Fx futures Journal

All Euro fx intraday positions closed at 1.32440. Best for the time being to sit out as I was whipsawed a bit --albeit with small losses. It's the big losses that we want to avoid. I will reenter long on strength. I'll keep posted.
 
Quote from Buy1Sell2:

added Yen future long here at .85880. I will add more on a buy stop at .86210:)
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Closed both Yen futures @ .85420. Need to keep loss at as small as possible and the reevaluate.:)
 
I am looking at a breach of Monday's low of 1.3105 as the place to throw in the towel on my positional longs and get short.:)

(Euro FX)
 
In case anybody is interested in knowing how I was able to hold JPY above 8540...

I drew a trendline at 8540, made it red and really heavy.......
 
Quote from Buy1Sell2:

Closed both Yen futures @ .85420. Need to keep loss at as small as possible and the reevaluate.:)
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I still believe we can have a very good Yen rally, but the strength I had waited for was false this first time. I will reenter on strength again but right now I am just going to sit tight on the intraday until I see it more clearly.
 
Quote from optionpro007:

In case anybody is interested in knowing how I was able to hold JPY above 8540...

I drew a trendline at 8540, made it red and really heavy.......
More...

Be careful here. There was a very clear negative Batman RSI on the Yen Hourly chart. My stop was too far away from the market and I had to manually stop myself out 13 points later than I should have. This loss was 26 pips more than it should have been, but was still within my parameters. I do not think any more about profit at all--only controlling losses. I do not press refresh on the account ever--I have increased my intensity on loss prevention in the past two weeks even more than I already have. It is paramount and I can reenter if my stop is bad and then I've had time to think. There will never be a repeat of the fake out of the past two Fridays, taking more than I should have allowed it to. I'm not a slow learner.
 
Thanks b1s2. I always appreciate your comments.

Could you explain to us what a Batman RSI is ?

I normally look to take positions on strength, as I have learned from you, but sometimes I fall prey to impulse...in which case I keep stops really tight...(and most of the time add liquidity to the markets)

Reason for taking this position here is that if the 30min up-trendline seen in the EUR holds, I figured 8540 in the JPY would hold too..

Let's see....=)


Quote from Buy1Sell2:

Be careul here. There was a very clear negative Batman RSI on the Yen Hourly chart. My stop was too far away from the markey and I had to manually stop myself out 13 points later than I should have. This loss was 26 pips more than it should have been, but was still within my parameters. I do not think any more about profit at all--only controlling losses. I do not press refresh on the account ever--I have increased my intensity on loss prevention in the past two weeks even more than I already have. It is paramount and I can reenter if my stop is bad and then I've had time to think. There will never be a repeat of the fake out of the past two Fridays, taking more than I should have allowed it to. I'm not a slow learner.
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