Watchlist for Sunday/Monday, November 28/29, 2009
| Pair | Daily | 4h | 1h |
| CADJPY | Rejected 81 after the Dubai debacle. That makes that level pretty important | Price correction possible to 82.95 … or close below 81 would be significant w/ the most recent low at about 79 | 81.75 – 80.15 |
| EURJPY | Triple top triggered, but showed major correction immediately…bounce of neckline could mean a short or close above would be long. | Price correction possible to 131.83. | 130 – 127.50 |
| EURUSD | Whipsaw sentiment on both sides of the trade but TL held firm. | Looks like a bounce off of the Daily TL may hold. | 1.4990 – 1.4870 |
| GBPCHF | Lots of impulsive action on this, correction could be good. | 800sma still hasn’t been hit | 1.6684 – 1.6530 |
| GBPJPY | Severe support rejection | Bounced off of Important level at 140.40 | 143.25 – 139.90 |
| GBPUSD | Volatility couldn’t break the range this has made since its last move long. | Hit and rejected support around the 800sma | 1.6530 – 1.63 |
| NZDUSD | Trying to trigger the double top? | A lot of room for correction to .7230 and long shadows imply selling enthusiasm may be over | .7110 – .7040 |
| USDCAD | Triangulating | Price still below the 800sma, but cad can run parallel to the 800 for a long time. | Still wrapping around the 800sma. |
| USDCHF | Fake out to the south? Trend is looking tired…very tired. | Returned to consolidation area quickly and looks very undecided. | 800sma consolidation |
| USDJPY | Yikes. Price strongly hit then rejected the 200% extension level | Price rejection severe. | Huge, irregular range could be making an inverted h/s? |
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Dubai did its part to bring volatility to the marketplace!! Yikes!
Hope you had a wonderful weekend, I’ll see you at Monday’s WLW.
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 
Hello Post Thanksgiving Triffany,
I am going to use this as a forum to describe my mistakes – how I made it and how I plan to extricate myself. Learn from mistakes. As best illustrated in sports, the best – aka Tiger Woods, Roger the Great, etc get into trouble. What distinquishes them to the greatest is their ability to “get out whole”. Best illustrated in golf because the ball lands dead and it is easier to analyze. This morning (Sunday nite US) I was watching GBPJPY and spotted an up channel with two hourly candles up. I went long the next candle but it turned out to be sort of a doji. I should have exited after the second negative candle, but didn’t – the 4 hr candle was still positive. It was moving my way along with other jpy so I FAILED to set a stop! Next thing I new it was at 142.6 where I expected it to respect the support – it didn’t. Trouble. I then set my stop at the next support level 141.250 where it held, but left me with an uncomfortable draw down. Since then its been bouncing around in a low annoying range, but still making generally higher lows. I have been sitting all day with small longs of USDJPY, CADJPY, GBPJP, and EURJPY …. all at fractional losses. GBPJPY price is hanging above the hour ascending TL, though the current candle is resting just above TL… So now I set the stop at 141.80 (slightly below TL and roughly on a support area. Assuming JPY weakens during the US session, there will be a chance to get out, possibly at a profit – but after an all day unnecessary draw down.
Thank you for sharing your experience here. I’m curious, what did the plan look like before you took the trade and what parts of this comment were changes to that plan? Have you ever made changes like that before? Have they ever worked out? If they have, do you think that might’ve given you a false sense of security about making changes on the fly?
You don’t necessarily have to answer those questions to me personally, but I want to give you some food for thought. It is a wonderful thing to share this experience with us and use this forum as a place for accountability (YEA!!), but I want you to stay present and evaluate where the mistake originated and what the lesson really is from making the mistake.
Fantastic work, Jerry!
Thanks to you and everyone who contributes to this blog for helping me make it more of a trading team.
Triffany, Thanks for your thoughtful comments…. will do.
CADJPY bounce….. it has now bounced up to 82.7 is this the bounce you called for? Now looking for a short?
cheers,
Triffany, you are much kinder than my 3rd grade teacher, Miss Divan…… Who met with my father and the two decided that I would be #1 in my class, having fallen into an unsavory group of little associates in grade 2….. Well, anyway. You are spot on, the original plan was flawed – based on a quick read and not immediately set forth. That is a pattern that I have repeated before and must STOP! After stepping into the do do….. I make a plan that often shows my impulsive move should have been a 5 min trade, at most. I printed your comments and have a little more self analysis to do……. Thanks, coach…. she’s still the Oracle of Denver!
*blush* I’m happy you found the problem!