I just posted an updated analysis on USDJPY where I talked about learning from getting stopped out. Now I know it may seem like I NEVER lose but in reality, I lose many trades! But I ALWAYS make much more than I lose because of PROPER stop placement and PROPER money management! If you incorporate and utilize these 2 things PROPERLY and stick to it, it will go a LONG WAYS towards keeping you in the black! Don't do it or do it wrong...well, you know what happens!
Here I issued a SELL call and place my stops above the previous high which lay outside and above the descending diagonal. Why did I do that? Why did I place my stops there?
The reason for my SHORT trade was that I was trading on the fact that this descending diagonal was still in play and was looking for a wave c down to complete the corrective wave 4. Wave c's are very good to trade as they are impulsive. My analysis at that time indicated that the next move would be a wave c down. Then after I saw that prices broke above the upper TL of this descending diagonal and then broke back down through it, I thought "false break". This is usually a good bearish PA indication. NOT ALWAYS. But usually. After planning out the trade and figuring out the SL and TP and seeing that risk:reward was good, I triggered the trade.
But shortly after I issued the trade, prices turned and shot up stopping us out for a modest -56 pips loss! At that point, I knew that my analysis was wrong and the stop was telling me that something else was going on here besides that descending diagonal and I had to re-analyze the situation and then SIT, WATCH and WAIT! Not jump back in on a revenge trade!
So now I am PATIENTLY waiting for another good trading opportunity on this pair as per my latest post. NEVER, EVER feel anxious about missing out on any trade! Because the beauty of forex trading is that there is ALWAYS another trade just around the corner!
I hope you must have shorts from 118.20- 118.40 Area..... No updates, always welcome your words, which encourages us for better performance
EverythingForex
⋅
@sanjayplayer, I can't give constant updates on it here. I give my attention to my members as priority. They are willing to trust me to give them good up-to-date information so I give it to them. I spend my time and effort for those that are willing to trust me. I'll update here only when I am able. I'm not posting here to help anyone manage their trades. Only to help teach some trading. That is why I don't give trades here. Anything given for free is always taken for granted and not well appreciated. And not valued.
sanjayplayer
⋅
@EverythingForex, I am not taking it as granted, Sir, you are free to post, For more information I am not trading at any level. Just learning & curiosity becomes high when I see good GURU/ Great analist/ Good analysis. That's what makes me post request for updates. I always appreciate you and your efforts given, VALUE is seen by everyone, there should be no complain from you regarding this.
Loves your analysis and technique and willing to follow you to learn.
EverythingForex
⋅
@sanjayplayer, First, understand that any replies I post ARE NOT directed solely towards you as many others also read these comments. So when I post a reply, it is with EVERYONE who reads this in mind. So whether you appreciate or not, I don't know. Not being a poster yourself, I don't blame you for not knowing what it's like to deal with the many naysayers, complainers and freebie seekers that are here. The ones that complain about me not giving out the trades, not posting stops and TP's projections, the ones that criticize me and pooh-pooh my charts and so on and so on that I've had to deal with over the past years are the ones that I am referring. It is the MAIN reason that I do not post here half as much as I used to! But thank you to the MODS for taking steps to block out those people! That is why I am at least posting some here again. But again, know that I am posting charts for all the LEARN from. Not for the purposes of suggesting or handing out trades! I put A LOT of work and effort behind my charts and anyone who has the nerve to demand I post my trades, I don't work for you! I work for those that are willing to give me their trust!
Again, sanjay. That was not all directed at you so don't take it personal!
@EverythingForex, I've learned a lot by staying home and trading all day everyday. I just admire when ppl help others learning curve 0r attempt by dishing out knowledge. Keep up the great work ;)