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Yesterday Trades Followup.

02/22/2011

CADJPY, stopped out on the spike by 3 pips. I originally debated about putting the stop above the .618 vs. the .786, I picked wrong. I re-shorted on a rejection of that level, basically same entry, and b/c of downtrend solid break. Stop this time, above the spike.

Liked the price action at the second lower spike illustrated. Rejected from .5 ret. came to retest prior trendline support, resulting in failed break of new shorter term trendline resistance.

Result, closed out for about 30 pips b/c I just don’t like the price action. Lacks follow through. Also, JPY was up against everything last night except $$ (and I pick the one it isn’t up very much against)

Trade 2, short GBPCHF on the illustrated .50 retracement. Up move lacked momentum and follow through, valid setup, didn’t wait for the ma cross to re-short. Bias on daily and 4 hr short (in fact, kicking myself for closing my short last week from the tops… but those of you who follow me on twitter probably already heard me bitch about how I got some great entries last week and totally screwed up the management. – first week back from a few weeks off, and didn’t distinguish my self well)

Short gained followthrough last night. Good break of the trendchannel, and currently sitting on a prior .618 fib (where I had a partial take profit). May look to re-short a little higher, or on a kiss of this level.

Trade 3: noticing that I am basically shorting risk in taking long chf and jpy positions, I hedged with a light long gbp position with a very tight stop.

Went long on prior trendline support kiss. Stop just below the trendline. I was stopped out by a few pips before this consolidation resumed. Fully expected, but had this trade worked and the others failed, I probably would have been able to be breakeven on this long move. So, happy with the outcome. Also, this may still be a valid long setup but I’m not currently taking it.

Result of yesterday’s trading. Up .5% Nothing special, but better than being down.

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From → Trades

One Comment
  1. Like usual, kicking myself to leaving too much on the table. Should have stuck with the trades. Hindsight is wonderful.

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