Dynamic Trader Forex Blog FXCPS.co.uk: Where's my pips gone ?

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = NZDJPY : Day chart below.

Good Morning Guys,

Those following the blog over the last couple of weeks will be going through a number of emotions as our ship is being tossed around the oceans (market) waves. In profit one minute and the seas are calm, out of profit the next and a storm brewing up. To be consistent you must be ........... CONSISTENT, therefore you should never abandon the rules you entered the trade with in favour of scalping some profits. Easier said than done.

Last week up until Thursday our ship was laden with pips and profits, Friday and this morning we saw the market pull back and reclaim some of our bounty. 6,000 pips we accumulated, yet this morning we only have a little over 3,000. For those that have scalped before, you will find this hard to live with, however as "trend traders" we are in it for the medium to long term and after every big move there is consolidation or pull-back.

You will recall we were managing 30 trades and since Thursday we were stopped out of AUDNZD without loss due to be risk free in the trade and this morning we were triggered into both CHFJPY & NZDJPY on Long positions.

So as one door closes another opens and we now have 33 trades on the table. You will see below the chart for the NZDJPY illustrating yet again an aggressive entry with the trend.

The trend is UP long term and we have been in period of consolidation. Price dropped below the VI and produced a double bottom within a "W" formation. This formation retested and broke through the VI and resistance became support. Using the pivot high of the pullback as an entry and a stop just below the VI we have been entered into this trade.

Please do your own analysis before entering a trade.

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Trade with Passion

John Maher
Forex Analyst