A lot of resistence to the up side on this trade. But the trade risk is only about 14 pips (gotta love it). One truth in trading : No One Knows Where Price May Go.
I am in that one as well....same price
It's me...
The DIBS Method... No Free Lunch continues
- #4,183
- Jul 29, 2008 4:09am Jul 29, 2008 4:09am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #4,185
- Jul 29, 2008 4:16am Jul 29, 2008 4:16am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I'm long the USDJPY on the breakout - as Jaroo mentioned it is counter trend so I set very conservative breakeven stops and I'm now riding free with a bit of loot in the bank. I suspect the price will stall at R1 around 107.73 depending on your price feed. This is great fun - I just love it!
Free trading. Now it may turn back and stop out . . . So What! You lose nothing.
Who knows this baby could go to the Moon.
Good Job tiger. You to Kim.
Indicators show the past. Price Action "Indicates" the future.
- #4,187
- Jul 29, 2008 4:21am Jul 29, 2008 4:21am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
thanks jaroo
i am in at 43 and was aiming for a target just around the 90 level.....hoping a retest of that level if we can get through 107.76.
cheers
Indicators show the past. Price Action "Indicates" the future.
- #4,190
- Jul 29, 2008 4:44am Jul 29, 2008 4:44am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
yes i am grabbing those pips ha ha .......it is because i have to pop out for an hour in 30 mins so prefer to close the trade
Nothing wrong with that Kim. lol.
But I would hate to see it fly away on you. You may want to let a small position ride until it stops out or maybe it never gets stopped out.
This is where the real money is made.
Maybe the next one we'll let it ride. Deal?
You too AgentFx.
Indicators show the past. Price Action "Indicates" the future.
- #4,192
- Jul 29, 2008 4:51am Jul 29, 2008 4:51am
Nothing wrong with that Kim. lol.
But I would hate to see it fly away on you. You may want to let a small position ride until it stops out or maybe it never gets stopped out.
This is where the real money is made.
Maybe the next one we'll let it ride. Deal?
You too AgentFx.
It's me...
- #4,194
- Jul 29, 2008 5:02am Jul 29, 2008 5:02am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
It's really great to have you back again Jarroo. You are a great source for inspiration!
Glad to be back. Still sorting out a few things to hit the Open(s).
I'm loving your posts buddy. I have a NowAndLater file with your posts that I read often. Keep up the Great work.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #4,196
- Jul 29, 2008 5:16am Jul 29, 2008 5:16am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
Thanks NAL.
Glad to be back. Still sorting out a few things to hit the Open(s).
I'm loving your posts buddy. I have a NowAndLater file with your posts that I read often. Keep up the Great work.
Jim
I'm not sure about which IB you're talking about here. On my charts I had 2 IB's, 0300GMT and 0500GMT at the green arrows. And both of them have played out since there has been a considerable move after these IB's, so to me they are not valid anymore when price comes back to them again.
IB's are indecision areas, afterwhich we might get a direction. If there's no immediate move after the IB, then it can still be played like the trade on UJ 2 hours back. There you can see that the IB (green arrow) was broken down but just a little and then came the move up. If the break down was bigger than that I would have passed on that trade.
In USD/CHF i asked for the GMT 05.00. And sure you are right, NaL, we talked about that some time ago, that this IB was not realy valid anymore - time and movement did "cancel" it. But there was the large bullish candle at 06.00 and so i took the trade and i am still in, waiting for a free trade.
In USD/JPY i missed the first IB, so i took the second at 1.0758 and still in, now with a free trade.
I love DIBs, so i took the USD/CAD this morning too, still in, 15 Pips ahead.
All the trades are risky because of the restistances, but looking to the higher TF or the small stops, it seemed to me, i could take the risk.
Thanks again for your support, i wished, i could help you as much as you help me...
regards, Michael
- #4,199
- Jul 29, 2008 5:55am Jul 29, 2008 5:55am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
Thank you very much for your help, jarroo and NaL ...it helps really.
In USD/CHF i asked for the GMT 05.00. And sure you are right, NaL, we talked about that some time ago, that this IB was not realy valid anymore - time and movement did "cancel" it. But there was the large bullish candle at 06.00 and so i took the trade and i am still in, waiting for a free trade.
In USD/JPY i missed the first IB, so i took the second at 1.0758 and still in, now with a free trade.
I love DIBs, so i took the USD/CAD this morning too, still in, 15 Pips ahead.
All the trades are risky because of the restistances, but looking to the higher TF or the small stops, it seemed to me, i could take the risk.
Thanks again for your support, i wished, i could help you as much as you help me...
regards, Michael
When I feel that a trade is a bit risky because of whatever reason and I still want to trade it because of whatever reason (lol) I would do one of two things (or both):
1) My normal trades are 1% per trade, so I would maybe only trade 0.5% instead
2) See if I can get to the BE point before the "risky area" by closing 2/3 of my position after being in profit an amount of pips that is equal to half of the amount of pips risked, instead of doing it PC's way. This means that if I'm risking 20 pips then I'll close 2/3 of the position after 10 pips in profit.
And also you don't always have to close half of the position at 1:1, sometimes the price is moving so fast that it's better to wait before closing the first half and grab some more money.