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Right again. But here is the secret to making real money with smaller time frames, and it took me a lot of trials and errors to figure this thing out. When you buy/sell with short time frames and the market is now moving in your favor, switch to a higher time frame to follow the trend...

Well, the expected NZD/JPY breakdown did finally materialize. The correct move here was to wait for confirmation and go short at 85.50 This trade was good for at least 30 pips.

The only problem with very short time frames is that they are easier to manipulate. It is obviously easier to hunt stops on the 1 min chart than on the monthly charts, for instance.

+20 pips, moving the stop to break-even.

Just bought EUR/AUD at 1.5380 Sorry if I am betting against you, if you are currently short.

If this is of any help to you, the EUR/AUD is forming a bearish configuration on the daily chart, with a nice shooting star followed by two bearish candles. The EUR/AUD also made a huge 1500 pip move in 6 weeks without any significant pullback, so some type of correction is about to take...

Thanks, even though luck has virtually nothing to do with trading. But yeah, sure, I wouldn't mind an unexpected and immediate 500 pip profit due to some really, REALLY unexpected financial event :)

Could you give us a specific example, your question is still rather vague?

On the 1h chart EUR/AUD is forming a rounded top, usually a poor performer as far as chart patterns are concerned.

Ok that's it, this is one of those shitty, going nowhere breakouts that just waste your time and tie up your capital with phony moves. Total P/L on this trade: minus 7 pips, nothing to write home about. Oh well.

So it's like saying: "I bought this stock and it already went up 10% in 3 hours (an unusual price move historically speaking) so I should exit or lighten up my long position", right? I don't think it is a good idea, putting an artificial limit on your profits does not pay in the long run.

Now this is even more interesting. We have a false upside breakout, a phony bull flag pattern (see preceding post) and now it seems like the NZD/JPY is finally breaking down. But this time I will wait for a confirmation before shorting this pair.

Oh, I see, a bull flag pattern now, eh? Don't worry NZD/JPY, I will be waiting for you right around the corner...

Out at 85.58 (7 pip loss), trade is not acting like it was supposed to, so be it. I will get you next time NZD/JPY :cool:

Oh no, central banks (these evil corporations) know EXACTLY what they are doing. The FED is NOT part of the government, it's a private bank, period, just like FEDERAL EXPRESS is a private company. http://www.youtube.com/watch?v=Oe0fGXzKb1o

Come on NZD/JPY, get up there boy, don't be shy, I know you want to go to 86.00, kitty kitty kitty... :p

Oh yeah. The stock broker can charge you $25 per withdrawal to your bank account for example ($50 if you leave overseas), and other "goodies" like that. In reality, it costs them a few pennies to wire money to your bank, if at all.

Breakout is on the other side, buying NZD/JPY at 85.65

Well I heard that Wells Fargo gives you 100 trades a year without commissions. Not sure what the fine prints are though. As I said, the trader always ends up paying commissions and fees, in one form or another, there is no free lunch in this world...

A short trade on the NZD/JPY is now being considered if price closes at or below 85.25 (instead of 85.00).