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damn it!

  • #1
  • First Post: Jun 16, 2006 11:16am Jun 16, 2006 11:16am
so i went short on usd/jpy 2 days ago cause i noticed a hammer in the daily chart and that it bounced off a fib level. All was fine yesterday, I had 44 pips so i decided to stay on the trade. Also the fact that the rsi shows overbought and the mva's are looking to cross.

but looking at overall of this week's economic indicators, i figure that usd/jpy might rally. and pip daddy's thoughts of a usd/jpy rally seems convincing. hope by the end of today it closes below my sold (114.91) and i just gonna close the trade and take the little profits..if doesn't go below..i don't know if should hold on for the weekend or just close it

What do you guys think?
  • #2
  • Jun 16, 2006 11:26am Jun 16, 2006 11:26am
Quoting hilmy83
so i went short on usd/jpy 2 days ago cause i noticed a hammer in the daily chart and that it bounced off a fib level. All was fine yesterday, I had 44 pips so i decided to stay on the trade. Also the fact that the rsi shows overbought and the mva's are looking to cross.

but looking at overall of this week's economic indicators, i figure that usd/jpy might rally. and pip daddy's thoughts of a usd/jpy rally seems convincing. hope by the end of today it closes below my sold (114.91) and i just gonna close the trade and take the little profits..if doesn't go below..i don't know if should hold on for the weekend or just close it

What do you guys think?
I think you should read some books first and doesn't really matter what usdjpy does tonight.
  • #3
  • Jun 16, 2006 11:39am Jun 16, 2006 11:39am
I guess it depends on whether u want to sleep this weekend or not
If u r unsure of your position enough so that u must ask others their opinion of it, then u should close - just an old trading maxim
In trading, there is no bullshit. You either make money or you don't.
  • #4
  • Jun 16, 2006 1:40pm Jun 16, 2006 1:40pm
Quoting hilmy83
so i went short on usd/jpy 2 days ago cause i noticed a hammer in the daily chart and that it bounced off a fib level. All was fine yesterday, I had 44 pips so i decided to stay on the trade. Also the fact that the rsi shows overbought and the mva's are looking to cross.

but looking at overall of this week's economic indicators, i figure that usd/jpy might rally. and pip daddy's thoughts of a usd/jpy rally seems convincing. hope by the end of today it closes below my sold (114.91) and i just gonna close the trade and take the little profits..if doesn't go below..i don't know if should hold on for the weekend or just close it

What do you guys think?
Hi Hilmy,

What do I think? USDJPY is gonna do what it's gonna do, regardless of what you, me or anyone else thinks, so, (and please don't take this personally), it is a waste of time asking anyone what they think the market is going to do.

I am assuming you have a system and that it has clear entry, exit and stop rules. Follow these rules and don't question it. If you don't have such a system with such a set of rules, then you need to create one, because by having one, and consistently following the rules, you will gain confidence in both yourself and the system and that will take care of any lingering doubts.

Above all, trust yourself more than others.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #5
  • Jun 16, 2006 11:08pm Jun 16, 2006 11:08pm
It looks like USD/JPY and GBP/JPY is a strong bull. I just hope that the bull turn to bear next week. I will wait and see.
  • #6
  • Jun 17, 2006 1:52am Jun 17, 2006 1:52am
Quoting bongrak
It looks like USD/JPY and GBP/JPY is a strong bull. I just hope that the bull turn to bear next week. I will wait and see.
I have to point out that you said the word "hope" in both of your posts.

It's a common trading cliche to "leave hope at the door"...may want to do that in this particular case.

Have no fear, the USD/JPY will EVENTUALLY go lower and bring you back to BE...but do you REALLY want to risk it going to 117.00 first? (not that it will)...but I often find the worst trade mistakes I ever made were the results of me being in a trade that I had to "hope" would return to break-even. Not exactly something I want to stomach again...
  • #7
  • Jun 17, 2006 2:41am Jun 17, 2006 2:41am
I think you should close it ... this pair like to go up because of people like me collecting interests.
  • #8
  • Jun 18, 2006 1:52pm Jun 18, 2006 1:52pm
Yep, that's right, if it keep going up, that's fine too. I have many hedging position that collecting interest. If the bull turn to bear, that good, if not I don't mind to sit arround collecting interest.
  • #9
  • Last Post: Jun 19, 2006 3:29pm Jun 19, 2006 3:29pm
Quoting hilmy83
so i went short on usd/jpy 2 days ago cause i noticed a hammer in the daily chart and that it bounced off a fib level. All was fine yesterday, I had 44 pips so i decided to stay on the trade. Also the fact that the rsi shows overbought and the mva's are looking to cross.

but looking at overall of this week's economic indicators, i figure that usd/jpy might rally. and pip daddy's thoughts of a usd/jpy rally seems convincing. hope by the end of today it closes below my sold (114.91) and i just gonna close the trade and take the little profits..if doesn't go below..i don't know if should hold on for the weekend or just close it

What do you guys think?

It is not actually important what do we guys think, it's most important what DO YOU think about your trade...

2 Rules I have learned well, both through heavy readings from other experienced traders & through real money losses...

Rule 1: Don't ever let a winner turn into a loser (Thanks to Jim)....

Rule 2: If all what is left for you is "Hope", get the hell out....



Thanks,

Nader
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