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I think you are right about 202. It's the next support on weekly chart.

We shall see. I am trading what I see on the chart. All I can do is manage the risk and hope for the best. Good trading to all.

I got short today at 311. I have been stalking this bear flag on the weekly chart for, well ... weeks haha. It completed today and I figure there is room to move down to the 260 area. This scenario fits in nicely with the the ongoing triangle formation on the monthly chart as well...

Nice bear flag on the weekly chart which seems to have completed to the downside. I'm looking for a print below 130 to get short. I can see this running to 85 -90 area.

Looking at usd/jpy on a monthly chart, the most likely outcome is the 102 area within weeks or months. I prefer the gbp/jpy as a short and expect it will be down at 202 or below within the same timeframe. GBP will likely fall against most currencies including aud. I'm taking a long term view...

BTW, thanks to all who replied. I think this is such an important area of trading, that unfortunately is not discussed enough on ET.

This is more or less what I am doing. I only add to a trade when the current position has enough profit locked in with a stop loss to finance/cover the risk of the new position to be added ... and so on. If a nice long trend comes along, I agree, the position size can grow significantly. To...

I have read often that the best system for adding to a winning position is to pyramid from the base up. For example, buy 10 lots, then (if trade is working out) add 7, then 4, then 2 then 1 ... This would equate to 24 lots assuming that the trade works out. However, I instinclively...

I feel that a fed cut of 0.25 is already priced into the dollar. If the fed don't cut then no doubt the dollar will take off.

I'm not knocking your approach jd7419; however; I see no advantage in your approach vs not putting on the initial 400 shares, waiting till it "PROVES to me that my trade is right by moving up ..." and then putting down the full 5000. Am I missing something?

I read that the majority of losing retail traders are trading in the shorter time frames (1hr, 5min etc). http://members.aon.at/tips/trading_walt.html I suspect it is true. Trading off of daily and weekly charts forces a trader to look at the bigger picture. The pace is slow enough to...

As I recall, in Market Wizards it was shown that the most successful traders use fundamentals exclusively, technicals exclusively or they combine fundamentals and technicals. In other words, fundamentals and technicals are merely tools, which in the hands of a GOOD trader can be used to great...

I'm not sure if I understand your comment about trend lines. I think that you are suggesting that like moving averages, they are arbitrary lines drawn on a chart.? I would say that trend lines represent support and resistance as they are themselves constructed from multiple support and...

Just curious, what made you trade usd/jpy from the long side?

Or how about wait for a close outside of a chart pattern and then use price action to get into the trade instead of indicators.

I think it depends on your trading style. IMO Forex is fine if you are swing trading off of daily and weekly charts. If your initial stops are 100+ pips then paying a 2 or 3 pip spread is insignificant and your stops will generally be far enough away from the daily noise that it's unlikely a...

Well done getting in so early, I didn't spot the move until the failed test of the gap down. I don't see any obvious target so I'm going to trail. good luck.

AUD/USD looking poised for a big drop on daily and 4hr charts, have loaded up on this one. USD/JPY will be the catalyst.

You seem to be fighting the trend (trend on the end of day chart that is) ... good luck.

Looking at DJ daily chart, the technical picture is looking more and more bearish. I attribute this more to the current phase of jpy carry trade unwinding than anything else.