Baruch's Forex System Journal

rax · May 13, 2004

Quote from Jetheat:

So what do you do if the market turns against you and eats up all your profits?
What if it retraces all the way back to the MA 50. This must have happened many times

i decide if i want to take my profit or if i stay in the trade and try to stand the pain till its coming back again into the +.

Baruch · May 13, 2004

Quote from SteveL91:

Just pulled out of the USD/JPY and EUR/USD with respective gains of 32 and 15. As I thought, I got in too late; most of the move had already occured. I could have gotten out with a much more significant profit, but I was asleep. Ah well. A profit is a profit, I guess.

Well done - a profit is a profit.

rax · May 13, 2004

Quote from SteveL91:

Just pulled out of the USD/JPY and EUR/USD with respective gains of 32 and 15. As I thought, I got in too late; most of the move had already occured. I could have gotten out with a much more significant profit, but I was asleep. Ah well. A profit is a profit, I guess.

usdjpy on the 3hour and daily looks to me like a short in the medium term. the usd cannot stay that strong forever.

rax · May 13, 2004

Quote from Baruch:

Well done - a profit is a profit.

true, taking profit is always good.

Baruch · May 13, 2004

Quote from rax:

i decide if i want to take my profit or if i stay in the trade and try to stand the pain till its coming back again into the +.

OK, but if it's not coming back again into +?

Jetheat · May 13, 2004

Quote from rax:

i decide if i want to take my profit or if i stay in the trade and try to stand the pain till its coming back again into the +.

So what do you base your decisions on? Is it a hunch or do you have Indicators which you rely on?

Baruch · May 13, 2004

Quote from rax:

usdjpy on the 3hour and daily looks to me like a short in the medium term. the usd cannot stay that strong forever.

Maybe, but the high oil prices are hurting Japan very much.

rax · May 13, 2004

Quote from Baruch:

OK, but if it's not coming back again into +?

than i have to take a loss or open a hedge if its possible for the pair and wait.

when the pain gets too strong i take a loss. if its 100 or 150 pips its hard, but most of the time i come out ahead.

Baruch · May 13, 2004

Quote from rax:

than i have to take a loss or open a hedge if its possible for the pair and wait.

when the pain gets too strong i take a loss. if its 100 or 150 pips its hard, but most of the time i come out ahead.

I HATE losses, so I kill them as quickly as possible.

Baruch · May 13, 2004

Quote from Baruch:

Maybe, but the high oil prices are hurting Japan very much.

Look at GBP/JPY!