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Tuesday, June 10, 2008

Currency Trading (Forex Trading) June 10, 2008 Short EUR JPY 9:55PM

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Dear readers,

Time is 9:55PM. I started shorting EUR/JPY. Current prediction of top is not to exceed area of 166.40 (but read the rest of the post to know a better shorting area). Therefore I started my shorting activities.

I am scaling in. First short is made in area of 166.25.

In addition to scaling, I evaluate the size of my trade. Where EUR/JPY stand it not the best place I would have like it to be for a clean short. At 10:42PM (EDT), the strong sellers are in area of 166.90, but there was sellers at lower levels. So the price is not at the strong sellers area, I am reducing to half the size of a normal size.

12:53AM (june 11): I just check, and the pair broke the 166.40 level. I got stopped out, with some small loses not exceeding 10 pips (I will explain things later).

Now the pair is at 166.60. As I indicated earlier strong seller are expected in area of 166.90. As I played with half normal size earlier, and as I will be sleeping for the next 7 hours or so, here is what I did:

1. I scaled in with a position of size equal to the one I was stopped at. New entry in area of 166.60.

2. I am leaving another size in area of 166.90, with a stop about the latest high for protection.

If I were to watch it in real-time, I would wait for a failure in area of 166.90 before entering, but I would scale in earlier in area of 166.60 to 166.65 (there should be in resistance in at around 166.67 to 166.70.

Addendum: 10AM June 11, 2008. EUR/JPY behaved in accordance with the analysis that identified where strong sellers were (read above). It is now in area of 165.88.
I am going to book some profits now (some more than a 100 pips, others in the area of 70 to 80 pips). This is more than 8 times the small number of pips lost on the earlier attemp to short it in area of 166.40.

I might go long, and then I will short it later. Strong sellers are now in area of 166.60.

Happy trading,

PS: I am planning various things including an educational series, and also I just learned how to make a blog available to INVITEES ONLY. I plan to experiment with a blog with invitees only.

If you want to learn or avoid being left out as an invitee, please send me an email (subject Add ME IN) so I can add you to my invitees. Send it to email address: emailfinancialtraders which is at ( I am not writing the email address out as bots can read my email address and start sending me non-useful emails). If I were to write it would it would look like, where replace example is emailfinancialtraders. Do not send an email to

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Happy trading,


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