Stopped again. Some weeks are just hard. It is psychologically damaging to trade forex thinking that your system is flawless. If that were the case there would be no market. So in the end everybody wins and everybody loses. The goal is not to lose it all. -50 pips.
I truly feel that 127.00 will hold tonight. Technically 127.50 should bring buyers. For this reason I bought GBP/JPY around 127.50 with TP 128.10 - 128.20 and SL 126.94
There was a big bounce from the levels back in September from 127.90 to around 135.00. RSI is in oversold territory on 4 hour and daily charts and trend line support around127.40. Hourly trnd line also comes inaround 127.40.
The shorter time frames are also looking set for a break and based on the the larger factors there should at least be an attempt to rally.
Thursday, October 21, 2010
Wednesday, October 20, 2010
FOREX DOJO TRADE # 30
It seems that my first idea to buy yesterday was correct as I was stopped out a couple hours ago with that big spike. Sometimes it's better t ogo with your heart than the book, deciding when to do so is extremely difficult. A loss of 50 pips was taken.
Tonight I will buy GBP/JPY around 128.30 with a TP target of 128.90 - 129.00 and SL 127.70 - 127. 80.
I would like to explain my trade as usual but I am battling a massive headache so I will keep it shorter than usual.
The daily chart is basically looking oversold and is testing support below 128.00. 1 hour - 4 chart is looking constructive as new highs are being formed and the next resistance is around 128.80 - 129.00.
The shorter time frames have broken the 100 EMA and look set to pop higher atleast once more. The 129.00 might bring out some sellersso my advise would be to TP close to that level.
Tonight I will buy GBP/JPY around 128.30 with a TP target of 128.90 - 129.00 and SL 127.70 - 127. 80.
I would like to explain my trade as usual but I am battling a massive headache so I will keep it shorter than usual.
The daily chart is basically looking oversold and is testing support below 128.00. 1 hour - 4 chart is looking constructive as new highs are being formed and the next resistance is around 128.80 - 129.00.
The shorter time frames have broken the 100 EMA and look set to pop higher atleast once more. The 129.00 might bring out some sellersso my advise would be to TP close to that level.
Tuesday, October 19, 2010
FOREX DOJO TADE # 29
The stop that was triggered last night was surprising only because of the extent of the fall and the lack bounce throughout the descent. A 50 pip loss taken.
Tonight is a unusually difficult trade to call. I would like to buy around 127.70 where there should be some decent support but also feel that due to the lack of bounce a sell around 128.20 is a good play as well. I am deciding to to go with the momentum and sell GBP/JPY around 128.30 - 128.40 with aTP around 127.60 - 127.70 SL close to 128.80 - 128.90.
The daily and 4 hour charts are showing bullish signals with thr RSI and trend lines on the daily and 4 hour charts. The hour charts is showing the RSI reaching overbought levels and not much upward movement at all. in the price. the trend line around 127.75 looks breached and next up 128.50 zone. 100 EMA is also high up around 129.00 on the hourly.
The shorter time frames look to be turning around and flatlining but I'm assuming that sellers will want to test 127.75 again due to lack of support, so another dip is likely. Trend lines come 128.15 -128.30 and 127.50 region on the downside. 100 EMA flatening out as well.
Tonight is a unusually difficult trade to call. I would like to buy around 127.70 where there should be some decent support but also feel that due to the lack of bounce a sell around 128.20 is a good play as well. I am deciding to to go with the momentum and sell GBP/JPY around 128.30 - 128.40 with aTP around 127.60 - 127.70 SL close to 128.80 - 128.90.
The daily and 4 hour charts are showing bullish signals with thr RSI and trend lines on the daily and 4 hour charts. The hour charts is showing the RSI reaching overbought levels and not much upward movement at all. in the price. the trend line around 127.75 looks breached and next up 128.50 zone. 100 EMA is also high up around 129.00 on the hourly.
The shorter time frames look to be turning around and flatlining but I'm assuming that sellers will want to test 127.75 again due to lack of support, so another dip is likely. Trend lines come 128.15 -128.30 and 127.50 region on the downside. 100 EMA flatening out as well.
Monday, October 18, 2010
A REMINDER ABOUT SPREADS
I was just checking out qoutes from a different broker than I use and noticed a 7 pip spread on GBP/JPY. I usually am given a 4-5 pip spread by MBTRADING probably due to the fact they are an ECN broker. I am posting my trades now with about 20 pip entry, TP, and SL zones to accomodate traders with different brokers. Usually a dealing desk will have a 1 - 4 pip differential in qoutes from an ECN. Just something to keep in mind if you are basing trades off my strategies.
FOREX DOJO TRADE # 28
Last night's trade was a perfect example of how profitable a break can be. Although I usually don't trade breaks last night was just a matter of right place at the right time. When I opened my platform yesterday the price was around 129.45 and the EMA's and RSI were bearish, the result was a clean 65 pips in about 2 hours.
Tonight I think that the bears will be squeezed a bit and any test of the 129.00 region will be met with buyers. My strategy is buy GBP/JPY in the 129.10 - 129.20 zone with a TP around 129.70 - 129.80 and SL 128.60 - 128.70.
The daily chart is looking a little oversold and the 4 hour chart is showing some bullish momentum while the price probes below 129.00 where there also support via trend line. The 1 hour chart is looking more positive today and seems to be forming a base around 128.90. It looks like 129.30- 129.50 will be taken with relative ease and the next barrier is around 129.75 where I hope to take my profit.
The smaller timeframes are now building higher highs and creeping up to the 100 EMA. 129.30 - 129.40 is key if were going to test 129.75. We may also be in for a range bound session by the looks of the 5 minute chart but lets hope its a 129.20 - 129.80 range not a 129.40 -128. 70 one. Use caution this a counter trend trade.
Tonight I think that the bears will be squeezed a bit and any test of the 129.00 region will be met with buyers. My strategy is buy GBP/JPY in the 129.10 - 129.20 zone with a TP around 129.70 - 129.80 and SL 128.60 - 128.70.
The daily chart is looking a little oversold and the 4 hour chart is showing some bullish momentum while the price probes below 129.00 where there also support via trend line. The 1 hour chart is looking more positive today and seems to be forming a base around 128.90. It looks like 129.30- 129.50 will be taken with relative ease and the next barrier is around 129.75 where I hope to take my profit.
The smaller timeframes are now building higher highs and creeping up to the 100 EMA. 129.30 - 129.40 is key if were going to test 129.75. We may also be in for a range bound session by the looks of the 5 minute chart but lets hope its a 129.20 - 129.80 range not a 129.40 -128. 70 one. Use caution this a counter trend trade.
Sunday, October 17, 2010
FOREX DOJO TRADE # 27
Tonight I plan to sell GBP/JPY on a break of 129.50 with a TP around 128.60 and SL in the 129.80- 130.00 region with a 40-50 pip trail.
The daily chart is showing a cross on the RSI and is facing support in the 129.00 zone which is why the trail is recommended. 128.50 is next support and is worth reaching for in my view. The hourly chart is showing a steady bearish sentiment with the trend line around 129.50 broken and the RSI dragging on the floor.
The shorter time frames are no different, price is well below the 100 EMA on all charts and is either range bound or dropping. I feel better about shorting in the current environment than praying for a bounce.
The daily chart is showing a cross on the RSI and is facing support in the 129.00 zone which is why the trail is recommended. 128.50 is next support and is worth reaching for in my view. The hourly chart is showing a steady bearish sentiment with the trend line around 129.50 broken and the RSI dragging on the floor.
The shorter time frames are no different, price is well below the 100 EMA on all charts and is either range bound or dropping. I feel better about shorting in the current environment than praying for a bounce.
WEEKLY RESULTS (X2)
Last week turned out be pretty good, only I had to wait until today to see my final results. As it turned out my TP target was hit when the market opened this afternoon, making my weekly goal of 200 pips a week a reality. Here is the daily breakdown:
OCT 10 - +90 PIPS
OCT 11 - NO TRADE TAKEN
OCT 12 - +5 PIPS
OCT 13 - +60 PIPS
OCT 14 - +50 PIPS
TOTAL = 205 PIPS
I also noticed that I had forgotten to post my WEEKLY RESULTS for the previous week during which trading was cut short due to other obligations. Although I should have avoided trading during that week completely I chose to be careless and paid the price. This is a lesson not to be taken lightly. Trading in any market is never easy. If you ever are unable to devote your mind and time to making a trade don't do it, chances are that you will lose. Here is the breakdown:
OCT 3 - +45 PIPS
OCT 4 - -50 PIPS
OCT 5 - 0 PIPS
OCT 6 - -50 PIPS
TOTAL = -55 PIPS
OCT 10 - +90 PIPS
OCT 11 - NO TRADE TAKEN
OCT 12 - +5 PIPS
OCT 13 - +60 PIPS
OCT 14 - +50 PIPS
TOTAL = 205 PIPS
I also noticed that I had forgotten to post my WEEKLY RESULTS for the previous week during which trading was cut short due to other obligations. Although I should have avoided trading during that week completely I chose to be careless and paid the price. This is a lesson not to be taken lightly. Trading in any market is never easy. If you ever are unable to devote your mind and time to making a trade don't do it, chances are that you will lose. Here is the breakdown:
OCT 3 - +45 PIPS
OCT 4 - -50 PIPS
OCT 5 - 0 PIPS
OCT 6 - -50 PIPS
TOTAL = -55 PIPS
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