With over 400 pips banked long JPY in only a few short hours – the short USD trade has still not made its move.
We’ve seen rejection at the downward sloping trend line as well a solid reversal on the daily chart, but in all many USD related pairs have shown very little “actual movement” considering these factors.
I hate sideways, and I mean I REALLY HATE SIDEWAYS but unfortunately accept it as a part of trading. You can time an entry to perfection ( if that’s your thing ) and STILL end up seeing the same level bounced around for days and days on end. This is a fundamental element of currency trading as big players often need days and days / weeks and weeks to slowly scale into positions. There is no such thing as “perfect entry” – lending credence to my “scaled entry” ( smaller orders over time ) as means to compensate.
USD/CAD has more or less traded in a range as small as 30 pips for days now! Does this mean an entry “three days prior” was in error? Of course not. It generally means that newbies have no freakin idea what they are doing – expecting some kind of “holy grail” email alert, then “all in”, then fortune and fame.
This will never happen in Forex.
The holy grail “IS” patience.
Further USD weakness expected here at Pot Stock Watch in case you’ve grown frustrated, thrown in the towel, dumped your trades in fear, never took one in the first place. All things considered – you haven’t missed a thing.
Except in JPY. But of course……….you didn’t have the patience for that trade either.
Right on Kong, closed my JPY longs today and still sitting on USD shorts.
I can assume you did well on the JPY trades. Great trading Warren.
Myself…..I’ve locked in “some” profits stop wise in JPY’s but am hanging around longer. Even a single day more (seeing the simple correlation of “USD down and JPY up”) should have further gains realized….and I imagine seeing things go further than that.
These are essentially free trades for me now as JPY’s are now 70 – 90 pips in profit and hold zero risk.
Nice work Warren!