Targets hit?

Hi Guys,

Having laid my cards on the table last week, it is nice to have a look back and see how I did. Essentially, it was a game of two halves. On the first hand I was right not to be overbearish on Yippon, it did not make any big bad moves to the shortside and there were some nice tradeable short trades on the 5 min charts that would have suited the diligent, observant and disciplined trader, so well done Tom, you were spot on with your feel and prediction. With the trades planned, how well did we do at trading the plan

Zooming in, lets have a look at the 5 min...











Having woken up late due to too much blogging, I found my forecast trade had opened and I wasn't in it. Keen to practice what I preach, as I am now a prophetic blogger, I leapt in and committed one of many cardinal sins. I was late on a trade that I had forecast would not go massively my way, and I was in it because I felt I should be. In reality it felt wrong and most of the move had already happened. I was thrown a lifeline and could have exited at breakeven on a reversal pattern, but instead I stuck with it until any chance of dignity had evaporated. I left as it gaily crossed the 5 min 62 EMA to the upside, losing 50 pips.

Lesson:

1. If you are going to 5 min trade, don't be late
2. Watch it and trade it and get out if the trade is really not going your way
3. Trade your plan

Anxious to get even with the market, I waited for another opportunity. The 1 Hr had not reached the 62 as expected and when it set up again with a 5 min break of the 200 SMA, I entered short and targetted the 5 min 800 SMA.

This is how it panned out











OK, Rob would clearly have targetted the low of this move (he is a God, but how would he have known), but I was content enough to aim for my profit target and get out when it reached it. This was a 100 pip move so overall up on Yippon this week, but it could have been better!

I believe Rob has finished an entry today and has been really supportive of my first attempts, I will look forward to reading it later, but I believe he mentioned our new feature which is our " Guest Pair"

Rob has already chosen the best one (again), but I thought I would be a bit avant garde and choose an exotic,

So welcome the Ninja (NZDJPY):











Having been travelling south on a journey of self discovery for much of 08, Ninja appears to have turned around and is set on returning to the 800 homelands. But hey, arent we getting ahead of ourselves here; you are being a little hasty and have you tried to pass here before?

Zooming in:










We can clearly see the double top, the rejection (I know how that feels) and the oh too crazy rising support line, which has been broken as I blog. The pairs recent high has also been made without 1 Hr MACD support. For me, this has got 'over extended, dejected and angry pair' written all over it and I think it is a good short option. OK, where to?

Lets have a look:











With a firm break of the 62 EMA and rising crazy support line, I am short this pair now. There was also a horizontal support line break at 58.59 which added confidence. The profit target is initially the 800 SMA at 56.70, but we can see that the normal rising support is lower still (a freakin lot lower at 54.30) so I will watch it down to the 800 and look for opportunities to go further. Rob and I have taken this trade but...

CAUTION!

As I have been blogging you will see that the pair really tanked to the 144 EMA and has now pulled back for reflection. It has not pressed much higher, but has not closed back above any of the entry levels, so I am still reasonably content. But, if you are not in already I would recommend waiting for a break of the 144 EMA and better still, the round number at 58.00000

Off to read Robs blog for a 'pick me up'

Trade safe!