Closing the 156.50 at 156.95

Posted by Nick 37

157.00 is a major psych level so this one is being closed out early.

Update:
Blog notification emails tend to be delayed so for trade updates jump in the free Forex4Noobs chat room to see me trade it live or refresh the blog every min to see when I close out.

Important Update:
This trade could have been a trade or a pass. At the start of the week I write on a word doc what I consider the important news reports for the week.

I do not really consider the USD existing home sales important in relation to GBP/JPY so I did not that put that one on my list. However, it looks like this line only broke as the news report was released.

There are some people who took the trade seeing that it had been pushing up for 40 min or so before the break and some that skipped it because of news.

Anyway bottom line is I will not officially count this trade as a winner since even though it hit profit and I am sure many of you made pips the actual break happened as the news report was released.

However, I do not think the move was all news based. EUR/JPY broke its S+R line before the news and GBP/JPY was pushing up and heading for the scalp long before the news.

Jay

Good trade, took 40 pips on this one. I wasn’t paying attention to the news, just jumped in on this one, but worked out well.
CakeMan

Perfect trade.

I saw the news but I was waiting almost an hour for this line to break from when gbp/yen reversed and made its way up!
FxStA

32 pips late exit!
Joni

I got out of bed when I heard my txt message alarm. I saw it was news triggerd and I went back to sleep.

Really wish I saw this on through.
XxFx

What bullshit u say u close out earli as it hit .95 why not say it at the start of the week you say it after ir reverses to stop loss

NickB

@XxFx:
WTF are you talking about?

1. I commonly close out a few pips before major psych level or S+R lines
2. It never reversed back to the stop ??
3. It hit the target eventually anyway!

SnipeTX

hahahahaha XxFx is on crack!!

Boo Yahhh!

I closed this one out just now with 70 pips

I LOVE THIS SITE

keep it up Nick!
Zac

Good trade Nick! Looked iffy at first, & I was frustrated that I missed an early 45 pip exit after the first retrace. Always gotta go to the bathroom after the trigger! Hehe. Held out & hit the round 50 target eventually.
Ed

Hey Nick!! So long I don’t write in your blog. It was a loss for me as I closed on breakeven. Let’s see what comes next week. Thank you again for your analysis. Waiting to see if a master candle forms. What do you think?
Pipboy

A perfect 50 pip trade for me
Freddy

Missed it because of news.

thought u didnt trade news?

NickB

@Freddy:

As I explained. It was a news based move but at the same time it had been moving up for 40 min and it was flirting with the line before the news. I think this trade would have triggered either way and the news just gave it a push.

Also I do not pay attention to existing home sales. As far as USD reports go I really only care about ISM, NFP and interest rates in relation to GBP/JPY.

At the end of the day this was triggered because of enws so officially it wasn’t a trade. Some people entered some didn’t, I did.

Ayman

Nice one,

But I have removed the order from it because of the news release since I am not able to trade at that time because of work. I prefer to trade such lines while I’m online. But I fully agree with Nick that the news is not the reason to trigger the line, it may helped thereafter but even without the news release, the line was going to be hitted (I guess !!)

Wish you all the best in the coming trades
Ayman

@XxFx: May you please try to write in a better language in here?!! I dono what kind of “Stop-loss” that has been hit that you are talking about!!

If you are not sure about the way you trade or has doubts, please read Nick’s free e-book and then clarify anything by asking in the tools provided (The chatroom or the forum). PLEASE DON”T SPOIL THIS BLOG WITH SUCH COMMENTS !!
McLuvin

Money, money, money, money, money!!!!!!!

Been here two years and Nick you have made me a rich man. Best blog on the face of the planet.
Ben

Nick,

Thanks for all the helpful info on your site and PSFs.
Just a small question…if the price won’t keep going up at least 200 pips above 156.43, that won’t be a good scalp line anymore and we need to remove it, right?
CRS

I have been here for 2 months now, and saw that the winning average is bigger. Unfortunately, my initial two trades were bad. But I did not loss hope. This time, i made 40 pips.

Thanks nick
DESCORTEZ

I CLOSED IT AT 156.94, SAME REASON AS NICK. THANK´S FOR SHARE YOUR GREAT METHOD AND YOUR ANALYSIS NICK!!
orpips

Thanks for the update about the news release, I was just on my way to ask why you entered when you normally recommend staying out during news. Now I know.

My second question was why the distance price had traveled in the past 24 hours didn’t similarly keep you out, as it did on another trade a week or two ago. It had gone way over the ADR at the time of entry.
Dan

Thanks Nick,
You have the best forex site on the planet. Period! I closed out early for the same reason as it seemed to stall at 157.00 Closed out with 40 pips and Im not regretting the early close at all. Bring on the next line.
hickh

I was actually watching the USD/JPY which was pretty much on the same course. Couldn’t bring my self to jump in with all of the news going on. Of course it worked out. Good call Nick.
As for XxFx’s comments… It’s obvious that this is someone who doesn’t want to learn and do for himself; he just want’s to sit around and have someone make him money. Better hope Nick doesn’t decide to take a couple of years off!
goldeneagle

I am going to beg to differ on it is news based move. Currencies still have a tie with the stock market moves. They are not moving based on fundementals yet. The move up was based on traders taking on risk. Not moving to safety. Because the US stock market has just gone straight up from the open. Currencies tried to de couple from the stock markets for awhile. But it did not hold. This is still just a temp move up. some people belive the mantra spit out by the pundits. We will have to see if the SP 500 will be rejected by the 1000 resistance level from sept/oct last year. Dow still has a little more to hit its resistance from end of oct high. But be aware my bet is we will re-test the lows in the fall. As there is still lots out there people are not paying att to. Housing forclosures will still continue higher. ect
asif

I did not took this trade, because I didn’t understand is a word in your video blog, I hope next week you’ll start your text blog. Thank you.
Absinthe

i got 45 on this one…
Bon Vivant

Getting a hang of it,Thanks Nick.
patty123

Nick, I’m also right with ya on this one, I did close out alittle early before the 157.00 psych level for 40 pips, so pretty good trade for me, thanks and keep up the great analysis!!!
Phil A

I also managed to get the 45pips on this trade. I’m a noob to forex and this site but feel I have gained so much valuable info over the last couple of weeks. Its a breath of fresh air to come across a resource that is so useful and also free!

Next long position 157,70?

A big thanks from me.
Jazzmin

I hesitated on entry because of the USD housing news, but the momentum looked like it was already there and continuing, so entered at 156.66. I exited on your advice before the psych level, closing at 156.90 so bagged 24 pips. Thanks, Nick – I love these scalp lines!
robbo

Nick, your comments were clear and your style even clearer. Thanks for keeping it at simple possible, which is making all the difference for me. XxFx should save his money and stop trading.
Tom Biery

WoW @XxFx, if it’s that bad there are sites you can pay lots for and lose lots more. I suggest being very thankful for all you get here and the only thing asked is a little gratitude.

Thanks Nick for the 43 pips! I set my TP a little short because of the 157.00
twinky

Nice trade .. broke just as I was going to bed but I came back to computer and jumped in.

I got out a little early at 156.85 because (a) that 157.00 was getting close and (b) I was too sleepy to wait around and watch it and didn’t want to set an order to close it in case it reversed early.

Am practising being happy to just take the pips off the table rather than risk waiting for more and having it reverse
futureBLESS

I closed out at 40 pips, there wasnt enough momentum for me. I wished I would have taken the EJ break, for 70 pips, missed that one.
Nev

goldeneagle you were spot on, it’s retraced back to 156. 05

I also didn’t take the trade given that the GBP increase was clearly a result of the news and with GBP/USD and GBP/JPY having pretty good correlation any uncalled for bullish action would be present in the other, just as any retrace would show in the other
Nev

Just to add to insult XxFx how about thinking before trading, you’ve got to be almost retarded to blindly follow anyone’s WEEKLY prediction to the pip. NickB may post some neat trades but how the fk is he meant to know that by the time it got there it’d be thursday night/early friday morning right around a news report. He may be good but he’s not god. Think for yourself and expect the unexpected, ring any bells?
shaunw

I got a nice 35 pips. Thanks Nick and Forex4noobs. Awsome site!
Gert P

Jumped in at 10 pips past the 157.50 and went for 40 pips because of the possible psychological level 157.00, got the forty. Thanks for all your help.
George C

I actually went short on GBP/JPY yesterday, entering at 156.41 (which was far from ideal, I know). I was betting on the fact that the price will reverse downwards somewhat before heading back up again.

I got out at 155.60, when it became clear that the reversal just wasn’t pushing through the 38.2 fib. Judging from the shape of the last 4H candlestick, a further downward move is possible, but I think I’ll pass on that one – a tad too risky.

Still, a good piece of action none the less – the bulls and the bears duking it out over the 38.2 fib was just… sublime!