dojitrader
Short

Second Chance Or A Trap ?

FX:AUDJPY   Australian Dollar/Japanese Yen
82 6 0
Saw this "sorta" Cypher late on Friday and just don't like to hold new trades
over the weekend. (a gold             trade is why)
Looks like the open has put the trade back into the sell range.
BUT, now this is starting to look like a B wave triangle which means
it could just as easily be the start of a C wave Up.
So, I'll take this trade if the candles trigger a sell entry close to X for a
double top and RSI divergence for a small risk.
What would you do with this ? ? ?
Oh yes, I call it a "sorta" Cypher because it does not meet
my rules for leg A to B in that it has traveled beyond the .618 Fib.
and to my experience has reduced probabilities.
Gotta start the new year some where . . .
Entered short @ 93.96 with little risk
stops @ 94119
Reply
Well, I'll be . . . moving stops to break even +3 to cover spread.
I'm still doubtful, but, should let it run as much as possible.
that's one of my new year - trading - resolutions:
To let trades run more freely with less second guessing.
Give'em a chance to hit the targets, just be sure and get out
when I know I'm wrong.
Reply
1st target hit for about +65 pips moving stops to +13 @ 93.83
Hope the second target is hit @ 9290 while I'm getting
some sleep - my 2nd favorite trade.
Reply
moving stop to 93.74, if it moves above that reaction high
the trade is probably over.
Reply
Out on stops @ +22 for a total of +87 pips on
the 1st and 2nd positions. Not bad for a Sunday
night entry. The rest of the week -- bring it on !
*uh oh . . . look out now, I'm feeling gutsy*
Reply
Huh !!!
Serves me right for breaking my own rules.
AND, the first chance I had to establish the discipline.
I made the extra 20 pips but gave up 70 or so to feel better:
That's 3 to 1 because I moved my stops from break even.
Trading is simple, discipline is TOUGH !!!!
Reply
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