Ok. I understand your position there. --Don't agree with it, but that's ok!--I've been known to be wrong--very wrong!
Yen short at 8580, tight stop at 8590 since I am entering a short at a pullback resistance point. I am either correct right now or I get out quickly.
Here is a chart to illustrate my earlier point about having to take heat possibly if you just jump in short here. If you jumped in now at 1.26760 short, the most prudent stop usable here is 1.29070. That's a loss of 231 pips. $2800 or $2900 loss. Can you stomach that? Using the mini euro fx you could pare it down to $1400 or so. The point is, I think that with little or no leverage on the position, you could do that. With a 60,000 account, I would recommend one mini euro fx or at the maximum one reg euro fx. That's probably why most people daytrade, but while doing so, the bigger picture might be missed. With a 5000 account, you would be freaking out taking your loss at 500 or so and then watching the position become enormously profitable. Margin/leverage is not necessarily a good thing. Just a thought
5 minute charts are now suggesting a bounce in the Euro intraday. Let's see if that plays out or if there is any magnitude to it. Then a person may be able to find a good short entry. Actually all the currencies I follow , especially the Yen and Pound are suggesting a bounce off the 5 minute.
My feeling is that sometime today, Sun night or Monday, we'll get a nice pullback that will offer a nice short entry afterwards. I am looking mostly at the short side right now.(Euro fx and perhaps Pound in particular)
Covered half Pound short at 8636 which is 97 pips from original entry at 8743. Still have the other short I entered into at 8670 running...
Buy1: Ascending triangle bottom or consolidation on the 5m pound futures chart? Take a look and let me know (from 8:50 Am to now) I may cover my short and go back in if it breaks lower....or just add to the short position again.