It's funny you posted your chart with a trendline...I have drawn a couple of mine own this morning before price took off to the upside. Isn't it funny how we use the same chart, but have different opinions on this trade?
And as for my trade, I had 4 mini lots open. Took profit on 2 of them( +30 and +90) The other two are currently at +150 and +130pips! Last week was my best week ever trading forex...nearly 1000pips off of the nzd/jpy. This week is turning into my second best...up 600(not counting the open trades). All I can say is THANK YOU JIM and all who contribute to this forum...THANK YOU THANK YOU THANK YOU!!!
Happy trading!!!
ps...if anyone is wondering where my other pips came from this week, it was from the gap opening on Sunday...that was good for a couple hundred pips per lot!!!
Heya Kev,
even though they've been mentioned here before and I'm not sure how "secret" they are, I don't feel comfortable disclosing them as I got them from the PF and I believe they're so valuable they should stay a part of that.
Most or all are "known", but the real trick is knowing what to do with them.
Just like with anything you put on a chart.
If you're in the PF just shoot me a PM over there or simply check out my journal, I mention them permanently in there and explain how I view them =)
Really sorry I can't help you further there Kev :/
I'm always of two minds whether I should just delete them off the chart before posting em in the first place as it is. It's just me in this case, bit overprotective.
A lot of the time there's no real difference to the charts with or without them when posting target zones / fib+s/r confluence and my blue boxes, so there's no need to feel left out
It's a double-edged sword either way(more complication due to them).
Take care,
SeekingLight
Nice job man!
It definitely had enough going for it to go up. And sure enough, it did.
It was bound to make a move sooner or later I guess.
I missed this one but that's ok. I was long on another JPY pair.
Keep it up. Those are some big pips.
Tom
Happy trading!!!.... and another one.
too bad e/j never hit buy limit
.
Y
I usually don't use the 1hr chart, but since Mr. Raczekfx was using them...I thought I'd post the same timeframe. On this chart we have a nice rejection off of a trendline that was broken and the 200 moving average. It's not quite a PB by definition...but close enough for me(this time). Use at your discretion!
That sort of "gasping" PB at the top of a swing would actually look more bearish than bullish to me..never a good idea to add to positions on a high for me. I keep seeing those turn red as the real pullback comes, the original position goes small enough so that the red part and the positive pips roughly cancel each other out, just as it starts to get near a potential turning point I close out, then things move on like nothing happened and instead of making money I just wasted time...
Just an anecdote from some of my terrible trading habits which I am trying very hard to lose currently
(seeing slow progress there, yay!)
Sounds good =)
But what was the stop for the higher entry? And how much room did it have to go?
It was a good thing you took your profit as it was there.
Don't get me wrong - if you managed to get money out of it then good.
I just don't see a setup there nor a good risk/reward. That's just my take on it.
Now let's look at how things moved afterwards..
