Eur/Jpy stop washout play | Forex Factory

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Eur/Jpy stop washout play

  • #1
  • First Post: Feb 21, 2007 7:29am Feb 21, 2007 7:29am
I like to trade stop washouts every now and again. Often the price will just breach a prior high or low by only a few pips and then retrace quickly. The key to trading like this is to give the trade a time stop and get out even if you are near breakeven.

Metatrader shows the high on eurjpy is at 159.00 and incedently round numbers can often substitute for high or lows. A short here with a fairly tight stop of 20 pips and a 3 hour time stop wouldn't be bad play.
  • #2
  • Feb 21, 2007 8:29am Feb 21, 2007 8:29am
Quoting faure
I like to trade stop washouts every now and again. Often the price will just breach a prior high or low by only a few pips and then retrace quickly. The key to trading like this is to give the trade a time stop and get out even if you are near breakeven.

Metatrader shows the high on eurjpy is at 159.00 and incedently round numbers can often substitute for high or lows. A short here with a fairly tight stop of 20 pips and a 3 hour time stop wouldn't be bad play.
Those are actually VERY nice plays... glad someone is thinking differently than most of the new posters do...

Quite refreshing.
Mr. Trend
  • #3
  • Edited 5:41pm Feb 21, 2007 8:46am | Edited 5:41pm
Thanks, the fact is that eurjpy is very politically charged right now - new highs won't happen without being noticed.
  • #4
  • Feb 21, 2007 12:43pm Feb 21, 2007 12:43pm
If the price gets rejected here, we will have a double top

here's a chart to see
Attached Image
Trade what you see, not what you think.
  • #5
  • Feb 21, 2007 1:36pm Feb 21, 2007 1:36pm
Thanks for sharing the strategy!
  • #6
  • Feb 21, 2007 2:26pm Feb 21, 2007 2:26pm
Good thinking Faure!
  • #7
  • Feb 21, 2007 3:54pm Feb 21, 2007 3:54pm
LIKE YOUR STRATEGY,WILL U PLEASE EXPLAIN MORE ABOUT IT ,
AND WHEN U THINK THE PRICE WILL GO AGAINST YOU ,
ARE YOU DOINGMORE THAN ONE TP , LIKe:
T1=20,T2= PIPS 50 PIPS AND T3=100 PIPS

HOW MANY TRADE YOU DO EVERY MONTH?

DO YOU TRADE ANATHR CURRENCY?
....
  • #8
  • Edited 5:40pm Feb 21, 2007 4:50pm | Edited 5:40pm
Quoting sami772
LIKE YOUR STRATEGY,WILL U PLEASE EXPLAIN MORE ABOUT IT ,
AND WHEN U THINK THE PRICE WILL GO AGAINST YOU ,
ARE YOU DOINGMORE THAN ONE TP , LIKe:
T1=20,T2= PIPS 50 PIPS AND T3=100 PIPS

HOW MANY TRADE YOU DO EVERY MONTH?

DO YOU TRADE ANATHR CURRENCY?
This should work on any currency on most timeframes. I use a lot of intuition in picking which areas the stops are located. I try to look for a market that is ranging.

I sometimes scale out and sometimes I don't - you can trade it anyway you wish. This is just one of many approaches I have - I'm big on common sense and intuition and very, very low and anything programmable. Although I'm sure you could automate this somehow - but the result might not be that great.
  • #9
  • Last Post: Edited 5:41pm Feb 21, 2007 4:55pm | Edited 5:41pm
I'm out of this trade at minus the spread. eurjpy and cadjpy failed to move lower quickly enough. The crosses will probably move lower but I'll stick to my plan.
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