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Long NZD
My technical indicators are showing short to mid term strength in the nzd currency. So far price action shows no reason to close the trades early, but to let them hit my price targets. If the price action starts to show strong downward spikes in price then ill close early. Good luck.
JPY weakness
A few of the trades I have ordered today are based on the fact my indicators indicate that JPY is at a point of resistance that will be very hard to break through. Of course, these areas can see alot of consolidation, so I'm going to pay close attention to see if there are any quick spikes upward, which would mean I could move my TP target out a little more. Right now, I'm keep profits tight. Cant go broke making a profit.
GBP Strong Resistance
According to my indicators, the GBP is looking at some long term resistance that has been established over a lengthy period of time. Enough time that I see no way it can avoid at least bouncing nicely off it. I'm not even going to attempt to try to predict whether it can break it or not. My indicators showed almost the exact same thing for AUD/USD, so I took a large position in that also.
Continuation
Again, I'm continuing my strategy of identify long term support and resistance and taking short term TP/SL targets. These, of course, are determined by my indicators. This gives me a higher probability of the TP being hit before the SL. Also, using almost all my leverage, although this is something I would not do with real money.
Short term trading
On the positions I've opened today I'm simply testing short term support and resistance, as determined by my indicators. I'm not going to try do decide overall trends at this point. When I see a breakout out of the support or resistance I may widen my TP/SL targets, but for now I'm keeping them tight with modest(?) positions sizes. Good luck.
Limited Options
After my analysis of the markets, I wasn't confident in placing a trade with many currencies, except for EUR/JPY and USD/CAD. I probably took too big of a position in each, but they look like high probability trades. They appear, using my indicators, to be at strong support and resistance areas. We'll see.
Still holding positions
My trades continue to move in the direction of my take profit targets. After further analysis, I have no reason to change my forecast on any of them or to move my take profit targets any closer to them. It has taken a little longer than anticipated to move as far as they have in my favor, so with time adjusted average profit thus far, I may have actually made more profit closing the trades early and seeking other opportunities. But, you can never go broke making a profit, so I'll just be gratefu…
USD/JPY
I opened a long position yesterday in the USD/JPY pair. It was a loss. When I opened it I knew there was a good chance I was getting in too early so at first I decided not to enter it, but then I talked myself into doing it anyway. Lesson learned: Don't enter trades when in doubt, period. I have since reopened the position, long again, but this time the price is at the exact price point my indicators say is strong resistance. I have a tight stop and good headway in the TP area.
USD/JPY
It seems that USD/JPY has hit some resistance. I expect a bounce upward, perhaps not that big of a bounce, but enough to hit my TP target. I'm not speculating on the long term trend of USD/JPY, just a short term bounce. I put my SL right outside of the short term support, although this may go against me.
How to explain....
I opened 4 trades today. All I can really say is I went through each currency pair, doing my technical analysis using my custom indicators and open trades that had the highest probabilities of going up or down. As usual I kept my stops pretty tight but at very specific price levels that the currency pair had a low probability of hitting before my take profit was hit. Now I let it play out.