Friday, March 23, 2007

Japanese Yen Futures Trade

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I made two trades in the Japanese Yen Futures, both of them losers.

The OMNI called the direction correctly. However, it also called for using a very wide stop, which actually became necessary as the Yen early on looked like it might challenge yesterday's intraday highs. I was uncomfortable using such a wide stop, so I just decided to sit and wait for a lower risk setup to occur. A high probability setup did occur soon after the Yen failed to reach yesterday's intraday highs, but I somehow managed to NOT spot it on the chart. Then that big down move happened, and I entered my first short expecting a second one to occur very soon. A second down move did occur, but only after I got chopped out.

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