Yes it was too much like hard work today, so have switched to EJ. Call me an optimist but the daily looks good to fall through the floor given time. Nice retrace today to around the high side.
I’m short EUR/JPY this week so here’s hoping that it’s a case of ‘great minds think alike’ rather than ‘misery loves company’ lol.
Looks sweet doesn’t it ST!
I left a USD/JPY short overnight last night, didn’t get triggered because was off by 2 pips 
Would have been nice to waking up to pips…
Going long EU today…
Good luck today everyone !
It does indeed!
I have been in since Monday, so did not enormously enjoy yesterday’s low test on the Daily, but very glad to see that normal service has been resumed this morning. When in an end of day trade I really ought not to check in on the chart during the day, as it often leads to interim nerves without foundation - I prefer to check in on a trade at an interval the same as the timeframe on which basis I entered. Crazy not to like the low test, as I know that Price never just moves in a straight line, but I guess we all have our nervous moments!
I think I’m hoping for a break below 106, here, high 105’s should be possible.
Hello, by the way, trust you are well?
Sorry about that, Sanj, it happens to all of us but is not fun. Console yourself with the fact that you did accurately predict market direction and a significant level.
I don’t know your method of Entry, so forgive me if this is presumptuous, but one thing I do when hoping for a moderately aggressive Entry: I use an OCO Entry. I assume from the way you say your Entry was missed that you entered by an order. Well you might be familiar with OCO, but in case not: say I see a point at which I want to go short, whether that is right on a level, or at a break of a low/Support level/whatever on a lower timeframe. I might want to put my Entry there, but I might also be conscious that it is slightly aggressive, so Price might not retrace right back up there and pip me in. Say I spotted this trade on a higher timeframe, say the 240 or the Daily. That higher chart could give another, less aggressive Entry opportunity, say the break of the low of the bar that gave me the setup. If I’m right that there is a move south due, then I will be triggered into the trade when the low of that bar is taken out. It does not have as good an R:R, but as long as it is 1:1 or better it’s still a decent trade capturing the same move.
What I often do is place an OCO order - put in an order at both levels, with the same TP and SL, but a different Entry and, therefore, a different risk per pip. I set my platform to cancel one order should the other trigger, so I can take both orders at full risk.
So on this occasion, had Price moved a couple of pips higher, you would have been triggered into the trade and the more conservative order would have been cancelled. As it was, your Entry was missed, but then Price moved south. Using an OCO, your more conservative Entry would have been triggered and you would have woken up to some pips after all, albeit not quite as many as you had hoped.
You might be completely familiar with this, in which case apologies for rambling on teaching grandma to suck eggs, and it does work better in some situations than others, so it does need a bit of trial and error (which can be done in back test/demo), but it is an idea worth exploring, imho, if you are entering using orders and occasionaly finding your Entry missed. It certainly increased my profitability once I incorporated it into my approach.
And remember: being outside of a trade wishing you were in is always better than being in a trade wishing you were out!
ST
Good Morning ST
Ah, thanks for this! I am actually familiar with the basic concept, but did not know about the OCO - having the platform automatically cancelling the other order, up until now whenever i had applied this into a trade i wanted to undertake, i would manually cancel the other order. I have looked up and seen that the Oanda platform does support OCO so i will have a look into this when i get home from work today.
I used a similar entry to a trade a placed yesterday which was looking for my entry by overlaying a fib retracement. Yesterday’s trade, actually went nearly spot on to the pip and the retracement went exactly as i thought - although the rest of the trade didn’t pan out as i hope and i only bagged +10 pips by the time i closed out, i was happy my entry was at a good level. I had hoped for the same thing last night, and by looking at my charts this morning it was heading to the fib line i had suspected, but just not as far up as i thought - and as a result missed my entry by 2 pips.
Well, i live to learn for the next time - thanks for this info 
Lol! This is very true - I can see you are a ‘glass half full’ kind of guy, always a good thing!
Happy trading today…
SanJ
I’ll be looking to take a small retrace (counter) on EJ after 10am GMT candle open. i.e. retest of 6am candle low and retrace… well see… looking for 107.
And was just b***h slapped out of that one - should have stuck to my guns and stayed out of the EU. I just can never see whats happening while were stuck in this range…
I did get back in my USD/JPY this morning before leaving, currently sitting on +40 there, took out 1/4 of my position at +30 pips and stopped moved to BE +1… Hopefully recovering some of my losses by the end. Hoping to end this week atleast profitable somewhat as last week didnt go so well…
Don’t trade the range… Trade the escape from it;)
Another day… Another lesson learnt…
Thanks for the heads-up on E/J yesterday! Got in last night at 107.70. Just took off most of it this morning a few mins ago. I’d be wary about the retrace though personally. Shaping up to be an ugly day today all over for equities which might make for a strong headwind for a retrace climb. Also US bond yields dropping pretty sharply too which will drag U/J lower and the crosses along with it.
I’ll take my chances… long off 106.34. :28:
Morning Sanj,
You’re most welcome - I used to place the two order manually, myself, until I cottoned onto this. This is obviously a neater solution, as if all the action happens in the middle of the night you get to be asleep while your platform finds your optimum Entry, which is my personal favourite way to make money lol. I don’t use it every time, but it has very definite uses for me - a longish bar on a Daily chart, for instance.
Glass half full? Yes, I guess so. The sun’s shining, and I get to trade full time from home rather than having a real job. Plus I just got back from my kids’ school assembly yet still get to tell myself I’m working today. Easy to be positive under those circumstances, which is why the savage learning curve early on in a trading career is, in my opinion, easily worthwhile.
Happy trading to you, too & glad I could help!
ST
I love this about trading - different traders who all know what they’re looking at all trading in different directions and with a decent chance they’re all going to win!
Bigger retrace in E/J than I thought there would be - my counter-trend kung fu is weak 
Shorted E/J from 106.62 after it rejected from the 38.2% Fib and Stochastic rolling over hooked me into the trade. Waiting to see now if we can break the morning lows properly.
My latest trade was stopped out at B/E, after being 40 pips positive
Long at 1.3115 again… now I am in counter trading mode…
Lol I get the sense that your kung fu is pretty strong.
I am still short EUR/JPY from 107.85, but took half off in the current Resistance as I had made a nice return on it. Trailed the Stop on the remainder to B/E, my TP is 105.70 on that half. Which would be nice 'though as it’s free now I’m going to go on the school run and leave it to its own devices!
Fingers crossed on breaking those lows.
ST
I closed mine just now for +60. The 50% Fib retracement from Feb 16 swing low to Feb 27 swing high comes in at just under 106 so I wouldn’t be too surprised to see some demand showing up here at least temporarily.
My counter went +25 then took off half and set SL to BE and stopped out… [B]Ba Humbug[/B]! Ah well, made some money on the way down overnight.
Oh ye of little faith! Okay, I confess I cheated and took my profit two pips ahead of TP, but I just closed my remaining half at 105.72 for +213 pips. Very happy with that, obviously. +60 is a nice result, though, glad to see that we’re all negotiating a way through the choppiness that is afflicting several of the Pairs.
Well, we all have ba humbug moments, but I’ll say this: when you have a ba humbug moment and still make money you know you’ve got trading cracked. And you have to love this: we just traded the same Pair on the same day in opposite directions and both made money. When that happens I love trading.
ST