All Euro fx intraday positions closed at 1.32440. Best for the time being to sit out as I was whipsawed a bit --albeit with small losses. It's the big losses that we want to avoid. I will reenter long on strength. I'll keep posted.
I am looking at a breach of Monday's low of 1.3105 as the place to throw in the towel on my positional longs and get short. (Euro FX)
In case anybody is interested in knowing how I was able to hold JPY above 8540... I drew a trendline at 8540, made it red and really heavy.......
I still believe we can have a very good Yen rally, but the strength I had waited for was false this first time. I will reenter on strength again but right now I am just going to sit tight on the intraday until I see it more clearly.
Be careful here. There was a very clear negative Batman RSI on the Yen Hourly chart. My stop was too far away from the market and I had to manually stop myself out 13 points later than I should have. This loss was 26 pips more than it should have been, but was still within my parameters. I do not think any more about profit at all--only controlling losses. I do not press refresh on the account ever--I have increased my intensity on loss prevention in the past two weeks even more than I already have. It is paramount and I can reenter if my stop is bad and then I've had time to think. There will never be a repeat of the fake out of the past two Fridays, taking more than I should have allowed it to. I'm not a slow learner.
Thanks b1s2. I always appreciate your comments. Could you explain to us what a Batman RSI is ? I normally look to take positions on strength, as I have learned from you, but sometimes I fall prey to impulse...in which case I keep stops really tight...(and most of the time add liquidity to the markets) Reason for taking this position here is that if the 30min up-trendline seen in the EUR holds, I figured 8540 in the JPY would hold too.. Let's see....=)