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Fading Yen - It has gone parabolic
- Thread starter gmst
- Start date
Quote from gmst:
covered 0.25% risk from 94 at 93.2 for 80 pips.
So, total booked PL = 1.53% + 0.2% = 1.73%.
Bidding at 92.7, 92.2, 92.
covered 0.25% risk at 92.7 from 93.5 for a profit of 0.2%.
So, total booked profit = 1.73% + 0.2% = 1.93%
Bidding 0.25% risk at 92.2 and 92. Offering 0.25% risk at 93.5 and 94.
I had hoped this trade to be a quick fade the parabola trade. However, now this trade has become a long drawn thing.
Quote from gmst:
covered 0.25% risk at 92.7 from 93.5 for a profit of 0.2%.
So, total booked profit = 1.73% + 0.2% = 1.93%
Bidding 0.25% risk at 92.2 and 92. Offering 0.25% risk at 93.5 and 94.
I had hoped this trade to be a quick fade the parabola trade. However, now this trade has become a long drawn thing.
What is your unrealized loss right now?
You know, the easier way to do this is simply to keep a running count of your cost basis. Nobody can follow all the scalps and how they offset the core position that is currently deep in the hole. It's also somewhat disingenuous.
It would be like me selling AAPL short at 100, 150, 200 and then taking some scalps from 250 to 240 and ignoring the massive unrealized loss from the early shorts.
Just a suggestion.
Not keeping a definite track of it. But it is around 4% currently. So, 2% booked PL and 4% unrealized loss as of now.Quote from Maverick74:
What is your unrealized loss right now?
Quote from Maverick74:
You know, the easier way to do this is simply to keep a running count of your cost basis. Nobody can follow all the scalps and how they offset the core position that is currently deep in the hole. It's also somewhat disingenuous.
It would be like me selling AAPL short at 100, 150, 200 and then taking some scalps from 250 to 240 and ignoring the massive unrealized loss from the early shorts.
Just a suggestion.
Moreover, 90% of my regular trading is just either all-in,all-out or just 1 scale-in and then scale-out.
This thread is more like an experiment for me at trading longer time frames and so I decided to keep it this way. So, that I can make sense of the whole operation after 2 months or even after 6 months. The way I defined all the rules in the opening post, makes it very easy for me to follow the trade - even if it extends over a 2 month period.
As far as following all the scalps - its pretty simple really. I outlined all the rules clearly in 1st post. I have been doing them again and again - at the same levels. So, sell at 94, buy at 93.2 - rinse and repeat. Thanks for following.
Quote from gmst:
Not keeping a definite track of it. But it is around 4% currently. So, 2% booked PL and 4% unrealized loss as of now.
Moreover, 90% of my regular trading is just either all-in,all-out or just 1 scale-in and then scale-out.
This thread is more like an experiment for me at trading longer time frames and so I decided to keep it this way. So, that I can make sense of the whole operation after 2 months or even after 6 months. The way I defined all the rules in the opening post, makes it very easy for me to follow the trade - even if it extends over a 2 month period.
As far as following all the scalps - its pretty simple really. I outlined all the rules clearly in 1st post. I have been doing them again and again - at the same levels. So, sell at 94, buy at 93.2 - rinse and repeat. Thanks for following.
Fair enough. Generally speaking, you don't want to sit in a losing trade for a month no matter how many scalps you get off. The market has been telling that you're wrong for 4 weeks now.
This is not a shot at you or your trades because everyone trades differently. But I've done the same things you are doing, and it is a tough way to trade. It is great for people who likes slow pain.
I prefer to just let price tell me that it is going down first before I go into a trade. Then the price gives me an entry, and I set my stop above the previous high. It takes care of both entry and exit. The only thing I have to do is figure out where the support is relative to current price, and exit there for TP...or move to BE when it reaches support...then walk away to let it run or take me out at BE.
If I'm wrong, take me out quick above the previous high. I don't want to sit around for weeks and holding an unrealized loss. This doesn't allow me to jump on other trades that present itself.
But if you had just read the news, you knew to just get the hell out of the Yen's way. The central bankers were moving in, and that's not something you want to get in front of. It can jump above 100 in a blink of an eye if the BOJ decides to dilute even further. Why get trapped in that when you can just watch price.
I prefer to just let price tell me that it is going down first before I go into a trade. Then the price gives me an entry, and I set my stop above the previous high. It takes care of both entry and exit. The only thing I have to do is figure out where the support is relative to current price, and exit there for TP...or move to BE when it reaches support...then walk away to let it run or take me out at BE.
If I'm wrong, take me out quick above the previous high. I don't want to sit around for weeks and holding an unrealized loss. This doesn't allow me to jump on other trades that present itself.
But if you had just read the news, you knew to just get the hell out of the Yen's way. The central bankers were moving in, and that's not something you want to get in front of. It can jump above 100 in a blink of an eye if the BOJ decides to dilute even further. Why get trapped in that when you can just watch price.
Quote from JB3:
This is not a shot at you or your trades because everyone trades differently. But I've done the same things you are doing, and it is a tough way to trade. It is great for people who likes slow pain.
I prefer to just let price tell me that it is going down first before I go into a trade. Then the price gives me an entry, and I set my stop above the previous high. It takes care of both entry and exit. The only thing I have to do is figure out where the support is relative to current price, and exit there for TP...or move to BE when it reaches support...then walk away to let it run or take me out at BE.
If I'm wrong, take me out quick above the previous high. I don't want to sit around for weeks and holding an unrealized loss. This doesn't allow me to jump on other trades that present itself.
But if you had just read the news, you knew to just get the hell out of the Yen's way. The central bankers were moving in, and that's not something you want to get in front of. It can jump above 100 in a blink of an eye if the BOJ decides to dilute even further. Why get trapped in that when you can just watch price.
Hey buddy, can't disagree with you at all. Also, thanks for taking the time to describe a very nice methodology on how to trade - waiting for price to move down and then taking a shot. I completely agree.
Most of my trading is not this way at all. 95% of my trading is strictly intra-day and most is all-in, all-out. If I add, I will add a maximum of 1 time.
When I started this thread, I was looking to fade a parabolic move. I was guessing it will take 10-15 days for the parabola to collapse. However, this particular trade has not progressed as per my plan. So, I am just playing it out now.