"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Thursday, January 28, 2010

28 Jan, Usd/Jpy - Smooth Trade

Well, its me again.. Its Thursday, and my first trade this week. As usual, watching the euros, aussies, yen and pounds. there was news releases tonight, therefore i was simply watching the movements until after the announcement. here are my trade datas today.

Session: New York, London Crossver
Duration: 26 minutes.
Timeframe: 15M.
Technical: Moving Average, Fibonacci.
Fundamental: US Unemployment claims, Core Durable Goods Order m/m.
Strategy: Core Durable Goods better than forecast, lower than previous. Unemployment claims worst than forecasted, better than previous. Dollar rally a little upon release against Euro & Aussie. Bearish against JPY right after announcement. Long when candle closes above 100SMA & 38.2% fibo on Usd/Jpy & Doji star, take profit on 10SMA & 23.6% fibo which is the next line.

i thought i was gonna be in the eur/usd pair for tonight, which had a smooth downtrend. but my sell limit didnt hit, which in another words no nice price was set for me to enter for this pair.

i was shrugging upon the news data. no way i was gonna speculate a direction from such a conflicting data. anyway, no major knee-jerk reaction, except for the yen. therefore, i switch my attention to the yen and saw it landing on the brown 100 sma.

i entered after doji star formed. i have exactly 4 confirmation signals here. 100sma, 38.2% (drawn from 1H chart) fibo, bullish momentum from the stochastic oscillator and a doji star. the bear candle prior to the doji was the result of the news releases.

working its way up. take-profit on 10sma becuz i wasnt exactly comfortable putting it on the exact 23.6% fibo, partly due to previous noob trading mistake.

resistance served well at the next fibo level. price retraced after going beyond my t-p for 1 pip. this is juz the next candle. in a larger timeframe, price may still continue to go up. i take larger time frame as a reference, and try to trade within my own time frame.

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