 180 pips, just ahead of the next S level.
I'm only up to page 150 of the other thread, and i think this was being recommended then. However, when the trade was open,i realised my plan had a flaw, in that to take profit at those levels, i would have to be watching during the day.
For me the whole point, is to plan the trade, and then check it the following evening at the close. So i amended the plan. the next day, price had moved down, so i closed 2 positions out- 2x 0.75R. and moved stop to b/even.
i let the last position run.
the following day price went lower close to my t/p, before retracing. I must admit when i looked at that candle the next day and the lower wick, and where price was, those voices in my head started chattering..As Strat keeps pointing out, its the fear and greed, in this case fear of giving back profits, that did it. Still, i stuck with the plan, and next evening i'd been stopped out on the final position for a profit of 1.5R.
I shorted the bearish engulfing, seen by the arrow. My reasoning was, Big Boss and Boss down, worker in agreement. You can see a few days before, a counter trend bullish engulfing printed, and failed. i entered an order a few pips below the bullish bar on the 17th, and on the 24th the order was filled.
My initial plan was to enter 3 positions, and take profit at 50, 100 pips, and run my final position to try and tp at 180 pips, just ahead of the next S level.
I'm only up to page 150 of the other thread, and i think this was being recommended then. However, when the trade was open,i realised my plan had a flaw, in that to take profit at those levels, i would have to be watching during the day.
For me the whole point, is to plan the trade, and then check it the following evening at the close. So i amended the plan. the next day, price had moved down, so i closed 2 positions out- 2x 0.75R. and moved stop to b/even.
i let the last position run.
the following day price went lower close to my t/p, before retracing. I must admit when i looked at that candle the next day and the lower wick, and where price was, those voices in my head started chattering..As Strat keeps pointing out, its the fear and greed, in this case fear of giving back profits, that did it. Still, i stuck with the plan, and next evening i'd been stopped out on the final position for a profit of 1.5R.
