I’m going to put a tester position on the USDJPY Long, PT 89.80, SL 87.80.
The last hour has moved, barely, out of the muddy area we defined this morning in the greater consolidation area and that’s enough for me to test the waters w/ the trade.
Let me know what you’re watching/trading and remember to be good to you!!
Triffany
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at FXStreet.com and heads "The Human Element" a blog dedicated to trading psychology at ForexMotion.com Want to know more? She was recently profiled in "FXStreet.com's Women in Forex" Series.
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Is that position cos you saw a little bouncy castle from the 200SMA on the 1HR ?
And remind me again if my total position size for the trade is $100,000, how much is a tester position ? $1.99c ? (a burger and fries, thats all i’m willing to risk!!!)
My USDJPY position is set to end at 91.47 (about where i think it will meet the 800SMA on the 4HR) so see you again in hmmm 3 weeks ?
It just looked like a retest of that muddy area and about ready to climb.
LOL…you’re funny.
If I lose on this first position I will lose .2178%, less than 1/4 of a percent on the trade.
How much is a tester position for you?
At the moment I dont have a tester position, its just 1/2 my total lot size on each of my 2 positions (adding up to 1% risk) and a possible 3rd position should i see a good reason to. If i switch to stacking then i guess it will be around 1/10th of my total lot size.
Which brings me to a question (and i speak on behalf of everyone !!!) do you calculate your positions by risk (cos that would depend on your stop loss size as well etc) or do you just say my total lot size is X Lots and each of my positions will be X/Y (where Y is however many positions I want to use to build up to the total lot size) ?
I used to calculate, exactly, what I wanted to risk on each trade. After doing that so long you stop having to do the math.
So now I kind of know what a tester position is on varying depths of SL and I ballpark it.
My first position is usually between .25 and .5%.
I’m entering another long position, on the breakout of the nested box.
I’m expecting some kind of pullback in the Asian session since the pair has made so many bullish candles in a row.
SL 89.35, PT 90.75
I should clarify that I’m already long again.
I still have positions open on the long …but if I didn’t the breakout happened on the close above 90.75