Post your live Forex trades here...
- Thread starter xelite777
- Start date
Stop has been moved to break-even.
You mean you are using 0.5% of your trading capital to short more EUR/JPY at 140.47?
Yes, or in other words, if I lose this trade, then I lose 0.5 % of my capital. I'll keep my core short though, depending on what happens with EUR/USD and USD/JPY and equities.. and also whether EUR/NZD can break this bear flag as I'm still in that NZD/JPY long .. So many variables! Key here is to manage risk like a pro, which I try to do as best as I can.
Well, like I said before, the NZD/JPY is testing the breakout line on the 4H chart.
And as you can see, the support line is holding (at least for now) so the odds are in your favor, assuming your stop is not too wide. This trade should bring at least 200 pip profit, if all goes well...
I almost forgot to tell you, shorting EUR/JPY and buying NZD/JPY at the same time and on the same time frame does not make sense, as these two pairs are more than 90% positively correlated on the daily charts.
The FX trader should always check the correlation factor before initiating trades on multiple currencies.
The FX trader should always check the correlation factor before initiating trades on multiple currencies.
It's short EURNZD. Maybe the FX trader should learn synthetics before trading FX? 90% corr, eh?
Thank you for your input, xelite! I am synthetically short EUR/NZD. That NZD/JPY was one of my favourite setups, especially in such a clear uptrend in that pair, so I just had to take it to be consistent with my strategies, and especially to hedge my other JPY long exposure. I think that was a reasonable thing to do. Now looking back at EUR/JPY I should have taken off some profit around 140 because we are still in a range (D1 timeframe) and wait for a re-test of former breakout levels to fire a short again.. given extreme low FX volatility I feel I acted prematurely. If it wasn't for fundamentals - Mr Draghi giving such a clear hint at the last ECB meeting - I may have been more conservative..
BTW: my USD/JPY is at the make or break level .. if NFP day's close doesn't hold, I'm out there at a 1 % loss.
Yes.
The two pairs mentioned above were positively correlated at more than 90% on the daily charts during the last 200 days.
Now dare to contradict that too, Mister I-Know-it-All-And-I-Am-Better-Than-You.