Forex Trading Journal: Eur/Jpy

I have a potential trade setup on the Eur/Jpy this morning. The pair has dropped down and is now having a pull back and is moving into resistance. I am looking to short this pair based on the chart I have posted below. The chart say has all the trade details so I will not add anything else at this time. Except that I will be posting the entry when I make it on Twitter so please follow me there and when you do please say hello. I always like meeting new traders.

My last trade on the Gbp/Jpy ended up with +55pips

One other note I have decided to modify my trade management to be more simple so beginner traders can follow easier. I now have all trades at a basic 2 to 1 risk to reward ratio. If you do not know that that means please ask me and I will let explain.

Eur/Jpy 1Hr Chart

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • thanks Gildo,

    I hope that you do come by often. Ask questions any time and welcome to the site.

    If you want to get all of my stuff make sure you sign up for the newsletter.

    Thanks
    Casey

  • I agree that horizontal trendlines are very important. It is important to clearly identify all trend lines be fore entering a trade.

  • Twinkg2001

    Hi Stubbs,

    I am new, so I am sure you'll see lots ofo my posts!
    I am also new to twitter but I believe in my speed of grasping.

    I have almost wiped out my trading account bse I didnt put a stop on the USD/JPY sometims this week.

    But believe me I've had 10 times what I knew before that trade.
    Please mail me some stuff that could get me ahead of myself a little bit ( not faster, but with better torque)

    Cheers

    Gildo

  • Pamateriales

    HI CASEY, I DON'T USUALLY TRADE THAT PAIR, BUT IF I WAS YOU, I'D DRAW THAT LINE AT THE CLOSE OF EVERY CANDLE, WHAT I THINK IS THAT IS BARELY TOUCHING A SUPPORT (DRAW A HORIZONTAL LINE FROM 54 CANDLES AGO TO NOW), GETTING PREPARED TO ENTER FIRMLY INTO A VERY WIDE RANGE.

    I'D LOOK FOR LONG POSITIONS, BUT THEN AGAIN, YOU ARE A LOT BETTER THAN ME, THEREFORE YOU MIGHT BE RIGHT AND I DON'T, ANYWAY, GIVE IT A THOUGHT, I'D APRECIATE A LOT IF YOU COULD GIVE ME YOU COMMENTS ON THIS MATTER.

    [email protected]

  • Casey,
    Just took a look at you trade idea here. Looks very interesting. I was wondering if you always tweet when you post a new idea? And on this particular idea I'm guessing this is still valid if we get a close below that candle?

    Aaron

  • Trading is a great experience in patience and discipline. Thanks for the comment and come back again soon.

    Thanks

    Casey

  • Christopher

    Hmm I shorted EUR/JPY this morning and exited for a significant loss. All the indications were that it would short and it went long. However the loss was made up by a EUR/USD short and I am up 14.2 pips on the day. Not my best day though better than being down. Had I though about it more I guess I should not have gone short. In the Pre-London session EUR/JPY was testing the S2 level and common sence would suggest that it just might test piviot which it did. Hindsight is 20/20 vision and otherwise absolutely usless!!!