Breeze....Update on GBP/JPY

Quoting TraderJoe

Disliked

Well, I can speak about it from where I see it but I do not profess to know exactly the way Breeze performs the hedge function.

I do it like this.

1. While I am trading I do not hedge or set any SL unless the market is very volatile then I'll set a disaster hedge way out there 150 to 200 pips.

2. When it is time for me to leave the computer I set a hedge around 50 pips above/below any resistance/support I think price has a possibility to touch while I'm away.

3. When I return, normally no hedge is hit but occasionally when it does get hit then, I sit back, smoke a cig, have a cup of coffee and bless the morning because I don't have to worry about making any quick decision to get unhedged.

Anyways here is the part were most people screw up.
Now that we're hedged, psychology begins to work on the mind. On one hand we know we are completely safe and have literally all the time in the world to get back into the game on a positive note yet on the other hand there is a tendency to feel pressured to hurry and get back in being afraid we might just miss that magic moment were we can unhedge and all will be well.

Speaking from my own standpoint here remember, when I suddenly find myself hedged, I then work out a plan of:

What did I do wrong which landed me in a hedge or was there an unusual condition that got me hedged?

a: If it was an error of judgment regarding correct pivots S/R's or what ever then I simply concentrate harder on my charts and find where the correct entry point should have been that I missed. Then I set a order to unhedge me at that point and begin again.

b: If it was because of a change in market conditions then if the conditions are plain and clear I'll do the same as a: above but if they are not clear then I'll put that trade on the back burner for as long as it takes for market conditions to reveal themselves so I can again stalk the correct timing to enter (re-enter) the position again.

The most important thing anyone can understand about hedging is that once hedged, we must put all urgency to the side and relax, say to ourselves... I'm hedged!!! WONDERFUL! Then work out a trading plan to become unhedged the same as you would work on a plan to take any trade.

Well... I hope this helps some. Again, I really don't know exactly how Breeze does it but I did develop my hedging system based on watching him hedge for quite some time now but Breeze is the final authority on hedging, and he is very very good at it.

Sincerely,
TJ

EDIT:
It would not be right for me to leave out the common sense fact that anyone wishing to learn how to hedge should practice on a demo account until they feel comfortable with it before implementing anything different such as hedging on their live trading account.

Ignored

Quoting TraderJoe

Disliked

Well, I can speak about it from where I see it but I do not profess to know exactly the way Breeze performs the hedge function.

I do it like this.

1. While I am trading I do not hedge or set any SL unless the market is very volatile then I'll set a disaster hedge way out there 150 to 200 pips.

2. When it is time for me to leave the computer I set a hedge around 50 pips above/below any resistance/support I think price has a possibility to touch while I'm away.

3. When I return, normally no hedge is hit but occasionally when it does get hit then, I sit back, smoke a cig, have a cup of coffee and bless the morning because I don't have to worry about making any quick decision to get unhedged.

Anyways here is the part were most people screw up.
Now that we're hedged, psychology begins to work on the mind. On one hand we know we are completely safe and have literally all the time in the world to get back into the game on a positive note yet on the other hand there is a tendency to feel pressured to hurry and get back in being afraid we might just miss that magic moment were we can unhedge and all will be well.

Speaking from my own standpoint here remember, when I suddenly find myself hedged, I then work out a plan of:

What did I do wrong which landed me in a hedge or was there an unusual condition that got me hedged?

a: If it was an error of judgment regarding correct pivots S/R's or what ever then I simply concentrate harder on my charts and find where the correct entry point should have been that I missed. Then I set a order to unhedge me at that point and begin again.

b: If it was because of a change in market conditions then if the conditions are plain and clear I'll do the same as a: above but if they are not clear then I'll put that trade on the back burner for as long as it takes for market conditions to reveal themselves so I can again stalk the correct timing to enter (re-enter) the position again.

The most important thing anyone can understand about hedging is that once hedged, we must put all urgency to the side and relax, say to ourselves... I'm hedged!!! WONDERFUL! Then work out a trading plan to become unhedged the same as you would work on a plan to take any trade.

Well... I hope this helps some. Again, I really don't know exactly how Breeze does it but I did develop my hedging system based on watching him hedge for quite some time now but Breeze is the final authority on hedging, and he is very very good at it.

Sincerely,
TJ

EDIT:
It would not be right for me to leave out the common sense fact that anyone wishing to learn how to hedge should practice on a demo account until they feel comfortable with it before implementing anything different such as hedging on their live trading account.

Ignored

Quoting TraderJoe

Disliked

He's around here somewhere, I just don't know his handle yet.
He said usdjpy is headed for 110 and he's long, (so am I)

Ignored

Quoting fxpredator

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Hello Breeze I have good profits on shorts AUDJPY (2lots on 98.60, 2 lot on 100 ) and i am waiting the reverse of the trend to close them... As you know, i have also Long position (4 lots 106.50 ) which is on minus , so i dont have to make misstake ; what do you think about aud/jpy? will it go up , when and till where or it will range and then drop again Best regards

Ignored

Quoting Breeze

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Theres signs of a reversal to the upside on the USD/JPY....its not yet confirmed.....but almost there....so AUD/JPY....I would say target to the upside and again I might be wrong theres too much whipsaws....I just dont like the way the market is acting rite now....not at all

Breeze

Ignored

Quoting Kain

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Breeze, mind telling me how you can "afford" to hedge so much and at the same time open new positions down low when you have so many opened up above? How big of a volume/quantity do you use per trade?

Ignored

Quoting Breeze

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Very Good TradeJoe.....very very good....keep the thread alive while I'm not here.....good explanation there my friend.....where is AF...?....we need him here.

Breeze

Ignored

Quoting Kain

Disliked

Breeze, mind telling me how you can "afford" to hedge so much and at the same time open new positions down low when you have so many opened up above? How big of a volume/quantity do you use per trade?

Ignored

Quoting HnP

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looking at 1 hr, 4 hr and daily, physicological line also has different reading, same like momentum. Really appreciate if somebody could explain

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