Anyone selling at 208?
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GBP/JPY Trading 2008
- Thread starter ForexPro
- Start date
Quote from bigmrfrank:
Stop @ BE +5.
Haven't been able to log in until this morning.
I'll try to recap from this trade on:
This was not one of my better manual trades. Instead of staying focused I was talking on the phone all day and performing optimization for when I would bring the ATSs back online.
I originally said I'd bail if 205 was tested and failed. I did not stick to that plan and 205 was indeed tested and failed. It came back to me within a few pips on BE. My entry which was just below a pivot did hold so I didn't cover. Price action went back down to the nearest S/R point and held to the downside so I was optimistic. Set stop to BE +5 to cover commish and possible slippage. As I got more involved with other things I saw another test of 205 was on the way so I cancelled the stop and placed a trailing stop. Funny thing about trailing stops - they always get hit. The trade ended up profitable but not as much as if I stuck to my game plan of covering on a failed test of 205. I was even given a second chance to do so and even a third if you count the touch later that evening/morning.
Covering at 205 was really a no brainer. A failed test at a major round number coupled with the US markets holding firm = good opportunity to BUY.
The trade did work out but more importantly served as a great wake up call to not ignore the price action that was quite clear.
On a positive note - long from 208.17. ATS trade. The ATS took 3 attempts to get in before the final moonshot:
First buy was 208.18 - stopped out for -28
Second buy was 208.38 - stopped out for -41
Third buy was 207.62 - stopped out for -17
Fourth buy was 208.17 - currently +539
Quote from ssblack:
Probably screwing myself by posting this, but here goes..
Sold 211.90. Stop 212.82, exit 208.73.
It was tempting. 212 acted as resistance for 3 days straight last week. Price was beating against 212 for hours last night with no luck. However it might have been better to see what happened at London open.
Next resistance is solidly at 213.25 - 214. It dates back to the first week in Jan. but strong non the less. Getting tested right now.
Yeah, I had a volume signal go off there, but they are for breakouts. It was inside a Drummond resistance level, but it did break, obviously. I had a feeling it might happen, but I don't pass up those signals. Good thought though, the timing wasn't the greatest. Should also have checked the cable charts, I did a few minutes ago and saw it would likely continue higher today. Live and learn!
Nicely done on the ATS trade!
Nicely done on the ATS trade!
Quote from ssblack:
Yeah, I had a volume signal go off there, but they are for breakouts. It was inside a Drummond resistance level, but it did break, obviously. I had a feeling it might happen, but I don't pass up those signals. Good thought though, the timing wasn't the greatest. Should also have checked the cable charts, I did a few minutes ago and saw it would likely continue higher today. Live and learn!
Nicely done on the ATS trade!
I viewed 212 as a major pivot where those who wisely bought at 205 decided to sell and not get trapped in the battle between 212 - 213.
What is this Drummond of which you speak?
Thanks.