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I've been short for 10 hours.
USD/JPY -short - 119.74
EUR/USD - long - 1.3620
GBP/USD - long - 2.0004
EUR/JPY - long - 163.02
AUD/JPY - long - 99.16
Shit load of red on d'screen....
No it's just time to clean your helmet.
long AUD/JPY 98.75 target 99.40
Japanese Holidays - Golden Week
* April 29: Showa-no-hi (Showa Day)
* May 3 : Kenpou-kinen-bi (Constitution Memorial Day)
* May 4 : Midori-no-hi (Greenery Day)
* May 5 : Kodomo-no-hi (Children's Day)
I lefted a few pork bellies on the roadside shoulders, 50 pips to d'downside and a few holes in my butterfly wings.
Rid'n d'kumo cloud out of d'Bear trap
I do not think d'evening star will hold
1 day view - early formation of Evening star
3 hour view - clearing Kumo cloud to d'upside
1 hour view - flat Kumo cloud - will trend to the upside
LONG - EUR/USD
Nice Evening star formation - It bounce'd off d'1-hour support trend.
Bank'd 42 pips on d'short side. EUR/USD
I will agree with your short - looks like the early formation of an evening star.
Learning & Watching the following pairs - until I earn my butterfly wings.
Chart 1. GBP/JPY
Chart 2. EUR/GBP
Chart 3. EUR/JPY
Chart 4. EUR/USD
Chart 5. USD/JPY
Chart 1 + Chart 2 = Chart 3
Chart 4 + Chart 5 = Chart 3
Snap a few trendlines and define your Buy and Sell zones
Example 1
Chart 1. GBP/JPY --- BUY/SELL --- LONG/SHORT
Chart 2. EUR/GBP --- SELL/BUY --- SHORT/LONG
Chart 3. EUR/JPY --- SELL/BUY --- SHORT/LONG
Example 2
Chart 3. EUR/JPY --- SELL/BUY --- SHORT/LONG
Chart 4. EUR/USD --- SELL/BUY --- SHORT/LONG
Chart 5. USD/JPY --- BUY/SELL --- LONG/SHORT
Then watch the Forex Market.....
Ichimoku Settings as noted from Boersma & Hunt
"There is some debate around whether or not these settings of 9,26,52 are still valid given that the standard work month here in the West does not include Saturdays. In addition, in non-centralized markets that do not keep standard business hours like the Forex (which trades around the clock) some have posited that there may be more appropriate settings. Nevertheless, we at Boersma & Hunt, as well as most other professional Ichimoku traders, agree that the standard settings of 9,26,52 work extremely well and do not need to be altered."
"The argument could be made that, since Ichimoku Kinko Hyo functions as a finely-tuned, integrated whole, changing the settings to something other than the standard could throw the system out of balance and introduce invalid signals."
"Thus, for the purposes of describing Ichimoku Kinko Hyo within this wiki, it will be assumed that the standard settings are being used."
Your right, OANDA uses the default setting of 7, 22, and 44.
Whereas Ichimoku when created back in the 1930s, a trading week was 6 days long. These parameters, thus, represent one and a half week, one month, and two months, respectively.
Thanks - made the adjustment back to the OANDA default setting.
It's just a function of price and time, thus hours, days, and weeks would provide better information. (For us Blind Monkey traders)
TENKAN SEN ("turning line")
(HIGHEST HIGH + LOWEST LOW)/2 for the past 9 periods
“While many may compare the tenkan sen to a simple 9 period simple moving average (SMA), it is quite different in the sense that it measures the average of price's highest high and lowest low for the last 9 periods.”
KIJUN SEN ("standard line")
(HIGHEST HIGH + LOWEST LOW)/2 for the past 26 periods
Due to the longer time period it measures, the kijun sen is a more reliable indicator of short-term price sentiment, strength and equilibrium than the tenkan sen.
If price has been ranging, then the kijun sen will reflect the vertical midpoint of that range (price equilibrium) via its flat aspect.
Once price exceeds either the last highest high or lowest low within the last 26 periods, however, the kijun sen will reflect that by either angling up or down, respectively.
Thus, short-term trend can be measured by the direction of the kijun sen.
In addition, the relative angle of the kijun sen will indicate the strength or momentum of the trend.
Price equilibrium is expressed even more accurately in the kijun sen than in the tenkan sen, given the longer period of time it considers.
Thus, the kijun sen can be relied upon as a significant level of price support and resistance.
CHIKOU SPAN ("lagging line")
CURRENT CLOSING PRICE time-shifted backwards (into the past) 26 periods
The chikou span represents one of Ichimoku's most unique features; that of time-shifting certain lines backwards or forwards in order to gain a clearer perspective of price action.
In the chikou span's case, the current closing price is time-shifted backwards by 26 periods.
While the rationale behind this may at first appear confusing, it becomes very clear once we consider that it allows us to quickly see how today's price action compares to the price action of 26 periods ago, which can help determine trend direction.
SENKOU SPAN A ("1st leading line")
(TENKAN SEN + KIJUN SEN)/2 time-shifted forwards (into the future) 26 periods
SENKOU SPAN B ("2nd leading line")
(HIGHEST HIGH + LOWEST LOW)/2 for the past 52 periods time-shifted forwards (into the future)
26 periods
Information link - http://www.kumotrader.com/ichimoku_wiki/index.php?title=Ichimoku_components
Ichimoko (9,26,52)
Proper viewing is 1 Day and longer.
Setting that I use for OANDA Fx Game, so that it's coordinated with the kumotrader.com examples are as indicated below;
Tenka Sen - Red
Kijun Sen - Blue
Chiko Span - Purple
Senkou Span A - Cyan
Senkou Span B - Pink
Kumo - Grey
I only have three World views, which is sorted as noted below.
GBP/JPY
EUR/GBP
EUR/JPY
EUR/USD
USD/JPY
You are looking at the early formation of a bullish tenkan sen/kijun sen cross play. IMHO
http://www.kumotrader.com/ichimoku_wiki/index.php?title=Ichimoku_trading_strategies#Kijun_Sen_Cross
As noted FIGURE II - Tenkan Sen/Kijun Sen Cross Case Study
Long d'beast if it holds 238.40, or Short d'beast if 237.725 breaks.
wait'n for more confirmation - don't want to have to turn tricks in London to make up for my losses in Tokyo.
Time Tested Classic Trading Rules for the Modern Trader to Live By
By Linda Bradford Raschke, LBRGroup.com
This is a list of classic trading rules that was given to me while on the trading floor in 1984. A senior trader collected these rules from classic trading literature throughout the twentieth century. They obviously withstand the age-old test of time.
I'm sure most everybody knows these truisms in their hearts, but this list is nicely edited and makes a good read.
1. Plan your trades. Trade your plan.
2. Keep records of your trading results.
3. Keep a positive attitude, no matter how much you lose.
4. Don't take the market home.
5. Continually set higher trading goals.
6. Successful traders buy into bad news and sell into good news.
7. Successful traders are not afraid to buy high and sell low.
8. Successful traders have a well-scheduled planned time for studying the markets.
9. Successful traders isolate themselves from the opinions of others.
10. Continually strive for patience, perseverance, determination, and rational action.
11. Limit your losses - use stops!
12. Never cancel a stop loss order after you have placed it!
13. Place the stop at the time you make your trade.
14. Never get into the market because you are anxious because of waiting.
15. Avoid getting in or out of the market too often.
16. Losses make the trader studious - not profits. Take advantage of every loss to improve your knowledge of market action.
17. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the equation for success.
18. Always discipline yourself by following a pre-determined set of rules.
19. Remember that a bear market will give back in one month what a bull market has taken three months to build.
20. Don't ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
21. You must have a program, you must know your program, and you must follow your program.
22. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
23. Split your profits right down the middle and never risk more than 50% of them again in the market.
24. The key to successful trading is knowing yourself and your stress point.
25. The difference between winners and losers isn't so much native ability as it is discipline exercised in avoiding mistakes.
26. In trading as in fencing there are the quick and the dead.
27. Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.
28. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
29. Accept failure as a step towards victory.
30. Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker! Don't let ego and greed inhibit clear thinking and hard work.
31. One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door.
32. The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this he is safe. When he ignores this, he is lost and doomed.
33. It's much easier to put on a trade than to take it off.
34. If a market doesn't do what you think it should do, get out.
35. Beware of large positions that can control your emotions. Don't be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.
36. Never add to a losing position.
37. Beware of trying to pick tops or bottoms.
38. You must believe in yourself and your judgement if you expect to make a living at this game.
39. In a narrow market there is no sense in trying to anticipate what the next big movement is going to be - up or down.
40. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss - that is what does the damage to the pocket book and to the soul.
41. Never volunteer advice and never brag of your winnings.
42. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.
43. Standing aside is a position.
44. It is better to be more interested in the market's reaction to new information than in the piece of news itself.
45. If you don't know who you are, the markets are an expensive place to find out.
46. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word - Nobody! Thus the successful trader does not base moves on what supposedly will happen but reacts instead to what does happen.
47. Except in unusual circumstances, get in the habit of taking your profit too soon. Don't torment yourself if a trade continues winning without you. Chances are it won't continue long. If it does, console yourself by thinking of all the times when liquidating early reserved gains that you would have otherwise lost.
48. When the ship starts to sink, don't pray - jump!
49. Lose your opinion - not your money.
50. Assimilate into your very bones a set of trading rules that works for you.
Next week my goal is to limit breaking only 2 rules instead of 20 rules on the list.....
I would agree, I spend two day drawing wedges, triangles, and trading strategy.
The first day I was 200 pips to the plus on d'Evening Star Play. << Short GBY/JPY >>
I was looking at close to booking a negative 400 pips on d'Morning Star Play. << Short GBY/JPY, EUR/JPY, USD/JBY >>
At first I was only short 10K each on GBY/JPY, EUR/JPY, USD/JBY, and missed my 20 pip profit target by only two pips.
Instead of locking in the lost, I proceed to double, and triple down on additional short plays <GBY/JPY, EUR/JPY, USD/JPY> for the upside bear run.
Life is not fun when your forced to worked d'streets of Tokyo, London, and New York turning 10 pip tricks.
I now have d'evening star tatoo on my forehead, and d'morning star engraved on my ass.
I'm not sure I have enough body parts to record all my FOREX battle scars.
Closed out all of my short position - for a 200 gross pip lost.
I've been only approved to trade pennies, dimes, and nickels.
Short EUR/JPY - GBY/JPY - USD/JPY
EUR/JPY - trading sideways
GBY/JPY - trading sideways
USD/JPY - trading sideways
Hold'n my nuts and pray'n for more profit taking....
Closed out long on
CAD/JPY, EUR/JPY, GBP/JPY, and USD/JPY
and going short the same pairs -
CAD/JPY, EUR/JPY, GBP/JPY, and USD/JPY
No, d'Evening star is forever engraved on my forehead after last night ride.
Closed d'crack trade
Crack of Mid-noon and all is well - my pain is starting to turn GREEN.
Hold'n
GBP/JPY Long @ 238.575
USD/JPY Long @ 118.32
EUR/JPY Long @ 160.777
SPECIAL - 50% HAIRCUTS - TODAY ONLY
Maybe d'shell can be used for a barber-shop.
d'good news is between the evening star and morning star is the crack of dawn....
That's what I did two days ago - I was watching the evening star form over the last day.
The star faded for a few min about hour before the London open, at which point I closed out my short and when long.
After we test the lower edge of the wedge, I will just have to wait for the morning star and the run to the upper wedge.
Just woke-up, in a world of pain.....
No vacation for Jester till I earn my butterfly wings. Next stop for d'beast is 241.50...
Long d'beast @ 238.575
I was wrong, it's only a honey roasted shell, the NUT was removed after the fall.
Somebody is painting a nice Double Doji
You should be on the downwind side of my trade in a few more minutes.... hope you have a raincoat handy!
short - 238.58...gbp/jpy.
Down a big mac on d'beast
Short'n d'beast - 1'mac ahead going'n for a pint of beer.
I'm still yellow and 38 Big Mac's down for d'week...