Is it a good trade?

Hello,
I found this a wonderful forum... so this is my 1st post. I hope you enjoy it.

I went USD/JPY short Before a while.
USD/JPY: short at 117.55
Stop Loss: 117.85
Target1: 116.91
Target2: 116.35

I would love to know your take on my trade before the NY open tomorrow when the results of my trade, I guess, will be on!

Please have a look at the attached chart and (kindly) vote:

Regards to all members.
P.S: Attached is 1-hour chart but it is zoomed out twice, so you can think of it as a 2-hour chart.

I must add here that I'm gonna take profit if the 1st target came true! Then I would go short again in case of a decissive break of 116.80 (which I doubt).

I find your trade a bit worring.

I guess you have gone short on the confuance of 2 events i.e. stocastics and macd.

I use macd D as an indicator only for divergence or to confirm a trend line break. as for stocastics i dont consider it a powerful enough indicator to base your trade on, I use stocastics only as a filter, i.e. if all the other indiactors are shouthing "long" however stocastics says its over bouht, i wont enter the trade.


Again I must reinterate here , your trade may be a good trade, however I have not investigated into other reasons why a short entry would be warrntied. If you could show a few more confluance of events maybe on diffrent time frames, i might be convinced.

This is what my predictions are after investigating other time frames.

1) On the 15 min chart we have negative macd divergence.
2) On 15 mit stocastics in sell configration
3) On hourly we have stocastics as overbought, and getting intop sell config
4) On the day chart we have support @ 115.70
5) On the day chart we have resistance at 118.43
6) On the one hour chart we are in an upward channel with potential resistance at 16.80, but i would bank my profit by 117.00

Hence my trade would be :
Entry short : 117.85
Stop Loss: 118.43
Target 1: 117.00
Target 2: 115.70

On the one hour chart we are in an upward channel 117.85 is the resistance line at about 12.00 est also if the price reaches 117.85, Macd on the hourly will still be in a sell config.

On the daily chart, the candles shows me it is going up to hit at least 118.00 Weekly resistance is at 118.04. Maybe there the reversal could take place. If 118.04 breaks, the next weekly resistance is the monthly resistance.

It could also first take a few pips downwards before the climb.

Highway

Thank you very much indeed to both of you. Special Thanks go to Huskins; your analysis is enoyable, informing and plausible.
My stop has been triggered. when I entered usd-jpy short, I thought, as you suggested, that a better entry would be at 117.80 (almost your suggested entry 117.85).

I depended on the confluence you mentioned; yet, could not apply it right as you are showing me here.
I have been trading for about a year and a half with breaks every now and then... could not make a good profit, nor a terrible loss though, and I have been experimenting with Scotastics... (won't be back with it).... If you back test the Schotasitic on various charts, it will seem wonderful, however it is 'mischevious' for the most part.

Good look!

I had to leave early this morning. I just came back from the court house. A very good meeting with the judge.

Now I have sometime to show the chart. The small bull bar2 check and green arrow, is an alert I programed on my own. My master, Jim, knows what it is. The yellow arrow is an important EMA crossing. Stoch rising and still below 80. My trend cutter confirm an upward trust.

As said last night, after a few pips dowwards, the pair hit exactly 118.04 and attempted twice above 117.95.

Highway.

Here is my second trade entered last night.

Clear sign of Stoch going down.
Bear Bar2 check. ( Jim's golden rule )
Trend cutter. Trend continuing down.

If you are loosing money, PM James16 before you blow your account.
Highway

GBP/USD. My third and final trade. Similar to EUR/USD

The best person to explain all these is the inventer. James16 ! ! !

I am going to have a good night sleep this evening.

Highway

Highway,
I cannot thank you enough, you have spent such a time to reply to my post in details, I really appreciate it.

It seems that we both have been Euro bears today; I could book a handsome profit of 80 pips with a trade for which I have been waiting for a while, it was almost the same as your euro.usd trade was:-

Entered (short) eur.usd: 1.1966
Target: 1.1880
Stop: 1.1985
This trade has made my performance reach 12.2% (out of my capital) in 2 weeks (I rarely performe like this wonderful in only 2 weeks).

Now,

forum members and Highway,

Do you think that it's a good idea buying eur.usd at 1.1880, shooting for 1.1960 (perhaps 1.1940, just under the minor hourly resistence 1.1950)?
It seems that I will be buying eur.usd at 1.1830 (just above a major hourly support of 1.1823). I am flat for now, though.

So sorry, I hope I'll be able to steel some time to upload charts and explain my plan for the mentioned project.
Bless you all!

Sorry, I can only guess what James' Rule is about. Could not get it! It seems intriguing and very interesting, though.

I have no Bull alerts appearing on my chart. I better say nothing. For me, I need first the Bull alert as a sign and then wait for the Stoch to point up rising above 80 level; the green trend line crossing the red horizontal red line from below. When these criterias are fullfilled, I will go long. Otherwise I am not touching this pair for now. I am right now scalping on the Eur/JPY - long from 140.00
Highway

Getting out of EUR/JPY. Just appeared a bearish signal.

Also for this pair and GBP/USD

Highway

Thans a lot all for participating.

It was a terrible trade indeed.
I cancelled my eur.usd 'project' yesterday and went flat until on 15min chart, I started buying dips and selling rallies near 1.1930. until it was clearly bullish on the 15min chart, I'm a bull until NY close today. Are you?

Thanks all.

First pair short right now EUR/JPY

Entry with very small size. Will add more when reversal is clear

EUR/USD and GBP/USD looks good in the upward direction.
EUR/JPY and USD/JPY seems to point down.
Waiting for Break of s/r for entry.

highway,

Your statements make me feel comfortable. I only have some Eur.usd 15min. chart trades only for now with a target of 1.1945. Already set up break evens, but will raise targets to 1.1970 upon a close above 1.1950.
Still a euro bull for today after spending some time flat.

I am reflecting on a short usd.jpy upon a decissive break (and close) of/under hourlies support: 117.71-60.

Might be the last day I trade short-term charts. Working as a professional teacher (with a good salary) and a mature trader does not make sense... it makes hecticness.

Thank you for keeping to post your prospective trades.

Good morning

Still no trades for EUR/USD and GBP/USD
Expecting an entry soon at 12hoo CET depending on German Production.

Last night's trade below.

2 nd