Forex Trading - November 2003

foghorn

Junior member
27 0
I'm going to have to start getting up earlier for the 7am action :D

I'm on Oanda's 30 minutes (with MAs set up to emulate common 1 hour MA's therefore double on this chart), trading on the 5 minute.

I've also been stopped out of a USDJPY short for -15 due to stop being too close. Not a very good trade, that one - chalked off to experience.

Cable Long stop now 1.6972
 
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foghorn

Junior member
27 0
Back in the USDJPY in a better position with a better stop, short at 109.11 stop 109.22 target 108.80 ish. Scalped a quick 5 pips as I'm still not convinced by this trade and don't want to run before I can walk (read walk before I can crawl!)
 

Newtron Bomb

Experienced member
1,602 87
Foghorn
Looks a reasonable set up on the 60 min chart
A move below 109 should see you get 108.75 and then who knows maybe down to 108 ;)
 

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foghorn

Junior member
27 0
Thanks, Newtron. I think I was still a little spooked by my poor entry earlier. Still learning to control my urges ;)

Cable has been bouncing off the 50% retracement line of this morning's low for about an hour now.

EDIT - now through.
 

Newtron Bomb

Experienced member
1,602 87
JPY follow up

The short looked good earlier but to follow on from this now the trend is broken will it continue higher :?:

If so an entry would be from this pullback on the 60 min chart, a slightly better entry could have been had on the test and subequent break of the trend line.

For now it is looking range bound

NB
 

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foghorn

Junior member
27 0
Thankfully I scalped that for +5 points.

I also got stopped out of the GBP trade for +5. Should have cut earlier when I was +30
 

darktone

Veteren member
4,016 1,084
My exits suck.

:cry: i need help LOL
 

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darktone

Veteren member
4,016 1,084
As i posted before i was keen to short E/Y and was pleased with my entry which went to plan, But i held it all the way back upto my entry point and was stopped when it breached the top of the downtrending expanding triangle. :eek: :rolleyes: :eek:
emotionally battered and without any profit cushion i couldnt re-enter on the break back into the triangle :(
This sort of thing happens far to often to me , my exits or midchannel handling are terrible in anything but a heavily trending market.
If i had closed at support (which i was aware of before the event) in anticipation of a bounce even before we actually tested it i would have had a profit cushion to play with. i could have sold again at any price and been better off or i could have looked for a techincally sound entry. Even if i set my self a target of say 40 points higher id have had a locked profit if the stop was run close behind the upper line. I could have set a stop re-establish my position if the price continued through support after a sideways consolidation.

In short pretty much anything id have tried would have been better than what happend. :eek:

any ideas fellas?
 

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