Nikkei Weekly – One Ugly Candle

I’m gonna make this quick as to get something else posted here before this site turns into a soapbox.

As per suggestion some days ago – the Japanese stock market has most certainly “corrected”. Unfortunately I got cold feet before the weekend and trimmed my positions considerably – only banking an addition 2-3% as opposed to the amount needed to purchase the yacht I’ve had my eye on. These things happen, – and I am no worse for it. Shoulda , coulda , woulda has no place in my trading, as the opportunities continue to present themselves in bountiful fashion.

I will sit patiently throughout the day, and allow volume to pick up from the “anemic state” we’ve floundered in over the past week. I’m not exactly sure where the hell everyone went – but assume “running with bunnies” and “gargling chocolate”  may have been on the list of activities.

In light of the sell off overseas – and its implications with respect to “risk aversion” – all is unfolding exactly as planned.

Come closer little rabbit – I’ve got some stocks I’d love to sell you here, come closer…a little closer…that’s right – just a little closer  – BAM!

Im 100% cash yet again – with orders in place “should JPY continue higher”.


5 Responses

  1. Nfxtrader April 1, 2013 / 1:01 pm

    I had taken a /nkd short and booked it today morning. Thx! So you still got some jpy longs several pips away from market?

    • Forex Kong April 1, 2013 / 4:25 pm

      You bet. Once I work a trade this hard – and see the trend / move exert itself…Ill knock down to lower time frames and trade the hell out of it.

      At this point – I look at it as a momentum trade – not a turn. If momentum continues in my direction I stay on board with a full tank of gas – if it retraces / peters out – I don’t get filled and taken for the ride. On the off chance that my orders do get picked up AND price action reverses…Im staggered and limp in so… the very worst I “may” give back a small portion of the profits already banked.

      No thing to me.

  2. Fuzz April 1, 2013 / 3:35 pm

    Nice kong verry nice!! i was wondering if you also mentor traders kong. I am still in learningphase but i lack a good mentor who can guide me a bit in a good direction. Jumping around a bit i am not a tottal noob i have 2 years expirience but lack a mentor.



    • Forex Kong April 1, 2013 / 4:46 pm

      Hi Fuzz.

      Thanx man – it’s been a bit of a grind, and it’s been great seeing the trade pay off.

      2 years experience is fantastic – I can tell you with certainty, the coming year should be much better for you. As with most things we get good at – you’ve just got to stick to it. With forex (considering the learning curve) 2 years is great – but 3 years is better. More and more things will fall into place for you I’m sure. Keep your positions small , and stay in the game – you have to stay in the game.

      As far as the mentoring goes (at least for the time being) – the best I can suggest is to do your best to “read between the lines” here at the blog. The outline of specific levels/prices/entries/exits/patterns/etc ( as I see at the majority of forex websites ) is about as far away from a creative pursuit as I can imagine….and certainly not my thing.

      Feel free to ask questions – Ill do my best to keep the info flowing.

      • Fuzz April 2, 2013 / 12:25 am

        Thanks Kong,

        I will i will ask questions during the way thanks 🙂

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