Bull City Baby! Buying Opportunities

The best traders have failed and busted their bankroll fyi. You should do some more studying and reading. One good read I liked was Market Wizards. Take a look at it, its a nice read.

I wanted to post something to hopefully help us all move on from any pain experienced from this retrace.

Once again, I'm going to reiterate something about this thread. Pull backs are what we are looking for. Either that or a move above resistance, and subsequent rejection, i.e. finding support.

If we want to be successful, we need to move on from the loss, otherwise, we miss the next opportunity.

I will also say this. If price hasn't touched the 20 ema on the daily chart for over a month, it is due to touch it. Look for it, and anticipate it. So many times, I've seen moves like this where the price falls like a ton of bricks, only to bounce off the 20 ema and continue on it's merry, bullish way (with strong trends).

I will also acknowledge, it's very difficult to think quickly and clearly when price moves against you like this. And I didn't even notice price touching 20 ema on the daily chart until after I re-entered, to be honest. But next time price retraces, and even when it's not, I recommend keeping an eye on the daily chart 8 ema and 20 ema to anticipate potential moves.

What I DID see, is EU touching top trend line on H4, AND the daily R3, and UJ also trading below the daily S3. I strongly felt price would reverse there. I was wrong before, but I did not give up. And I was right this time.

Again, I am working hard to learn and improve like everyone else, so look forward to more of your insightful posts...

I am also posting a chart (pending) to show where it would have been good to exit and wait, as price retraced, as well as current level I'm watching to see if I can continue to have confidence on this move up.

Gidday Yen

USC

Hey don't worry we all been reamed by the YEN masters

nobody does it better.

YEN has some major moves happening

turtle mode trading

small trades etc

put some hours in

an earn it all back again.

Here's a chart showing possible exit points on longs (hindsight). It's not an exact science, but you get the idea, that when price starts breaking support (and rejecting it, i.e. support becomes resistance), it hints of change in direction.

You have to decide right away, before you enter a trade, how many levels of support will you allow the price to break before exiting? Mark it on your chart before you enter the trade (below entry) and as the trade progresses, continue to note those levels, in whatever time frame you are comfortable with, and set/move your SL accordingly.

I have also included the S/R area I'm currently looking at where price is trading. If it falls through that, I will probably exit, and wait to see what price will decide to do...

Also note, that a break of an S/R level on higher time frames carry more weight. You can usually see them also on lower time frames, but you might want to distinguish the ones that also show up on D1 or higher...

Also, sorry if all of this is stuff you already know. But I'm also posting to remind myself to do it...

I will also say this. Once your trade is moving in your favor, also decide when to lock in profits. Once you do that, never allow your trade to change from winner to loser. If you add to your positions, your SL should always be break even from that point on.

It has also been said you should never add to a losing position. There might be exceptions, if you are planning to scale in to a trade. However, you should never exceed the amount of risk you intended before you entered the trade.

I felt the same this last couple weeks. I think some humbling is good for me... I have absolutely killed it plenty of times before, and I'm so greedy that I jump right back in and lose it even though I could have walked away with 10x profit... For me it's about re-assessment and honesty about why what I did didn't work... then not making the same mistake twice (which of course I've done even so...)

I couldn't pass up this rapid re-trace of the re-trace though. Without it I'd not have much of an account to speak of.

I'm in a position where I have plenty of seed money for accounts (a nice problem to have), but it means that I am also not content with normal small gains though... so until I have been able to pull all of my investment out and THEN start to pay myself, I'll not consider myself any kind of success. I'd love to make this my full time paying job... but that's a tall order because I make good money at my real job (again, a nice 1st world problem to have).

I'm with you buddy... keep on trucking and keep on learning...

Up up and away we go, after long squeeze today USDJPY looking ready to attack highs again. We have our V bottom if I ever seen one in place backing us up so lets go.

Yes, exactly. And that is one very important reason I started this thread, as there is way too much distraction in other threads with all of the conflicting ideas, and games that some members play. That is also why I will continue to exercise a very strict guideline in blocking members who I feel don't really add anything valuable to the thread, or who are stroking their ego, etc.

If they don't add value, they are a distraction. If it ends up being a very small group of traders here on this thread, it will be a very sincere group striving for success.

I will also add, that if this is such a worthless thread as some have claimed, then I'm sure we won't continue to see posts from blocked members complaining about being blocked.

Once again, thanks to all who add value to this thread

looking good so far, but I still need to see some support levels supported, and resistance levels broken, then turned to support...

119.52 was broken pretty easily, so a good sign, and now consolidating above it. Just need it to reject/break long for confirmation. If it breaks long, next barrier is 119.90-120 area...

Testing 119.50 right now

Need to see a rejection of 119.42-52 area. Otherwise, I'll TP and wait for next signal. With this strong move up, I'd be satisfied with an engulfing bar or pin on M15 showing a rejection of this area.

Yep, didn't see your post, before I posted mine. We're watching the same thing...

All good brother!

No decisive rejection yet, but so far M15 still clearly showing bullish consolidation. Should be a move to 119.9-120 soon...

As posted already, 120ish area is the key level I'm looking at that will really test whether we continue up, consolidate, or fall back a bit...

Looking a little less bullish on m15 now. Went ahead and TP. Standing aside until I see a good signal

Will give it another chance to recover, as I see it trying to find support at 119.17. So, entered again at 119.25 with SL at 119.166