Search This Blog

Wednesday, March 25, 2015

USDJPY - Right Call But Got Shaken Out

D shows UJ as rejecting resist from Dec.  It had already gone down in 2L and I wanted to get short after seeing L2 was larger than L1 i.e. I was expecting L3.
240 shows the FOMC wackiness on Mar 19th left a tail that was fully cleared by L2 down.  All the pb were small displaying how weak UJ was.
60 showed a FOF in the downward MAs, I wanted an entry at around 120.40, but this was all it could muster before the next leg down would come.
5 shows a move to 119.75 which wedged and then broke downside. I was in at 65.


The close proximity to support made it tough to stay with the trade. I ended up exiting at BE as the mkt pin-balled repeatedly. It eventually broke down for the L3 as I expected and v-bottomed.



Considering my entry had a 15 pips stop the mkt went down about 7R - how could I scratch it?  When I see good setups (probability) that also have high R potential I have got to bag them. I believe my issue could come down to old habits making me worry about the trade's success. I must remember I am playing for R-multiples and not a high hit rate.


No comments:

Post a Comment