Fail Better

Long at 1.2950

Trend Line+PPZ

But second time back unfortunately, so I'll be passing. I may reconsider if we get an H1 SFP, but probably not then either. I don't think the level is as strong as I would like it to be

SFP on USDJPY

Hard to say. Still 10 hours to close

i think trader8080 was referring to H1 t/f

Or he may be refering to this Daily SFP on the Jpy, GH. .

Sorry for not posting the screenie.

Switch to H1 to see the SFP

rounded areas possible FTA's

here it is
http://content.screencast.com/users/...2-12.44.27.png

Yeah this one didn't work too well but if you played it correctly, your loss should have been small.

I initially took it short at the orange line (101.11) with a stop at 101.54.

The correct exit was on the "trap" which is a pattern we have gone over in the weekend webinars to take timely exits when positions are not looking good.

You can see that the candle that enters me short CLOSES above the level I have sold (blue arrow).

At this point we are in drawdown and we wait to see what happens.

In the next candle, the market makes an INITIAL HIGH POINT and then begins to retrace.

In the candle marked with the yellow arrow, the market RETESTS my anticipated resistance area and that area becomes support.

This is the last thing I want to see when I am short.

Now, the exit strategy is to get out on the first H1 close above the INITIAL HIGH POINT.

This happens on the close of the pin bar marked with the red arrow.

That should have given an exit of 28's + spread which for me would equate to a loss of 20 pips.

Because the initial stop was 43 pips then your loss is cut in half and works out at a 0.47 R loss.

The aim of the game is to put an initial stop in and NOT LET IT GET HIT.

ANY TIME THAT YOU EXPERIENCE THE FOLLOWING SCENARIO ;

- Put in an intial stop
- Get out before your stop is hit on a sign of trouble
- See that the market would have hit your stop

You have had a minor victory and helped your long term edge.

Read those last few lines. And then read them again.

WARNING : Traders have to find the fine balance between not cutting things too early on the first sign of trouble but to be constantly referring back to the way they ANTICIPATE price to move and getting out when that EXPECTATION is not being met.

The problem is newer traders do not have enough experience to be forumulating EXPECTATIONS. This is why screen time is absolutely vital.

good post thanks.

Hi BM,your're right....second touch is not what Tom would like.....but i like the strong confluence.

Let's see.

RR on EJ working out fine so far......but train left without me!! Feeling a bit frustrated as I took a loss on the short trade. Like Tom says it all comes down to experience and expectations, which equal confidence. Another good learning experience.

Looking for EU to may be provide a Short entry.

its no AAA grade set-up but I might take it if the Price accelerates there.

The following is the Plan
now we Wait and see how the tape acts

http://content.screencast.com/users/...2-16.03.38.png

Yep - I'm watching that also

Will be watching all the FOMC blah, blah, blah later for USD reaction

http://www.fx360.com/commentary/kath...est-rates.aspx Good article on this

Took profit at 1.2985

Very good and excellent post. Completly understood, and will be used next time. For example now, because GOLD gone parabolic

P.S. My stop loss was 101.55, one pip above yours :o)
I was not arround when EURJPJ triggred so I didn't watch it, but it's very clear what you said :o)

Tell me about it.

I've gone short at $1703.3

Missed Gold as I was driving. GUTTED damn !
also no trade triggered on EU short as I posted before.

someone is $1695.3 richer lol .

I'm also looking at SILVER at 33.08 level for a breakout and long after round retest. I didn't want to take this level for short because it has been touched multiple times as resistance...

scalped 40 pips on Gold....a quick in and out job as the move up was parabolic. Happy enough to take 40.