^Might have to test those out in practice mode. Short - USD/JPY 93.996 x1 Target 93.840 Wishful thinking target 93.720 As always, the position immediately moves against me. I need a new entry strategy or a new broker, not sure which yet. I'm leaning towards the new broker though. Charts are sticky tonight. Quotes seem laggy, but I have nothing to compare them to and I did get the price I wanted, so that could just be my perception.
This annoys me. I knew I should have waited for the retest of 94.090. However, every time I wait for a retest it never happens and the price simply keeps moving away from me. I think this is where a lot of luck... I mean... experience comes in. Looking for current 4 hour bar to close below 94.000. Seven minutes to go, not looking good.
Forex.com sucks major balls. 4 hour candle that I saw... massively crushing shooting star that closed almost flat. After 8:00 rolled around, I wondered why a new candle hadn't started. Closed and restarted the program... only to see the shooting star was normal looking candle that closed nearly at the top of the tail of the shooting star it replaced. There's a surprise. My short would have made an excellent long. F*ck you forex.com and your shitty charting program. Every time I call and complain about this I get the same thing, "It's your firewall." No... it's not my firewall. I have all the ports for the program forwarded through it. Stay away from forex.com and their terrible, ancient sticky chart software.
Look at resistence, trend lines, fibs. There are some great setups right now with cable and aussie one way or another, especially if you are short term trading them (not scalping).
I was actually waiting for cable to tag the swing point all evening. Looks like it finally hit it sometime since 4:00am ET. I'm pretty annoyed about that because that same setup worked out very well last time, and looks to have been good for an easy 100+ pips again. Appears that I already missed the 50% fib bounce on Aussie too. So many good moves happen during the middle of the night. Maybe I need to start sleeping during the day instead. As for my USD/JPY, I held overnight with a massive stop and my same take profit target. Looks to have reversed, currently down only 12 pips. I'll evaluate from here. 4 hour is looking good for the next leg down (assuming my candles aren't lying to me again), so we shall see...
I was thinking I'd just sit and cry. I suppose I'd just take the loss at my mentally determined stop point, as I did a few pages back (on USD/CHF, I believe). When I'm trading counter trend I'm quicker to cut losses because there's very little chance of them returning to profit or BE. Believe it or not, I do try to plan this "hold it until it comes back" safety net into the trade ahead of time, under the assumtion that even if the stock/currency is going to change direction, it'll come back to test the nearest support/resistance before making the biggest run. This is why I have a small profit target (where I think the retest point will be if it goes against me) and a large profit target (where I think the price will go if it moves exactly how I want it to). In this trade, the trend is still down pretty hard, so I decided to let it retrace up and fall on its face again. The previous cable trade that went 70+ pips against me before coming 45 in my direction wasn't necessarily with the trend, but it was coming up on solid resistance so I let it ride. Was that smart? Probably not. As is becoming obvious to me (and has probably been obvious for all of you), my money management relies on me being right... and being right A LOT. Obviously that isn't a very good strategy, but it's all I've got until I can work something out with stops. They've never been good to me in stocks and that's held true when I used them in forex practice as well. People look at it and say, "well if you used a reasonable stop your big losses would be small." To which I respond that if I used a reasonable stop I'd have almost no winners either. Poor entry strategy? Poor stop placement? I'm not sure, I'm still trying to figure it out. Feel free to tell me my strategy is idiotic and give me a better way to do things, that's what I'm here for. As an aside, the charts and still f*cked up today, but now it's the 15 min charts. Candles are finishing one way and being revised to something totally different five minutes into the next candle. Looking to get out of USD/JPY asap and call it quits until these idiots can fix their chart feed. Covered - USD/JPY 93.887 10.9 pips Can't wait to see that one crash lower, but that was too much of a rollercoast to hang on for any longer. May go short again on a rebound test of 94.000, not sure yet, going to depend on how well these damn charts are functioning.
Ok I just didn't want to see you blow up. Just keep in mind that sometimes the market moves against you so fast that it offers no retracements to get out. The only important thing is your P&L, if you can make money long term then who is say your strategy is bad.
^Glad you're looking out. Just a quick question. Forex.com has this news feed commentary. I don't trade by it (although they make some excellent calls), but some of the stuff is quite entertaining. They keep talking about "risk" as if it refers to certain currency pairs (not stocks, as I'd normally here "risk"). Are there pairs that are associated with "risk" and "safety"? It seems that most of the time they're talking about "risk" they're refering to USD/JPY, any explanation why?