16 March 2010

Going to have to keep it short and sweet today :)


Eur/Jpy



I had EJ range bound but making higher highs and higher lows within that range on my 4hr chart. So I had a 4hr trend within a range. Now becasue Im only trading intrady day I can trade this with a bullish bias. I took a counter trend Short  yesterday which I held overnight. Price has pretty much bounced off the 38.2% fib for the trend and so I have managed my stop for the short to the high of the bounce. So if the up trend resumes my short counter trend trade will be stopped out and I have also placed a long entry at this point. Or if price continues to retrace I will remove my long entry and keep trailing the stop down locking in profit. I will get screen shots up ASAP.


Ok so the EJ fib set up to the long side so I managed my stop for the short trade to the same as my Long entry. The short was stopped out for a nice profit and I took the long Entry of the 38.2% fib as shown in the chart.

I was long at 123.75 and things are running nicely. Its a different setup to what I have posted before and as a swing trade it has a different trade management. I have locked In 50 ticks on a 3rd of the posistion and there are still 2/3rds running.