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     lafee
Member
Username: lafee
Post Number: 455
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Tuesday, March 20, 2007 - 09:35 pm: | 
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Wadda,
I wish I had taken that GBPJPY trade. Well done mate.
Cheers Lafee
A working class hero is something to be.
John Lennon
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maxboost
Member
Username: maxboost
Post Number: 117
Registered: 12-2005
Rating: N/A
Votes: 0
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| | Tuesday, March 20, 2007 - 11:35 pm: |
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hi lafee,
the pound seems to be putting on a good move and is breaking out of down trend line on the futures contract. seems to be just coming off highs at the moment. got a view on this one?
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wadda
Member
Username: wadda
Post Number: 476
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Tuesday, March 20, 2007 - 11:41 pm: |
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Lafee,
not so sure I've got that take profits strategy sorted yet as in the last hour the GBPJPY has plummeted and Mrs Wadda has been merrily typing away on the computer and I daren't interrupt her to monitor. Just got back on to see what has happened...the AUDJPY had a fall as well.
Away, probably should have got out, however I'm hoping it'll find support around the 229 mark and then go north again. Could always make it a few days trade ...now what happened to my trading strategy, oh yeah that was the 'be flexible' part.
Cheers,
wadda
"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein
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wadda
Member
Username: wadda
Post Number: 477
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Tuesday, March 20, 2007 - 11:54 pm: |
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Lafee - might be time to get on board with the GBPJPY retracement - seems to have found support around 229.30. Besides I need the moral support after not taking a profit an hour or so ago.
Max - yeh I noted that the GBP was strong against most others earlier today, maybe Lafee can enlighten us.
Cheers,
wadda
"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein
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ingot54
Member
Username: ingot54
Post Number: 1743
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 12:13 am: |
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 Wadda!
Good to see you can still smile when all else is going to the ashtray!
Take a look at this - I let a 40-pip profit earlier in the day turn into a 7-pip loss! I was not watching and found that the high earlier in the day had dragged my trailing stop along with it.
Consequently it did not have far to go below entry to hit the (now-raised) stop!
Now before you jump on me for letting the profit slip away - I have to announce that this was in the plan. Well not the stop part, but I wanted to experience a trade over a day or two without interfering to see whether it would follow the (longer-term) trend I saw.
Although the trade is closed, I will still follow along on paper to see where it goes.
If I had the courage of my conviction, I would re-enter a long trade on this USDJPY. But I am off now and still have the AUDUSD and EURUSD open (both short).
I have an a/c with IG Markets so might do a couple of mini trades later in the week. Will be astute with them though - and that means waiting until the time is right. At the moment I am experimenting and getting the feel of things a bit.
Keep Smiling - Don't look back
Trading style: Chartist Artist _ Breakouts and Shakeouts.
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wadda
Member
Username: wadda
Post Number: 479
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 12:52 am: |
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Hi Ivan...if I didn't smile I may as well give this game away (been reading a lot of psych stuff lately).
Know how you feel with your example above - it's happened a couple of times for me over the last month with real money! One of those aggravating things - do I set a stop loss when it's gone high, go to bed and wake up the next morning to find it has retraced, hit the SL, I've made $5 then she's exploded north again...or do I let it run without a SL and wake up in the morning and my (almost) guaranteed profit $5 has turned into a loss of $100 (mere small examples using mini trades, of course). Quite the dilemma which I face right now with my GBPJPY trade.
I'm also trying to get to a stage where I can trade FOREX over a period of a few days to a week, as currently it is very time consuming (and Mrs Wadda has noted this)...although I must say I am enjoying it (sick I know).
I still employ strong money management and limit my losses to any equivalent I may have in trading shares (ie 2% rule - though I'm actually more conservative than that as it is all leveraged).
Do the real trade thing man...just don't bet any sheep stations.
go for it...
wadda
"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein
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lafee
Member
Username: lafee
Post Number: 456
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 08:22 am: |
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Wadda,
Sorry Wadda, I fell asleep at the post last night. Forgot to turn up the volume on my computer so my alarm went unheard. Missed my entry on the AUDJPY as a result. If you are still in the GBPJPY I think that is ok. If you want to take profits thats ok too. It is the most violent of all the crosses so shorter period holds are still quite profitable. Just try to exit as the market is moving up rather than breaking down - you can alway buy back in (when its moving down that is!) Don't forget to keep a close eye on the Yen.
I am confident the GBP is strengthening. I would be looking at buying dips on the GBPUSD today at 1.9563 ATM. But of course that will change. I have some meetings today so may nt get the chance.
Still holding AUDUSD long and will do until atleast tomorrow morning.
Cheers Lafee
A working class hero is something to be.
John Lennon
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lafee
Member
Username: lafee
Post Number: 457
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 10:12 am: |
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When the trend followers throw their hands up in the air after being disappointed one too many times the trend almost magically appears.
Cheers Lafee
A working class hero is something to be.
John Lennon
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lafee
Member
Username: lafee
Post Number: 458
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:04 pm: |
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Looking at buying the GBPUSD on a breach of 1.9600
Cheers Lafee
A working class hero is something to be.
John Lennon
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wadda
Member
Username: wadda
Post Number: 482
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:31 pm: |
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Hi Lafee ya gotta sleep sometime - well at least us mere mortals do.
Still with the GBPJPY trade. Noted the caution wrt volatility.
Won't be able to trade/monitor much tonight, got the parents coming over and have to take them to the airport at sparrows tomorrow.
Raised my stop on the GBPJPY based on the hourly chart.
cheers,
wadda
(Message edited by wadda on March 21, 2007)
"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein
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lafee
Member
Username: lafee
Post Number: 459
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:34 pm: |
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When long gbpusd @ 1.9571
News just came out. We'll see what happens now.
Cheers Lafee
A working class hero is something to be.
John Lennon
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lafee
Member
Username: lafee
Post Number: 460
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:39 pm: |
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Wadda,
If you cannot watch I'd protect your profits. Very dangerous ATM.
Cheers Lafee
A working class hero is something to be.
John Lennon
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lafee
Member
Username: lafee
Post Number: 461
Registered: 04-2003
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:41 pm: |
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Ig just widened its spread on the GBPUSD to 11 pips on the news release. Ha! it was the only thing that stoped me buying it at 1.9600! IG just gave me 29 pips!
Cheers Lafee
A working class hero is something to be.
John Lennon
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wadda
Member
Username: wadda
Post Number: 483
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Wednesday, March 21, 2007 - 07:44 pm: |
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What news Lafee?
wadda
"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein
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