Posted by: joetradingplace | April 15, 2015

Still riding the trend

Remember the few trades from few months ago, there are still running. Eurusd and eurjpy had a significant retracement, but luckily I was not stopped out, so i am still in and the bears are working for me. Look at the big retracement I managed to sit in, most traders would have bailed out because they don’t want to see their unrealised profit reducing. I was comfortable staying in because I have already made some money from the trades by taking partial profits and also the momentum was down so there was no need to relinquish my position when i was at an advantage. Remember the article i posted last week about gbpusd…i took a long trade and I have already taken partial profit and my stop loss has been moved to BE for the 5 remaining positions.

Look at the eurjpy chart and tell me if you would have watched the market retrace that far and still hoped your short position.

Screen Shot 2015-04-15 at 10.53.24

Screen Shot 2015-04-15 at 10.54.40

Screen Shot 2015-04-15 at 10.55.35

Screen Shot 2015-04-15 at 10.59.10

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