oof

Well, that mercifully short lived and ill-fated trade was something like getting gored by a mad elephant. Yow!

Previous equity: $241.40
Pip change: -100
Change: -$35.85
% Change: -14.85%

The short side is back in play for me if this pair takes out this hour's low.

Pending order(1): Short 3082 EUR/JPY at 135.50
Pending order(2): Long 1541 EUR/JPY at 134.50
Initial stop: 136.50
Initial exposure: 100 pips, $30.82 or 14.99%



Current closed equity: $205.55
Current position: flat
Current exposure: 0

Topside triggered

I can't say I'm particularly thrilled about this, but the long order got hit first. Who knows... maybe I'll be wrong and the trade will kick ass. It's happened before. Canceled the pending orders 3 and 4.



Pending order (2): Short 1810 EUR/JPY at 137.74



Current closed equity: $241.40
Current position: Long 3620 EUR/JPY at 136.74
Current exposure: 100 pips, $36.20 or 15.00%

Edging up to the range

Just moved the bottom orders up a bit to catch the break of the recent lows if there is to be one.


Pending order (3): Short 3620 EUR/JPY at 134.04
Pending order (4): Long 1810 EUR/JPY at 133.04
Initial stop: 135.04
Initial exposure: 100 pips, $36.20 or 15.00%


Current closed equity: $241.40
Current position: flat
Current exposure: 0

Or maybe not...

After the Philly Fed release, the pair seems to want to go back down. If that is to be the case, I'm positioned to go for lower levels after penetration of today's low.

Pending order (3): Short 3620 EUR/JPY at 133.48
Pending order (4): Long 1810 EUR/JPY at 132.48
Initial stop: 134.48
Initial exposure: 100 pips, $36.20 or 15.00%


Current closed equity: $241.40
Current position: flat
Current exposure: 0

Next E/J setup

Should this pair go on a ride higher, I'm going to get on board and try stacking up some free trades the other way.

Pending order (1): Long 3620 EUR/JPY at 136.74
Pending order (2): Short 1810 EUR/JPY at 137.74
Initial stop: 135.74
Initial exposure: 100 pips, $36.20 or 15.00%


Current closed equity: $241.40
Current position: flat
Current exposure: 0

Things looking up

I came within less than 5 pips of getting stopped out after the CPI release. Perhaps up is the way to go from here. And inside bar is developing this hour, and a break of it could be a good place to launch a long. Closed out the open trade with a nice profit... but disappointingly not nearly as nice as it was yesterday evening.

Previous equity: $207.00
Pip change: +75 and +106
Change: +$34.40
% Change: +16.62%

Current closed equity: $241.40
Current position: flat
Current exposure: 0

Trying from another spot

The pair has traced a consolidation pattern overnight, which has broken out to the upside this hour. If that breakout should fail by taking out this hour's low, it should be a good place to add to the short position. Equity will be lower at that point, so a size adjustment is required to keep the risk to only 1/2 of the open profits at the entry point.

Pending order (1): Short 3000 EUR/JPY at 134.87
Pending order (2): Long 1500 EUR/JPY at 133.87
Initial stop: 135.87
Initial exposure: 100 pips, $30.00 or 11.22% (of total equity at entry)

Current closed equity: $221.33
Current open equity: $247.45
Current position: Short 1932 EUR/JPY at 137.25
Current exposure: 75 pips locked in, +$14.33 r +6.92%

Place to press the trade

EUR/JPY has finally started rising a bit, exposing a low to be shorted. I am willing to risk 1/2 of the open profits that will be available if the pair reaches that point again. Spreads are high right now, so I'm actually counting the low 8 pips beneath the number on the chart. I've sized appropriately to give myself 100 pips of leeway. Again, if the pair should fall 100 pips from my entry, I will cover half the position and leave the stop on that portion where it is.

Pending order (1): Short 3750 EUR/JPY at 133.28
Pending order (2): Long 1875 EUR/JPY at 132.28
Initial stop: 134.28
Initial exposure: 100 pips, $37.50 or 12.66% (of total equity at entry)

Current closed equity: $221.33
Current open equity: $280.04
Current position: Short 1932 EUR/JPY at 137.25
Current exposure: 75 pips locked in, +$14.33 or +6.92%

How do you say 'Boo-Yah' backwards?

This pair is breaking down very nicely. The trade is positive by more than 300 pips... the only thing is that the fall has been so precipitous that there's been no place to stack on any additional size. Cry me a river, huh?
Anyway, the stop is moved to the entry price to lock in at least 1/2 of the amount originally risked for a profit.

Current closed equity: $221.33
Current open equity: $272.14
Current position: Short 1932 EUR/JPY at 137.25
Current exposure: 75 pips locked in, +$14.33 or +6.92%

Free trade!

The pending order was hit, locking in the amount I had risked. That makes this a free trade with the stop a nice 150+ pips away. (Equities are getting hammered again!)




Current closed equity: $207.00
Current open equity: $221.33
Current position: Short 1932 EUR/JPY at 137.25
Current exposure: 0 pips

Downside break

Pair broke the box-range to the downside. Canceled pending orders sitting on the topside. Trade got nicely positive at first, but it's retracing now... although it hasn't ticked into negative territory yet.


Pending order (4): Long 1932 EUR/JPY at 136.50


Current closed equity: $207.00
Current position: Short 3864 EUR/JPY at 137.25
Current exposure: 75 pips, $28.98 or 14%

Boxing in the other side too...

This range will break one way or another. There is an equivalent short setup to try. Whichever gets hit first, I'll cancel the other.

Pending order (3): Short 3864 EUR/JPY at 137.25
Pending order (4): Long 1932 EUR/JPY at 136.50
Initial stop: 138.00
Initial exposure: 75 pips, $28.98 or 14%

Current closed equity: $207.00
Current position: flat
Current exposure: 0

Setting it up again...

Same idea, different levels.

Pending order (1): Long 3864 EUR/JPY at 138.94
Pending order (2): Short 1932 EUR/JPY at 139.69
Initial stop: 138.19
Initial exposure: 75 pips, $28.98 or 14%

Current closed equity: $207.00
Current position: flat
Current exposure: 0

Loss taken

Pair came back in. A new inside bar setup may be in the making, so I might be long this pair again next hour.

Previous equity: $240.16
Pip change: -50
Change: -$33.16
% Change: -13.81%

Current closed equity: $207.00
Current position: flat
Current exposure: 0

Another shot at E/J

Just entered a long in EUR/JPY as it broke above the day's high at 138.81.

Pending order: Short 3362 EUR/JPY at 139.322

Current closed equity: $240.16
Current position: Long 6724 EUR/JPY at 138.822
Current exposure: 50 pips, $33.62 or 13.99%

Order hit, trade stopped out.

The first entry order was hit around 1:30 EDT, and the pair approached the second order, but didn't hit it before getting stopped out at 4:30 EDT during a news event when the spread must have been quite wide, since the low on the chart at that time is 10 pips from the stop price.
Then, of course, the pair went higher and triggered the 2nd order. This is always a problem with OANDA, since their platform doesn't offer the ability to automatically cancel orders when certain events happen. So I lost another 50 pips on the 1/2 size short order. Sometimes it results in a win... so it's not a huge problem, but I'd really prefer that the platform have the functionality to implement my plans my way.

Previous equity: $270
Pip change: -43 and -50
Change: -$29.84
% Change: -11.05%

Current closed equity: $240.16
Current position: flat
Current exposure: 0

Same sort of deal...

Taking a shot at a long in GBP using the same kind of setup.

Pending order(1): Long 4396 GBP/USD at 1.7458
Pending order(2): Short 2198 GBP/USD at 1.7501
Initial stop: 1.7415
Initial exposure: 43 pips, $18.91 or 7.00%


Current closed equity: $270.00
Current position: flat
Current exposure: 0

Cancelled pending orders.

The pair just didn't want to move in the right direction... will look for a new opportunity tomorrow morning.


Current closed equity: $270.00
Current position: flat
Current exposure: 0

Adjustments

A lower risk entry point has developed as the pair consolidates. The new entries and exits are as follows:


Pending order(1): Long 3870 USD/JPY at 102.37
Pending order(2): Short 1935 USD/JPY at 102.75
Initial stop: 101.99
Initial exposure: 38 pips, $14.71 or 5.45%


Current closed equity: $270.00
Current position: flat
Current exposure: 0

Trying something a little different

This time I am going to try and 'stack' on some free trades. The idea is Long USD/JPY as equities snap back from these panic lows. It's possible we'll see some recovery for a few weeks, which should drag this pair higher.
The first entry point is just over last hour's high at 102.69. That hour drew a long downward pointing 'tail' in the context of a short-term uptrend. Its high is a high-probability place for a long. The tail is nearly 100 pips long, so I'm using 100 pips as my initial stop size.
In order to stack on some free trades, I'll be selling half of this position once it is 100 pips in the green, thereby allowing me to leave the stop where it is and making the trade risk-free. Then I'll look for another entry point to do the same thing.

Pending order(1): Long 3870 USD/JPY at 102.69
Pending order(2): Short 1935 USD/JPY at 103.69
Initial stop: 101.69
Initial exposure: 100 pips, $38.70 or 14.33%


Current closed equity: $270.00
Current position: flat
Current exposure: 0