Trade Closed: 2011-2-14 00:50
After more than a week of waiting, I finally closed my USD/JPY trade at a profit! This is probably how my home girl Esperanza Spalding feels after winning the Grammy Award for Best New Artist!
Who is she, you ask? Well, if you don’t spend much time at coffee shops, I wouldn’t be surprised if you don’t know her. The only reason why I’m familiar with her is because I play her music all the time at work!
Anyway, back to my trade, after I hit my profit target at 83.00 I decided to close my positions at 83.21 when I saw the pair retreat from the falling trend line.
My total final gain is -insert cool drum roll here-:
First pt hit at 83.00: +133 pips
Second position closed at 83.21: +154 pips
Total profit: 287 pips / +1.65%
Hah, pretty awesome for one trade so I’m glad! Stay tuned for my next trade guys!
Trade Update: 2011-2-9 2:19
Well, well, well… It looks like I’m holding on to another winner! As of this writing, I am up by about 65 pips. I hope the dollar continues to rally and test resistance at the falling trend line.
But just to be safe, I’m going to move my stop loss to my entry price. Hopefully, my first pt gets hit and I walk away with a big, big grin on my face. Ultimately, I’ll be keeping my fingers crossed for an upside break all the way up to the 84.00 handle!
Trade Opened: 2011-2-3 2:02
Guess what guys? I went long USD/JPY! Yesterday I saw that the pair was unable to go below the rising trend line that I drew, so I decided to finally pull the trigger. The inverted hammer sitting on the trend line and the already oversold Stochastic were also a big help!
I took the better-than-expected ADP Non-Farm Employment Change report as a sign to cheer for the dollar. Pip Diddy told me to be careful though. Because although the figures for January overshot the forecast, the reading for December was revised down by 50,000. Yikes!
Nonetheless, I’m sticking to my plan. I just hope that the remaining reports from the U.S. will help the Greenback bring sexy back and get me some pips!
Here’s what I’m going to do:
Buy at market (81.67), stop loss at 80.80, and pt1 at 83.00, pt2 at 84.00. This gives the trade roughly a 2:1 reward-to-risk ratio.
P.S. To those saying that I should just go for it and apply, I am still not convinced with the idea. Coz what if I don’t get accepted? That would crush my self-esteem, knowing that I can’t even get an assistant manager job!
Trade Idea: 2010-2-2 2:32
Aha! It seems like I’m not the only one caught up in a dilemma. That symmetrical triangle on the daily time frame of USD/JPY, tells me traders can’t make up their minds either! It looks like the pair is just chillin’ at the rising trend line, but will it actually hold?
Hmmm… I think the answer to that question will largely depend on how the ADP report later looks like. If it manages to beat consensus (or even just satisfy it), then people will probably have the same positive expectations for the upcoming non-farm payrolls and help the trend line hold.
On the other hand, if the ADP misses forecast, then we could see the trend line break.
In any case, I’m not going to pull the trigger yet until I get some clue as to where the pair is likely to go. That’s why I’m going to wait for today’s candle. If it closes as a reversal candlestick, then I’m probably gonna put on my old high school cheerleader uniform and root for the dollar!
I’m looking to set my profit target somewhere around the 83.00 handle with my stop loss below the most recent low at 81.00.
In other news, this morning at work today, the assistant manager at the coffee shop I work in announced that she has to resign and will be filling in the position internally. According to her, she’ll be moving to Florida because her husband has to relocate for work.
I’m not really that interested in the job, but the assistant manager position will come with a pay raise to my measly salary.
This is where I need your opinion… Should I even exert the effort or just let it go? After all, there will be better opportunities in the future! Say what you want, just don’t be mean! Oh, and you can also follow my trade journal at MeetPips.com!