Just my opinion but I think you set that stop too tight. For one EJ tends to move so a 13 pip s/l is nothing. The other thing is that the last previous high was 169.00 so your stop should have been at least 5 pips above that. I think after it touched 169.00 it came down for a few pips, not sure right now how many, but it would have given you the chance to get out with minimal damage if you felt the trade was premature. Just like dove said about the lower BB holding it up. And third just looking at the 5 minute or 15 minute chart you should have seen an uptrend. Say it with me "The trend is my friend". I know what goes up must come down, but try to take short positions when you know the uptrend, even if its a short one, has been broken. Simple way is higher highs and lower highs. If an uptrend starts making lower highs, look for a break and then think about going short, and same thing for the longs.
I hope this helps, and believe me when I tell you that I make the same mistakes because sometimes I see the perfect setup, or what I think looks like a perfect setup, and I forget to go over my mental checklist of everything I need to be looking for before jumping in a trade. We're here to make money, but sometimes I feel like we cant wait to throw it away. Best of luck.
I hope this helps, and believe me when I tell you that I make the same mistakes because sometimes I see the perfect setup, or what I think looks like a perfect setup, and I forget to go over my mental checklist of everything I need to be looking for before jumping in a trade. We're here to make money, but sometimes I feel like we cant wait to throw it away. Best of luck.
DislikedI agree with that, but next week there are major bank earnings reports, and if they go the wrong way and report worse that predicted earnings, that's the fundamental data that's going to wreck the USD/JPY.
I shorted EUR/JPY , entered at 168.86, it's now 169.02. My stop hit at 168.96, so I took a beating for 13 pips.
Every indicator indicated a downtrend, it never got more than 3 pips ahead before turing quickly.
PDI/MDI crossed
Bollinger band had 2 candles on lower band and was trending down and upper band opening up.
Slow_Stoch went from lingering above 80% line to falling below 80% line (finally)
If things go as usual, it will start to trend down again and go right past where I wanted it to go.
AM I SETTING MY STOPS TOO CLOSE?
I did ok today on USD/CAD, but not well enough to make up for loss here. Funny thing, my demo account is overflowing with money LOL. I guess I'm more careless with it and take more risks.
I need to do something different. POssibly trade more demo account..
Any opinions will be appreciated.Ignored
Or I may be the one who ends up getting kicked out of the market though.
