Another recent email from a student who placed a spectacular trade...it appears that he made about 650 pips on this trade in the GBP/JPY currency pair...check it out:
Dear Ed,
Once again, I couldn't help but to let you know of my success with this
pair....and as your humble student, 90% of the credit goes to your teaching and
mentoring...as always!
I opened the position with three Lots on the slight curvature of the 20EMA on
June 13th @ 240.27. Stop was placed at 238.47, which was under the previous 2-3
day consolidation as well as under the medium-term 50EMA.
I arrived at Exit I on the 19th @ 245.20...which turned out to be a Daily Doji
close...so I was concerned...but not overtly concerned. My Stop was moved
accordingly, of course, and on we went...
Exit II arrived @ 246.54...just above the round numbers and a strong dynamic
support there at 246.50...on the 22nd....and Stop was moved again.
At this point, I had a choice to make, as technicals were telling me a pullback
was certainly due.....as we were hovering around the 23.6% Fib of the current
upleg, which was 246.27 on my charts. I was certainly pleased that I "tweaked"
this second exit a bit...even if it was an "upside" tweak....I wanted to get
just a touch through the 246.50 level.....
My final exit arrived with some nervousness at 247.42 on the 25th...as the
previous day's close was a beautiful Doji.......
This is when I truly realized....so what! With proper management of the trade, I
could have been stopped out on the 19th with 497 pips risk free, as my stop was
properly moved.
When this little revelation hits...this is when I truly realize my level in
climbing the learning curve these past 20 months with you...and it's quite a
feeling....and this feeling is the best part! It tells me I have properly
planned the position, monitored appropriately, maintained my risk, and been
patient.
I know the Carries cannot go on forever and the markets will constantly
change...but having these plans and structures you have taught me, gives me all
of the solid foundations for anything that may arise in any trading situation!
Feel free to use this one as a shameless plug for your teaching experience, the
book, the DVDs, having someone by you a drink...anything!...hee hee... :-)
Sincerely,
