MESSAGE FROM JACKO 455

It is 1.00am NY time Wednesday September 30 and the market is at 1.4624

The market has moved up to our steeply sloping Resistance line again. The Resistance line at the present time is at 1.4600, so it has moved past the line. I am looking to enter this market in the London session with a SELL at 1.4650 (or higher). However, I don't want to catch a rising knife so I will be looking for the market to go past 1.4650 and start to turn.

Edit 3.00am NY time Market is at 1.4617 The market has moved slightly above the 4H Resistance line but it is not a strong move and looks like Stop Loss hunting in thin Asian trading. I have decided to place my SELL order at 1.4650. (Remember, I only want to sell at top prices). I will be using a 100 pip Fixed Stop Loss (with the intention of reducing it reasonably quickly to reduce my risk).

Edit 5.35am NY time Market is at 1.4665. My SELL order at 1.4650 has was filled some ten minutes ago. I am now letting the trade play itself out.

Edit 8.00am NY time Market is at 1.4640 My SELL at 1.4650 is now playing itself out

Edit 12.15 pm NY time Market is at 1.4630 My SELL at 1.4650 is still playing itself out. The market has been as low as 1.4575, but has reversed and moved back up. A number of questions run through the head when this happens.
Firstly, am I still confident that the 4H trend is still down? Yes
Secondly, given what I now know, would I still sell at 1.4650? Yes (so no point in closing at Break Even)
Thirdly, Was there anything that indicated that the low of 1.4575 was a turning point that I should have seen? Maybe the decliningg Resistance line.... But was I prepared to close the trade for less than 100 pips and lose the potential for a bigger trade? No
Fourthly, am I prepared to watch to see if the market changes direction like it often does in the US afternoon session? Yes
I will continue to let this trade play itself out

Emails

Email 1 (From a new member)
Sorry to fire all these questions: is there no Target Price level set for the recent 1.4650 short? Yes there is ....at present my first target is the 50% fib at 1.4445 and the second is the Support line at 1.4400 ...See blog from Monday Sept 28
Did you set a trailing stop, since you mention on the blog:" My SELL at 1.4650 is now playing itself out" I used to use Trailing Stop Losses but I stopped that when the volatility exploded from the Financial Crisis. I have been using targets based on S&R levels and 50% fib lines for almost 12 months now. (I was quick to change it when the volatility increased by 400% and made TSLs too dangerous )
You will find that in the early part of the GFC and the explosion in volatility, I progressively moved from the original 50 pip TSL... to 100 pip TSL... to 100 pip fixed SL.... to a 100 pip fixed SL and using targets for exits... to get away from being picked off by the volatility (If you were trading during that time, you will remember that we were all in unchartered waters)
Having said all that, now that the GFCis starting to diminish and the volatility is coming right back I am getting ready to start moving back to using TSL

Email 2
Would it be possible to update the blog when you move your stops in order to provide more insight into how/when you do so (although you might do this already, I haven't been on the blog for that long!). No problem...sometimes I forget that the new members don't know the changes... I will update it on the next Edit at 12.10pm today