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Jul 27th 2007
Hello Forex Fans!
This is more of a longer term trade, but it could come quicker than we think. Most trades wont be long term trades like this but for you guys that like to set it and forget it, here’s some numbers for a limit order.
USD/JPYÂ Short @ 118.25
TP @ 115.00
SL @ 119.50
Good Luck!
Humpty
Popularity: 6% [?]
Hey Humpty,
The U/J looks like it could easily retrace back up to the 23.6 fib level of 119.50 or even up to the 38.2 fib level of 120.32 before moving down, so why not sell at around 119.50 with a SL just above 120.32?
Jbone
Hey nice to see you around Jbone!
He’s testing out base on the new system he develop before he launches to write an ebook or sell signals or something.
You wanna be a beta tester for his system?
Hello opie, nice to see you agian.
Nice trade by the way.
I am testing a new system Ive developed. I do still have tweeking to do to it, but overall its backtested at a very high success percentage.
I do realize the sl is high, but so is the risk to reward ratio if and when it hits 115.
I trade mostly on the daily. This trade was off the weekly. Like I said, Im testing it at the moment.
Most trades from this system will come from a daily chart.
Anyway, nice to see you again old friend.
Hi Humpty,
I did wait to sell it on the retrace at 119.45 so I’m in a little profit at this time. How much does the market usually retrace after your system gives a signal?
Hey Opie,
What is the Mouteki system? Where can I find some info on it?
Happy trading.
Hi, Jbone.
ForexFactory has a dedicated folder devoted to Mouteki.
http://forexfactory.com/forumdisplay.php?f=75
Hi Humpty,
I am 80-90 pips in profit from119.45 so I have lowered my stop to lock in some of the profit. The market is below today’s pivot so it might start to run a bit.
Hey Opie,
Thanks for the link. I’ll check it out.
Hello Jbone,
As far as your question on retrace……………..
Sometimes it retraces, sometimes it doesn’t. My indicator unfortunately doesnt tell me those things, but since it was a weekly signal, I would expect up to 200 pips of ranging.
I choose stops based on fib lines or strong points of resistance or support.
Good question.
Humpty
Hi Humpty,
I closed out the position at 117.78 for 164 pips profit. Would it be possible on future signals for you to tell us if the signal is weekly, daily, etc and how many pips of ranging you expect?
Sure can Jbone.