Reading Charts in Real Time - Page 20 - Traders Laboratory Forums

Dinerotrader · 07-30-2009, 02:54 AM

Trading the GBP/JPY. The resistance level that broke appeared pretty strong since that zone had been tested several times so I would anticipate a strong move up.

Update: New resistance level is occuring in expected area. Trying to keep stop low so I don't get stopped out in the chop.

Update. Stopped out. Probably should have move up the stop once I saw so much resistance at the 2nd green line. Your comments are welcome.

Dinerotrader · 07-30-2009, 04:32 AM

Well, it looks like my anticipated resistance levels were correct, I just failed to manage the trade properly. I should have either moved my stop up so I could have taken some profit or kept my stop where it started so I wouldn't have gotten stopped out before the move back to the upside.

thalestrader · 07-30-2009, 09:02 AM

Quote:

Originally Posted by imorgan »

Well, it looks like my anticipated resistance levels were correct, I just failed to manage the trade properly. I should have either moved my stop up so I could have taken some profit or kept my stop where it started so I wouldn't have gotten stopped out before the move back to the upside.

Yes, if you are going to cut the trade short, cut it short with a profit and not with a loss. Otherwise, trail below resistance, that's what its there for (though it is indeed easier said than done!)

Looks like GBPJPY is going to make a run for just north of 158.00 (158.22 looks like a good target). It is 157.66 as I type this.

Good work!

Well, I'm off for a day at the zoo. Good Luck today!

Best Wishes,

Thales

ZenMachine · 07-30-2009, 09:54 AM

Hi folks,

I've been following this thread and so inspired!
I really appreciate how much you folks are sharing, and decided to take part in it!

I've been trading for about three months mostly with small money, but the trades you will see are demo trades since I'm still learning new tools and strategies.

Here's my chart, right after long entry -

ZenMachine · 07-30-2009, 09:56 AM

First target hit, moved up stop to halfway point.

ZenMachine · 07-30-2009, 10:02 AM

Stop hit. Well, that was fast, but not a bad start.

ZenMachine · 07-30-2009, 10:05 AM

Reviewing it in 1 min chart, I think I moved stop up too tight too quickly.

Thought it was still going up and entered again.

ZenMachine · 07-30-2009, 10:15 AM

... Or maybe not.
It stalled and I decided to exit for now for 5 point loss.

As soon as I moved my stop to just below the current price (-5 from entry), price shot down and I was stopped out for -12p ...

I think I should take a break now...

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The Following User Says Thank You to Dinerotrader For This Useful Post:
thalestrader (07-30-2009)

The Following 2 Users Say Thank You to Dinerotrader For This Useful Post:
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