2010-11-04 - EURJPY n AUDJPY Long

Had abit of a break earlier part of the week.... relaxed and allowed myself to indulge in abit of Me-time.

Did these two trades yest... closed off the AUDJPY only this morning...

Direction is still long, pairs at near resistance. Never had much confidence in playing the retracement leg  (retracement or reversal is alwis difficult to catch esp at the initial stages of price development).

My sifu once asked me: "Do u know why u always end up trading the retracement leg n not the real move? Cos you always hit urself in the head when u missed the actual move, then when price retraces, u jump into the wagon! n Why do u alwis target so high for Retracement leg? It's hard to determine the potential, grab abit n RUN!" 

I think he is so RIGHT! So these days, in the midst of stablising my trading, I try to avoid the Retracement leg... of cos it could be a Reversal n I missed the BIG move, but - better safe then sorry!
Until i master the art of managing my Target expectation for the retracement leg, then I will venture into it.

Note: All the major pairs have moved alot in the last sessions... breaking above the average daily ranges by 120-150%. I need to be careful n target conservatively , unless there is potential for a longer run.

2010-11-04-EURJPY-LONG

 2010-11-04-AUDJPY-LONG

(went in for additional lots when price action gave me more confidence)