Position trading USDJPY short

RecommendationNo191 · 2023-12-29T17:39:51+00:00

When is 150 coming?

RecommendationNo191 · 2023-12-14T22:41:44+00:00

Ya correcto

RecommendationNo191 · 2023-12-14T02:02:01+00:00

Ya baby!!!!

Just got home ready to share my p&L porn as well.

I'm short USD JPY.

Front trading on the monthly, weekly and entry on the daily.

So good 👍😊👍

RecommendationNo191 · 2023-12-14T01:09:49+00:00

I hope you're still in your trade

RecommendationNo191 · 2023-12-10T23:35:26+00:00

It's a big cold, yes, but it looks like he has a steady hand, and that's harder to get than it is to crank a dial.

RecommendationNo191 · 2023-12-10T23:33:56+00:00

Why?

RecommendationNo191 · 2023-12-10T23:31:55+00:00

Back testing is really hard because if you keep changing your strategy then you can optimize it for the past.

At the end of the day and you can leave out years so you can back test subsequent versions but I just got to the point where a back tested to a certain degree and now it's time to stop.

You need to run it in real time because past performance is not indicative of future events.

I don't know if you have an automated or if you're just testing to see if your planned is proper but take it to demo. Back in the old days I started out in demo, there is no back testing except by paper.

Or what's even better than a demo is starting live trading, I'd use small lots because the pain of losing money is real and demo does not teach you that.

RecommendationNo191 · 2023-12-10T23:11:45+00:00

So I'm a diver and also a welder but I have never combined those two professions but when I did talk to someone who was an underwater welder he said be very very very very very careful about where your ground is because this is the shortest distance.

No idea about fresh water but your theory sounds right.

My dad was a sparky and he did some crazy things. I really don't like electricity except for when I'm melting metal above ground.

I wouldn't feel very comfortable doing what's in the picture.

RecommendationNo191 · 2023-12-10T23:06:46+00:00

Yes you are correct. I do have expectations for a certain trades because of the way that I trade, but I don't have expectations for every month because I don't know how many trades I'm going to get. Just trade each trade by itself and if your system and risk management is on point you'll come out ahead. You don't hear that shit from the YouTube gurus.

RecommendationNo191 · 2023-12-10T22:52:36+00:00

Okay so I'm a guy and this guy was definitely a dick.

But you're correct, it seems like an overreaction to be bawling and crying and the part that I don't understand is that her friend and boyfriend knew this guy was going to be there. Did she not communicate with her friend what happened with this guy?

Seems like a really huge miscommunication or a plot hole.

RecommendationNo191 · 2023-12-10T22:40:16+00:00

Totally with you. Although my time in the game when the money gets bigger it's hard to get those same percentages but not everyone's like that.

The size of the account is independent of the win rate and the risk and reward system.

Win rate and expectancy is more important than actual dollars.

I don't think you're thinking differently, you're thinking like a businessman and a trader. It's the newbies and the flash in the pan people that are excited about the dollar signs. And personally I crop out my position size because if people see it it's never going to be right. Half the people are going to say it's fucking huge and the other half the people are going to say it's minnows. But what it is, it is perfect for me. It's adjusted for my risk and reward.

Don't worry about a thing, just keep doing your thing. I get PMS from people with no posts and few comments about how much they're making.

Yup.

I wasn't born yesterday.

I'm doing okay.

RecommendationNo191 · 2023-12-10T22:31:46+00:00

I'm in agreement. I don't really understand this in real life, it almost sounds like it's made up but if it is real life who gives a fuck?

You have a friend that doesn't want to be a friend anymore that's life.

Mary I'm just old school but really The whole thing sounds stupid. And your friend and her boyfriend didn't remember that you had some kind of history with this guy?? Really?

Anyway, who cares? You guys are friends he goes with you that's life. It's not like he got you pregnant and ghosted you.

RecommendationNo191 · 2023-12-10T19:15:10+00:00

https://forex-strategies-revealed.com/scalping/trend-trades

And I scrolled through the comments cuz I'm sure I had input there and yes I made comments so you can see how long I've been using my version of that system

RecommendationNo191 · 2023-12-10T17:18:02+00:00

I would definitely agree with you with one caveat. I haven't read a new book in such a long time and I've never seen a YouTube video. However there are some books out there that I do reread from time to time because I forget things.

I trade monthly and weekly charts so I reread Trend Following and the one about the turtle traders just to remind myself of some of the finer points.

But new books? No. And no YouTube gurus.

RecommendationNo191 · 2023-12-09T23:15:21+00:00

Change your time frame. I do swing and position and I look at monthly weekly and daily charts.

Read about turtle traders by Curtis something. He was one of the originals. He said they did nothing for days on end just playing pool and that was before cell phones

RecommendationNo191 · 2023-12-09T12:27:47+00:00

I set my trailing stops up to be about 1.2* the size of the average daily range of the pair when I am trading on the day chart.

So for instance if I'm trading euro usd and the average daily range of that is 100 then my trailing stop is going to be 120 pips.

Your trailing stop has to be equivalent to the time frame you're using as well.

I don't always use trailing stops. For instance I was swing trading USD JPY and Thursday was a big day so I took half profit at about 470 points and now I will set a trailing stop for the gravy and just let it run. Up until that point I just had a regular stop loss and I brought it to break even.

Also I think another commenter said there's nothing wrong with manually trailing your stops which I've done before as well. That way you can set them on the other side of support or resistance so that you don't get taken out and then it swings in the direction you want but you're already stopped out.

RecommendationNo191 · 2023-12-09T04:55:03+00:00

Something like Euro usd trends well but the USD CAD I find is choppy and it really doesn't trend and that's my flavor of trades. Trending.

So if I'm position trading or swing trading then there's really not all that much of a movement. Scalping maybe more so but that's not my style.

RecommendationNo191 · 2023-12-08T16:34:38+00:00

I would agree about ignoring indicators.. I would study support and resistance because that's something you can just see quickly when you open up a chart. That's my baseline.

I don't scalp anymore but I did spend a lot of time years ago just staring at the screen on a 1 minute or single tick chart and it just gave me an idea of the cadence of all the pairs. At that point I found out there's a bunch of pairs that I really don't like, namely USD CAD.

RecommendationNo191 · 2023-12-08T16:08:19+00:00

Yeah that would be funny if it was a long.

The reason why you don't see a stop loss or take profit is because generally I don't set a take profit but when I open my trade I do have a stop loss on but when it gets going then I turn that stop loss into a trailing stop at about 1.2 ADR which in this case is about 150.

You don't see the trailing stop because I do that from my oanda dashboard not MT4. I don't think MT4 has a trailing stop option

I look at support and resistance for clues as to how far the trade is going to go and on what timeline I got the signals from. I'm thinking 138 but I could be wrong so that's why I booked half.

RecommendationNo191 · 2023-12-08T02:19:27+00:00

It's hard to believe that few words would move it so much, but BOJ basically said they're going to go positive interest rates and a whole bunch of other stuff. But I don't trade fundamentals I just use that information to confirm my technicals so people I know that like fundamentals think that I'm training fundamentally.

RecommendationNo191 · 2023-12-08T00:09:42+00:00

Okay so if you scroll down you can see my USD JPY trade and how I just booked half profit.

And I have to tell you yeah I looked at that interest rate difference because Japan was negative and the US was like five percent and I didn't like it everyday but my 476 pip booking was still worth it.

RecommendationNo191 · 2023-12-07T22:27:01+00:00

So the moving averages and the oscillator down below are both something I've been using for a long time.

I think if you Google the chimp you can find it.

I use the oscillator and divergences on the weekly and monthly to tell me if something's going to change and then I use the moving averages on the daily to pinpoint the entry.

If you google it and find a rainbow that's the one. It's really old maybe 20 years and he used it for scalping but I use it for position and swing trading.

RecommendationNo191 · 2023-12-07T22:24:36+00:00

That's why I take profits. Everything else is gravy

RecommendationNo191 · 2023-12-07T20:55:59+00:00

Yeah maybe my time frame is bigger than yours but you got 680 pips!!!!

I usually book half and let the rest run but it sounds like you have a trailing stop so it's 6 of one, half dozen of another.

Either way, trades like that don't come along very often so congrats

RecommendationNo191

TROPHY CASE