Why are you in the trade in the first place, boredom is not a good reason to trade. You do not speak like a newb gambler, what gives? I assume you are long based on fundamental or technical factors. I find the army reference a little much unless you are laying down some huge size. Good trading.
These are live trades. The prices tell if I am right or not. As for the army thing, I have to clarify. Army refers to the sellers and buyers who determine prices. My soldiers are not part of any arm. They just join the winner side, when a battle is won by either side. All I do is to side with the winner. My job is to manage entry, then open positions, and close the positions at the end. After that rince and repeat. But I have a scenario outcome for the ongoing battle between sellers and buyers. I join only at key prices, in the right side, at the right time, and only according to my plan. If it does not go as I have in mind, I do not play. Again, these are live trades. The market is the referee.
I have been taken out from the rest of my position on EUR/JPY. Over all: I entered in total 40% of what I planned at the beginning. I made 10 pips on 5%, 5 pips on 15%, 20 pips on 10% and 12 pips on 10%. So I made money. Now looking for the next major battle. I will determine the numbers again. The strongest among sellers are in the area of 158.70 according to my previous plan.
very good and interesting thread. let see how long you can battle. Keep posting even if you dont see any response. We are reading contineously.
I have no orders and no position now on EUR/JPY. Assessment of possible engagement will come with the why.
158.65 seems to be the current resistance. But I do not want to start to re-enter as it is not within the rules of my engagement. A real defeat of buyers should happen in the area of 158.70 or 158.76 as these are the levels involved the 15 minutes and 30 minutes traders. I might miss a possible sell off, but it is ok with me.
Were you scaling in short? Looks like a short term trend line was broken (starting at 146.10) at around 146.50. You had the right idea.
The discussion was mainly about eur/JPY. I placed only one trade in EUR/USD. It made money, but the management and tactics are for the other pair. If any typos, sorry.
If I did not trade this pair (eur/jpy) earlier today, I would consider joining (10% of my position) on sell side. 1-minute seems to point to that, but again it is not in my plan. So currently, I want to see a battle at the higher levels (158.70-158.76), wait until it is lost by buyers then join. But please do not trade on these things. Be careful as there are buyers at higher time frames that have not been defeated yet. This is fading the higher trend. It is good only when it is an the end. I am assessing whether this is the case or not, that is why I want to see a battle at higher prices. It should answer the question.