NZD/JPY: something is cooking...

[xelite777]

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.

 

[xelite777]

Quote from xelite777:

The EUR/AUD is forming a bearish configuration on the daily chart, with a nice shooting star followed by two bearish candles.

I will be shorting the EUR/AUD next week, if I have a strong confirmation.

If I have a "green light", a 300 pip profit ($2700 profit per standard lot) or more is possible, according to my calculations ...

 

[tradingjournals]

Quote from xelite777:

Just bought EUR/AUD at 1.5380

Sorry if I am betting against you, if you are currently short.

I got back in at 1.5390 area for the short. I have left a take-profit a couple of pips ahead of 1.53, but it did not fill.

You did not bet against me, and even if you did, I would rather prefer to lose to you than lose to someone else.

I see it went above 1.54, which at least 20 pips higher than your price.

 

[xelite777]

Quote from tradingjournals:

I got back in at 1.5390 area for the short. I have left a take-profit a couple of pips ahead of 1.53, but it did not fill.

Very wise decision. However, I do hope you liquidated your position before the close, to avoid any (costly) price shock during the weekend.

Quote from tradingjournals:You did not bet against me, and even if you did, I would rather prefer to lose to you than lose to someone else.

The end result would be the same in any case but thanks for these kind words

Quote from tradingjournals:
I see it went above 1.54. Did you eat your profits?

On that long EUR/AUD trade, I collected my 20 pips on half of my position (at resistance level), moved the stop to break even and went to bed. And as you can see my break-even stop was hit a few minutes later. Talk about good timing!

The most important thing is to stay calm and control our losses, the winning trades will always take care of themselves. Personally I like to keep my stops in the 30 to 35 pip range, for some unknown reasons it seems to be the optimal stop range, go figure why.

It is better to lose 30 pips or less and re-enter the position later if the price comes back to your entry point than to lose 200 pips or more betting against the trend and hoping the market will come back.

Have a good one.

 

[Satan's Helper]

Double Burger? Would this have inspired your name choice by any chance?

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