Comment by Peter jcp on December 4, 2012 at 9:06pm

Hi Andre - I notice you are committing to 3 sells atm with different targets and with different stops and RR's - based on the different time frames. Your daily and 4 hrs have very similar targets but with your stop is approximately 50% larger.

I appreciate you ( or David if it was his trade?) are bearish on this pair and have explained your reasoning - but do you think it is a good idea to have all your entries so close ?

Regards 

Peter

Comment by shahid ramzan on December 21, 2012 at 5:12am

good analysis

Comment by Romano on December 21, 2012 at 12:50pm

I just closed eur/jpy long position yesterday night + ~550pips, because I *exactly* thought something like this could happen. But will re-enter when I see opportunity again because I expect at least 3-4k pips on this pair to move up long term. Usd/jpy still open though - monthly look too fantastic to break it ;))

Good analysis btw! Regards: Romano

Comment by Peter jcp on December 21, 2012 at 1:16pm

Hi Romano and Shahid - Noticed you both commented on it being good analysis ( probably tongue in cheek as theoretically it was very good - but in reality - wrong).

Its great being good at the theory of trading - but when it comes to actually doing it and making consistent returns - its another "ball game".

Back in early December so many traders were so bearish on the Euro and many Yen pairs - and so quite rightly were looking for suitable sells. The bit I cannot understand though is that when they were stopped out - in the this case in the 108 and 109 level - why did their charts and analysis say look at buys - because the other technical set up was wrong ?

Thank goodness I am neither really a Bull or a Bear - because the market loves both - simply by painting false sentiment and then the "sting".

I appreciate all traders take losses ( I have 14 so far this week - but over 4 times as many wins) but when you play the medium/long term investor game with stops over 150 -300+ pips - you cannot make your losses back up in a day or even a week - in fact you can be net negative for weeks and months.

So in conclusion - all traders out there just following  - nothing wrong with the longer positions - but remember to cover yourself by stops or hedging - so you don't spend a long time without seeing you balance going up.

WD Romano  - hope you got some pips off a sell as well ;-) and Merry Christmas and a successful and prosperous New Year to Shahid and Andre / David

Regards 

Peter

Comment by shahid ramzan on December 21, 2012 at 3:03pm

nice

Comment by Romano on December 21, 2012 at 3:51pm

Peter so great so see u here again! I Upon closer inspection, I realised chart is old by now, I though its most recent cause I had only brief look. Here is my true closed level: So at 111 something, my bad. I still think he had nice analysis but u`re right: its not how this bussiness works.

As for me, some weeks ago I looked upon monthly chart, saw slowdown after sharp decline and from the right it looked like big "W" could form, so I opened SMALL position just like that ;)

Simple: price accelerate/spike>price stall>price start turning>I enter ;) No even need for 20+ MA`s for that tro see... 

I prefer it this way for long term unless I day-trade. Its more like investment with fundamental support. When u buy house  u dont even have a chart, u have estimation what price was before and relative idea if its cheap(good buy) or not. Thats how I thread long term trade on currencies. For such reason, SL is only mental but RR is important and thats why I have bitter feeling now that I quit, I honestly went for ~4k pips in one strike when I opened that position.

 

Comment by Lisa on December 21, 2012 at 3:59pm

Well done, Romano ! 

Comment by Romano on December 21, 2012 at 5:25pm

Hello Lisa!  Thank you very much, your statement is pure truth indeed. But if I see next week price turning up significantly without somewhat bigger correction,... well I guess I will have to buy new monitor ;)))

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