EurJpy - weekly channel resistance

Yep, I've missed this by 10 pips too (should have used the 200MA and 102.12 support as my mark and then added spread).

I've also missed closing my USDJPY short by less than 10 pips and my long order on EURUSD by less than 10 too. Very annoying.

That's trading I guess!

gutted
its bounced about 9 pips from my entry.
my long was at 102.06 trend line. Its also near the 200sma at 102.11
This bounced of 102.15.
I do hate this when i get so close yet so far.
oh well.Ill catch this another day.

Please bear in mind trend line entry levels change every day.





dyor
remo

hi KI
i always look for minimum of 3 times my stop loss. If possible 4 times.

with regards to stop loss . I tend to give myself a wider stop loss as have been bailed out to much when i go for small stop loss but if the level is perfect then small stops can be done.
On currency and indexs i find that a bigger stop loss normally helps over the long term as long as the risk reward is 4 times as much as the stop.
Just some thing i do

remo

Thanks for clarifying that remo. Trading timeframe is an important and often overlooked element of success. We talk a lot about entries too, but perhaps not enough about exits/targets.

Anyway, I'm sure you're right and there'll be a bounce there - supports and resistances are a lot more reliable than EWT for trading from but I still think that a bounce there will be fairly short-lived so I'd be looking to exit no higher than the downtrend line which I have at 103.911 today (falling daily) or a Fib retrace of the last mini-drop - just a classic exit at resistance I suppose.

Your 3 contract method certainly helps overcome the issue of when to exit too.

Thanks again.

Hi gang, just popping in for 5 mins. Remo, i dont have decent charts with me, but i would say that yo dont need to risk 30 points on this trade, to make it a good trade 15 points risk looks like the play. What sort of proffit are you looking at ? KI.

hi jackozy.

You have to remember that im a short term trader ...
My aim is to catch the initial bounce then start to take profits. I always place a trade at known supports and trendlines on first attempts. I find it the best way to make a quick profit.
I actually keep it very simple.
remo