JAkpayen:

BE=Break Even

odiaero:

^^  Dont be angry o, i like making jest of people when they are defiant, i.e[b] i yeye dem [/b]

JAkpayen:

What makes you think EURNZD will fall?

cristog120:

STILL making jest of me? what you will see me neva do is not to protect my profit

aguiyi:

do we now have cloggie on nairaland?

  Since u guys have refused to come out and comment since morning, am just catching some fun with cristog 

odiaero:

Now u are trying to go defensive which is bad, so u mean even if u place trades it went on negative pips, u still protect it?

smithereen:

Yeaaaah right.

Hmmm BTW this might be good mental exercise in panic management.

Let me think of a pair I haven't looked at lately --- CADJPY.

No coin nearby, so I'll toss a SPRITE cover. Heads long, tails short.

TAILS.

I'll open cadjpy and short with TP and SL both 100 (0.01 lots).

Done: 75.65.

Since I have NO EXPECTATIONS from this trade, I wonder if I'll manage it differently.

frenchman2:

Here is my chart pattern analysis for CAD/JPY

I see a typical heads and shoulders chart pattern on the 1hr time frame.

From the chart below, you can see that i'm already short at 75.611

where to exit.

for those who want to play safe, exit at the neck. (see chart) That's just 100pips.

But how far can price fall?

To calculate price projection for heads and shoulders pattern, get the number of pips from the neck up to the head.

deduct that from price at the neck. we deduct since price is going south.

pip p[size=1pt].[/size]imp:

it's been ripe for days. . . . . . .

smithereen:

Wow, Frenchman.

I can't believe my coin toss landed on the same side (short), and so near the same entry price as your analysis.

Where is that sprite cover!!!! (CNBC here I come)  

aguiyi:

amheading south on the dow from 11507, tp is when i like

frenchman2:

thanks to you

it was actually your post that drew my attention to it. I hadn't looked at the pair for sometime now.

After much scanning, Bingo! I saw the pattern.

Though price has been heading north since i entered,

So when it formed a double top at 75.93 i re-opened another position.

should price break 76.40 resistance, the pattern will then be nullified.

I'll take my loss and move.

smithereen:

Closing half my positions on my EGbp and Chfjpy shorts @ 40 pips each. Both in free trade now.


@ Frenchman
Awesome!!!

I practically expected that entry to run straight to the SL, and here it is having a shot at success (not guaranteed of course).

I've learnt a bit more about trading psychology from this, and it's carried over to my real trades.


@ Naijababe
Meanwhile this your "in the zone" book recommendation is more than a book, it's a religious guide to success in life.
I had it on my system but only read it after u recommended it. Words cannot describe it.

Thanks!

JAkpayen:

^^^^ I think say dem don send you one before. Abi you chop that one!    

JAkpayen:

It's preferably to use this pair as a 'windscreen shield' since they move almost in the same direction. Forex is about trading the strong currency against the weak.

pip p[size=1pt].[/size]imp:

you are right in a way. . . but you've got it backwards. . . . .since eurusd is popular with traders, you would expect a massive tussle between bulls and bears which means price would whip around a lot before settling to it's proper destination. i like eurcad.  . .eurnzd. . .eurchf because they fly under the rader. eurusd will tank soon,  . . .it's already confirmed that but eurnzd already confirmed it's downtrend days before eurusd did it's own.

JAkpayen:

I still think EU will get to 1.4000 before the downtrend may begin and so other EUR related pairs will move alongside it.

stagger:

Why not wait until price is closer to 11600?

smithereen:

Closed 2nd half of my AU sell @ +100 pips. I couldn't resist it - even though I believe there's more downside.

Oh, well.

Chineke!! My coin-toss cadjpy trade is in profit. See comedy.

aguiyi:

am tempted to believe u are out of that bullish train by now.it is going back down the way it came up