USD/JPY 2009-04-23 2120 Est

[ktx]

http://www.flickapic.com/pic/FlickAPic-b0c6431.jpg


Please take a look at this trade and let me know what mistake I made..

This is USD/JPY for Thursday April 23 and my entry was made around 0120 GMT.

Your recommendation on Wed 22 Daily Report says "Sell Break of 97.78 and clear 97.48"

So what I did was I sold at 97.70 and set up IS at 97.95 and PT at 97.53 but stopped out before it hit my PT.

I should have taken a small profit at either point A or B.. but how would I know it would retrace.... :p


Q1. Did I miss any support/resistance number in between 97.78 and 97.48?

Q2. How would you take this trade?

Q3. What would be a reasonable pip setting for initial stop? I used 25 pips.



Thanks.


Dav

[ForexJoe]

I should have taken a small profit at either point A or B.. but how would I know it would retrace....

====NO, you are missing the point of the exercise.... you are building new skills to let trade run without Fear, Self-doubt or emotion.... Your in a practice regimen account and executing trades in live market conditions ======================


Q1. Did I miss any support/resistance number in between 97.78 and 97.48?

=====Did you have any other numbers between the above 30 pip spread?

Q2. How would you take this trade?

By executing the trades in Daily /Weekend OU Forex report for experience to build new habits - It is okay to blow up practice accounts learning nuisances of markets, especially with currency pair you stalk====

Follow the rules of engagement for new students and chart results… You are blessed, you seem to have the keeping a journal part down… that is HUGE… congrats

Q3. What would be a reasonable pip setting for initial stop? I used 25 pips.

====It was made quite clear in class Tuesday evening and in archive of New Student Protocol that NEW students Take Profit 1 at 25 pips and use a Stop Loss of 50 pips as a way to gain experienced hitting Take Profit 1 levels and moving Stop loss to Breakeven +1 ============================



Thanks.


Dav