EURJPY Going Up?

As you can see, EURJPY has been in a little bit of a downtrend for a while on the 4 hour and hourly chart, moving from a daily resistance down to a daily support. Bouncing off that daily support level (purple zones)¬† with some stochastic divergence leads me to think this pair could be moving right on back up, hopefully to it’s daily resistance level. I’m willing to take a trade on this come Sunday evening.

¬†Here’s a link to the full image >

ANYWAYS

Where Have You Been?

Long time folks…

I got busy after I had a couple of weeks off work and made the “New American Dream” video. Was trading equities and ETNs and such and was getting slaughtered not following my trading plan. I actually made some money as the market rolled over and dropped hard and would have made twice as much had I held for the whole move but alas…something you eventually learn as a trader is you don’t capture large, whole move like that very often.

So I sat on the sidelines for a bit and decided to expand my horizons and learn from FX traders. I had never traded FX and never intended to. Then I learned I could leverage a small account with acceptable risk and there’s no PDT rule and I was like…GAME. ON.

So I watched some Forex trading youtube and started a couple of demo accounts. I did really well really quickly, using basic support and resistance price action zone trading. I had a default $100k MT4 demo account and I traded it as if I only had $500 and grew the account by over $200 in 2 days!

The second demo account I opened with Oanda at $500 demo. I used TradingView to chart and execute trades and I over-traded because it’s so easy to do that when your charting and execution are on the same platform. I promptly lost over $200 on that demo account but guess what? I recovered half of that with a near-perfect trade overnight, catching the bottom of AUDUSD on March 18th. The next day I brought the account back up to $500 and thereafter to about $530.

I set that account aside and started a LIVE account with tradersway.com. I was in the process of opening an account with Oanda but something’s going on there and my account application is stuck in limbo it seems.

I funded my tradersway account with a cool $100 to dip my toes in FX for real this week. Off to a pretty good start but I still have a habit over trading! I’m up to $108 this week. 8% Account gain in a week? Pretty good! I started the week with a bang, banking $10 on my first trade. I made a mistake there too though. I got the trade very right, but I was overleveraged. I executed a .05 lot sell order when I should not trade over a .01 lot for this account size. The rest of the week was up and down as I lost some, won some, and clawed my way back to hold on to most of that first win.

So yeah, with all the uncertainty in equities (even though I longed some SQ), I’ve devoted my attention to FX. I work for a living, so being able to place trades in the evenings and mornings, EST, is very nice. Coupled with the lack of PDT rules, I worry less about being locked into a position I can’t get out of. I’m also trading a lot simpler, relying less on indicators and busy moving averages and more on price action. I think that’s for the better but we’ll see!