I needed to drink, and check it before going back to bed. I just shorted at 3:08AM in area of 163.20. My thinking is that if equities enter difficulties in the morning this pair would fall back.
Well, that was a big move upwards. I'm staying out for right now. I did have a USD/JPY short in place since the afternoon, playing the 105.6ish resist but was stopped out on the break of that within the last couple of hours. I'll keep watching...looks like it just peaked over 106. Lets see if it holds for the hour.
And this is the run up I was hoping for...but the thing needs to reverse soon as it will be punching through my downward trendline. I wouldn't mind a reverse at 164.5 or 165 on the daily to make for a nice double top short play.
Sam: Even if you did not play it, you deserve the credit to have analysed it right. Next time stay with your analysis. I shorted it, and the stops saved from a big loss. it took 35 pips from me today. I will study it again and decide.
RFT, looks like you caught a really nice entry on that short. That thing ran up really far, really fast and could be ready for some good downside action...that or further run-up to 165 and then reverse. This run looks to be all news derived with the rate hold, yes? Combined with a little bit of technical support, I suppose.
I was going to follow the blog and thread here, especially after the shit you were taking on the other thread but I hate posters who just show off the right trades and ignore the losers so maybe those guys were right. So basically you been shorting since 150 pips ago and I saw no stop calls or closing calls yet you kept shorting on the way up and suddenly you claim 35 pip loss on all of those shorts? Sorry RFT, was going to defend you but lo and behold, the losing trades are not accounted for or you back into a small loss and if the pair moves lower from here you can brag about shorting at 164.85. I almost blasted OC and others but here I see typical ET behavior. Either post accurate or admit it is fake.
I think that stops are a personnal thing, and depend on position size, risk tolerance, scaling, and other things. It is assumed that people know how to manage money and trades. I personnally cannot do that for others, as I do not provide financial advice. If you find that my trading sucks, it is fine. I also find it sucks sometimes. PS: In the blog, I alerted in the last shorting at 00:something AM, that it could blast.