got in at 117.073, going long, lets throw that pip net!
wow crazy, as soon as this was going up, I noticed a head and shoulders formation, luckly I made a +3 stop loss at 117.103 before it went too far south, now im back in long 116.96, hopefully we will see some impressive pip recoveries!
something didn’t feel right about usd/jpy today, exited out with 10 pips to spare, only to renter and gain another 10 pips as it rose to 117.25, seeing the 10 pip increase I got out again, only to see that the price dropped to 116.66! I am hopeful though, Im going to renter at 116.880, looks like an inverted head and shoulders is being created, and if not, thats it for the day, once I get home ill tally my pips, have a good one!
Last night wasn’t bad, being my first night, I was a bit trigger happy with how long I should keep the order, I guess you would say I scalped today, gaining +4.5 on one trade, +11.1 on my second trade, 1+ on my third trade, +5.7 on my fourth trade, -5.7 on my fifth trade, +11.6 on my sixth trade, +11.3 on my seventh trade, and +2.0 on my eighth trade. giving a total of +30.2 pips, not bad for the first night!
Things that happened, I was expecting the value to bounce back as it was teetering on the 2S pivot point, but instead it was continuing the down trend, so I was grabbing pips as my stochastic and MACD were showing it was a ripe time. some regrets, on the portion that was going long at 0441 am, It had a perfect inverted head and shoulders, but instead of sticking out for the full length, I wussed out, being my first day. The mentality is much tougher from demo to real money! Anyways, happy pipping guys!
man, I missed the uptrend during the us market cause I was sleeping… aw man! one thing I wanted to talk about is entry points. In the beginning when I was blowing out my demo accounts, my technicals would point to a direction, and by doing so, when I thought the time was right, bam I would enter a market entry. If there are any newbies out there reading this, I would strongly suggest you recourse your entry habbits to [U]Never[/U] enter with a market entry. I think part of the holy grail of trading plans is the idea that you find peaks and valleys. You will never enter at the exact peak or the exact valley using a market entry order. Ive noticed that even though my technicals would indicate its about to swing to a certain direction, it would continue the main stream direction and I would loose 20-40 potential pips! My suggestion is if you know its going to go a certain direction make an entry point that is slightly higher or lower depending on which direction you think it will go, and make it tough enough that in the case it retraces and continues the main trend, you didn’t enter, but in the case that its strong enough to hit your entry point, your golden! well thats my 5 cents.
Today, im wishing I would have stayed in my original entry point, I would have made 100 pips instead of a measly 30, but on a high note, Im thinking short for tonights session. I have my entry set at 117.38, wish me luck!
A wise man once told me to put pending orders where you put your stop loss.
Yesterday was rough! I ended up in the positive zone, but at one point I was being overly confident and stuck with a position that went 40 pips against my favor! I quickly scalped them back and even ended on a slightly positive note, but this is definately a lesson!
Today Im seeing the tremendous down-trend sentament with the USD/JPY pair, in todays plan of attack, I noticed that it is forming either a head and shoulders, or a double tip, purly speculating at this point, so I placed entry points in and we will see which one wins, looking at my m5, it seems that an uptrend is in motion, so if it does move up, ill see quite the spike. Anyways, good luck pipping!
As I speculated USD/JPY rose to its feet, got a hefty profit going long. But Has anybody noticed this chart on a technical standpoint? it seems as if we have an inverted head and shoulders forming! lets see what sunday and monday brings, I will place a market order (S) 117.25, If my speculating is correct, it should reach its brother and sister at around 116.25. So ill set my bar at 116.40 just in case it doesn’t quite make it. pip on my friends!
Truely humbled by the USD/JPY pair… instead of creating an inverted hs, The trend started to move up contrary to my technicals! luckily, I was able to leave with 30 pips thanks to my trailing sl, but definately did not reach down to 116.40… for tonight, Ive notice that all my stars aligned, it seems to have hit 2R and not moving up, as well as having my stochastic at its extreeme, I have a feeling it will go down again. Lets see if im right this time… lol I have my short set at 118.100 for usd/jpy