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12-16-2008, 03:05 PM
Just out of interest - where are all the subscribers to Neal's updates? Why aren't you in the chat room? If a rookie like me can survive it, I'm sure you can:-) Don't be shy! The more of us the more to talk about.
Tonight's chat was interesting cos I suddenly found myself in the hot seat:-) When chat started I was in a EurJpy trade which started and panned out as follows. My thoughts are written to help me rerun the trade to hopefully learn from it. If I'm talking a load of cobblers, I'm sure you'll put me on the right track:-)
All times GMT.
At 1100hrs the EJ had bounced off 4h/1h SK support at around 122.80 and the TRSI bounced off the 40. At 1300hrs the 1hr TRSI started to cross. The 30 min had crossed earlier. Shortly after this the 15min trsi dipped and moved back up. (Although it seemed obvious at the time, I can't see it now - wonder if i was looking at the 10 min by mistake. I know it wasn't the 5 min cos that was a mess).
Enter long at 123.37. Initial stop under 618 fib retrace and below 123.00 at 122.80 - also around sk support..
It caused a bit of grief for a while, but on the 5m and 15m was making hh's and hl's. Had one spike down below 00 no. to 129.99.
Stop moved up to just below BE at 38 retrace from 123.83-122.49. This is where price pushed thru a small res area to left from 0930 hrs.
Treading carefully now as price entering last Asian session range and ohead res at 124.3 ish. Also 1.618 (P3? or XOP) exp of 122.5 and 123.45. Still nice HH's Hl's on 3, 5, 15m.
Price reaches towards 124.50, decide to stick to plan and allow to drop to 15 min trend line (or trsi cross) and poss spike below 00 no. if necessary. Get a spike back down to just above (that's good) 124.00. Back up to retest 124.50. TRSI flaattens and technically crosses - sort of:-). Still a chance of a bit of thrust from lower t/frame bar action so hold on with finger on 'close trade' button.
As TRSI flat, and price coming slightly off 124.50 decide to get out on first bit of red bar.
Exit 1748hrs at 124.34.
Phew!
Hindsight actions? - I wouldn't have waited for the 1hr TRSI to cross before taking the trade - taking the 30 min and entering on 10m or 15m would have been good and got in much earlier.
Since then looks like the FOMC has pushed the price into the bull zone!
Tonight's chat was interesting cos I suddenly found myself in the hot seat:-) When chat started I was in a EurJpy trade which started and panned out as follows. My thoughts are written to help me rerun the trade to hopefully learn from it. If I'm talking a load of cobblers, I'm sure you'll put me on the right track:-)
All times GMT.
At 1100hrs the EJ had bounced off 4h/1h SK support at around 122.80 and the TRSI bounced off the 40. At 1300hrs the 1hr TRSI started to cross. The 30 min had crossed earlier. Shortly after this the 15min trsi dipped and moved back up. (Although it seemed obvious at the time, I can't see it now - wonder if i was looking at the 10 min by mistake. I know it wasn't the 5 min cos that was a mess).
Enter long at 123.37. Initial stop under 618 fib retrace and below 123.00 at 122.80 - also around sk support..
It caused a bit of grief for a while, but on the 5m and 15m was making hh's and hl's. Had one spike down below 00 no. to 129.99.
Stop moved up to just below BE at 38 retrace from 123.83-122.49. This is where price pushed thru a small res area to left from 0930 hrs.
Treading carefully now as price entering last Asian session range and ohead res at 124.3 ish. Also 1.618 (P3? or XOP) exp of 122.5 and 123.45. Still nice HH's Hl's on 3, 5, 15m.
Price reaches towards 124.50, decide to stick to plan and allow to drop to 15 min trend line (or trsi cross) and poss spike below 00 no. if necessary. Get a spike back down to just above (that's good) 124.00. Back up to retest 124.50. TRSI flaattens and technically crosses - sort of:-). Still a chance of a bit of thrust from lower t/frame bar action so hold on with finger on 'close trade' button.
As TRSI flat, and price coming slightly off 124.50 decide to get out on first bit of red bar.
Exit 1748hrs at 124.34.
Phew!
Hindsight actions? - I wouldn't have waited for the 1hr TRSI to cross before taking the trade - taking the 30 min and entering on 10m or 15m would have been good and got in much earlier.
Since then looks like the FOMC has pushed the price into the bull zone!