dpdawson's trading journal

[oraj]

Originally Posted by dpdawson

I am leaving the trade over the weekend.

Stop loss at b/e (209.15) and take profit at 207.13.

Deal with it.

Excellent, dpdawson. Nice trade and plan.

Jim

[oraj]

Originally Posted by dpdawson

I am leaving the trade over the weekend.

Stop loss at b/e (209.15) and take profit at 207.13.

Deal with it.

Oh well, it could have easily gone the other way, dpdawson. You always want to be set up for the big move with litttle risk or in your case no risk. Nice trade today, dp.

Jim

[NickB]

Weekend is never a good idea, if some idiot decides he wants to blow up a few trains in London I would hat to see GBP/JPY open 1000 pips against me on Sunday open. Of course that is an extreme example but weekends are highly unpredicatble.

[dpdawson]

I am short, so wouldn't it open 1000 pips for me?

I think there is a much better chance of a terrorist attack in England than a disaster in Japan. So, it is a calculated risk.

Yes, I actually did think about this before I made my decision.

[NickB]

It was just an example.... a terrorist attack is an extreme prices almost always open a fair way off their close.

Say for example a tsunami or earthquake in Japan or the Japanese prime minister dies or more realistically the Japanese CB makes announcement concerning the YEN.

When markets are open you can react to this when they are not you cannot.

[Danny]

I speak from experience on this one, I went from a 35 thousand dollar profit to a 12 thousand dollar loss when the london bombings happened and will never hold position over the weekend again.

[dpdawson]

I was just stopped out of my second lot at b/e.

Total for traded: 75 pips

I also just went long 2 lots of USD/JPY at 106.79.
Stop loss: 105.79
First take profit: 107.79
Looking for it to head back to 109 range.

Here is the analysis (I stole this idea from someone I respect as a currency trader):

"At this point, Japan is feeling extreme heat and there is a great possibility that intervention will occur, thereby putting a bit of a floor under the trade. Japan's breakeven profit mark on the Yen is 106.60. It bounced a few times off that level.

Hopefully, we go down hard again Monday, maybe to 11,750 or so, thereby setting up a bounce back to the neckline we broke around Dow 12,500. That should bounce the yen back to the 109 level."

I also might hit my first take profit level just by it ranging back up in the triangle it is currently in.

[NesmithDJ]

Why are you trading on the weekend for?

[dpdawson]

I am not doing any technical trading.

The guy who's analysis I am using is usually right, so I am taking the trade because I like money.

[jack778]

So the greed of money will most likely loose this trade. Granted I hope you don't but tech says you might. Good luck!