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USD/JPY Discussion

  • #67,841
  • Aug 6, 2017 3:55pm Aug 6, 2017 3:55pm
USDJPY Range
This pair is at an interesting price on the higher time frames; note the Daily chart and marked Support.
Looking down to the H4 chart one can observe price reacting here, forming a range for all of last week. Buying comes in but with very little follow through. Note the marked white line on the right hand side of the chart, selling coming in late Friday session.

Daily
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H4
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  • #67,842
  • Aug 6, 2017 7:59pm Aug 6, 2017 7:59pm
4hr.. long position.. loose stop
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  • #67,843
  • Aug 6, 2017 9:39pm Aug 6, 2017 9:39pm
watching 110.625 for selling position
  • #67,844
  • Aug 7, 2017 12:26am Aug 7, 2017 12:26am
Quoting danc
4hr.. long position.. loose stop {image}
That looks like it may turn into a green 4 hour candle
  • #67,845
  • Aug 7, 2017 4:03am Aug 7, 2017 4:03am
USD/JPY has been trading choppy recently as price is fluctuating around 110. Neutrality now could be the best strategy.
  • #67,846
  • Aug 7, 2017 4:18am Aug 7, 2017 4:18am
Hello everyone, I'm new to this and got myself in this situation. Could anyone help me to get out of this? Is there any chance that usd/jpy will go down?? what should I do now??
thank you in advanced
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  • #67,847
  • Aug 7, 2017 5:03am Aug 7, 2017 5:03am
What the hell is it with new people asking about "how to get out of a situation" ??? This is not a forex helpline or anything.

Nobody knows whether UJ or anything else will immediately go up and down with any significant certainty (most of the time anyway), and you should not be trading based on one or a few people giving you an answer to that sort of question on a forum.
  • #67,848
  • Aug 7, 2017 5:04am Aug 7, 2017 5:04am
Quoting Starcraftmaz
What the hell is it with new people asking about "how to get out of a situation" ??? This is not a forex helpline or anything. Nobody knows whether UJ or anything else will immediately go up and down with any significant certainty (most of the time anyway), and you should not be trading based on one or a few people giving you an answer to that sort of question on a forum.
  • #67,849
  • Aug 7, 2017 5:15am Aug 7, 2017 5:15am
I'm sorry if my question made you feel angry. I am new and I may not understand or know all of info to be a effective/good trader. May be you guy could teach or give me an advise or something that I can use in the future. I can take the loss - which I usually did b4, but I keep getting into this situation more than 3 times now and I really need some advise to avoid this.
I will delete the post if you still feel uncomfortable.
anw, thank you for your concern.

Quoting Starcraftmaz
What the hell is it with new people asking about "how to get out of a situation" ??? This is not a forex helpline or anything. Nobody knows whether UJ or anything else will immediately go up and down with any significant certainty (most of the time anyway), and you should not be trading based on one or a few people giving you an answer to that sort of question on a forum.
  • #67,850
  • Aug 7, 2017 5:20am Aug 7, 2017 5:20am
Quoting phokienhuy
Hello everyone, I'm new to this and got myself in this situation. Could anyone help me to get out of this? Is there any chance that usd/jpy will go down?? what should I do now?? thank you in advanced {image}
People are being short with you because I think there has been an influx of other people flooding in here asking for the same advice, don't take it personally. Really though this is not the right approach, no one has a crystal ball; anything anyone tells you is just their opinion. You gotta really try to avoid getting yourself in those spots to begin with, no one can "save you". If I were you I'd set my stops above the last area of major resistance and hope that we get a deep pullback before it gets tested or broken. If it doesn't pullback just let your stops get hit, trust me I've wiped out my entire account before telling myself, it would reverse eventually. Everyone goes through these losses, and really it is the best way to learn. Just view this as a lesson that you paid for and make sure you don't forget it.
niemals aufgeben
  • #67,851
  • Aug 7, 2017 5:24am Aug 7, 2017 5:24am
Take it easy mate. Be gentle with new members and cut them some slack. We all had to start learning the ropes.

Trade safe and prosper.

KP

Quoting Starcraftmaz
What the hell is it with new people asking about "how to get out of a situation" ??? This is not a forex helpline or anything. Nobody knows whether UJ or anything else will immediately go up and down with any significant certainty (most of the time anyway), and you should not be trading based on one or a few people giving you an answer to that sort of question on a forum.
Do your homework, follow the footprints of smart money
  • #67,852
  • Aug 7, 2017 5:28am Aug 7, 2017 5:28am
Quoting phokienhuy
Hello everyone, I'm new to this and got myself in this situation. Could anyone help me to get out of this? Is there any chance that usd/jpy will go down?? what should I do now?? thank you in advanced {image}
You must learn first before expanding this business ...Without knowledge you will lose some money,
but its ok ,experience is the best teacher
  • #67,853
  • Aug 7, 2017 5:55am Aug 7, 2017 5:55am
USD/JPY is range-bound again after the rally caused by the NFP last week. Despite the range, however, the pair is still bullish and I expect another rally to 111.20.
  • #67,854
  • Aug 7, 2017 6:00am Aug 7, 2017 6:00am
Quoting Windstrown
{quote} Hello man, relax if yiu are sble to edge that think like this: its currently in a medium/long term down trend. Sinse you are edging you only have stuff to win. Focus on making a downards triangle in your graphic using daily candles. Place your tp on the buy orders at the top it will show (id say 113ish but im on the phone so cant help with that), then let the shorts roll down to 104ish. But man uou should really be careful with your laverage. I think you are way too exposed but thats just me
Hi Windstrown, Thanks for your advice. I am not panic, just figuring out, how to get out of this. I will wait for a major reverse of price action (with the confirmation of all main indicators) and then only I will close one side of positions. If I got luck, I will save my 3000$, otherwise I have lost these already :-)

I cannot take risk of TP or SL here as any moment they can make my account 0.
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  • #67,855
  • Aug 7, 2017 6:04am Aug 7, 2017 6:04am
Quoting mag00
{quote} Hey KashifNawaz, It's just my opinion ... The problem is you are too leveraged at ... 58 (scalping mode?) ... instead of x2x4x8 and ... without a logic ... (The proof is that if you had done the opposite ... you would be better ...) Solution: follow a TS (with 1 micro lot, getting confident) P.S. Demo test (scalping mode): $Y (m5) ... (ma13yellow X BB55green lower or higher) (TP, SL = entry@) {file} {file}
Hi mag00,
Yes I did a mistake. Actually I started with .5 lot only buy position and then left my office to drive home and once I reached there, it was already -350 $, instead of closing, I opened opposite position and locked my loss for some later point and then opened another position according to trend to at least earn something. But again, that position also went against me and I opened another against that. In this way, I ended up to reach my leverage point. I wish, I had done opposite.

I will try this indicator and will let you know the results. Thanks man
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  • #67,856
  • Aug 7, 2017 6:09am Aug 7, 2017 6:09am
Quoting ArslanHyder
{quote} You r right... he should place TPs on buys and wait for sells to get them green while price rolls down to 104ish... thumbs up... he has made the same mistake which I did on my first account of $250 five years ago... after that I left hedging forever because it is a double edged sword... if you do not take into your consideration the leverage factor...
Dear Arslan,

I do agree, its double edged sword. I did this for my protection but this strategy made me stuck to do nothing and to lose everything. I have lost 11k $ last year doing same mistake with Amazon CFD's, i didnt learn from my mistake :-(

I dont want to close in high loss, that is why need your advice, which position to close first and at what price. Definitely I will wait for one of sell or buy in deep money and then I will close that once I will be sure (according to my zero experience) that there will be a major reverse in price action.
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  • #67,857
  • Aug 7, 2017 6:20am Aug 7, 2017 6:20am
Quoting stars1985
{quote} That is not worst hedging realy, is just a bad MM, you can do many things for example n1- when you don't know what to do just close all trades and get the lose I know it can sound crazy but it can go worst than this, if you can't aford the lose go to n2 n2- usdjpy will go back to 110 so if I was you I will close all the lots I bought at the time the market open and wait to go back to 110 put a sl 111.2 but you also take some loses from the buy position u took n3- you can close half of the buy position u took at the time the market open,...

Dear Stars1985,

First of all, thanks for your detailed response; much appreciated.

I cannot think about option 1 at this stage, I am not in mood to take such a big loss (losing all is acceptable though) :-) I can close a position with maximum loss of -300 $ (my psychological level to bear the loss)

Options 2 is applicable only if price will take a small dip before going up till 114 resistance. But at this stage, if I close buy position and then it will be high risk as entire world is saying, USDJPY will go up till 114 and then may will dip.

Option 3 I liked, I want to close half of the position which is against trend. Current trend is green so I want to close 0.6 sell position after opening of US market.

Thanks for many advice's. Few of them, I have read on many other sites but the issue is, when I start trading, I don't really follow my own rules, I just trade on the basis of few major technical indicators. That is why I am in this position. I am still in process to make my clear strategy. Onwards, I will not trade big positions and also no trade on Friday. Thanks again dear.
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  • #67,858
  • Aug 7, 2017 6:24am Aug 7, 2017 6:24am
Quoting SunTrader
This person is losing. The best thing to do when losing it to get out ... completely! Now! And then either stay out or learn what NOT to do in the future. Like ummmmm don't hedge unless you really, really know what you are doing. And don't listen to too many internet opinions of what to do now or in the future.

SunTrader, you are right, but I consider myself expert in Forex :-) lolz. Believe me, I have watched almost every video lecture available on the internet to learn forex and researched a lot for 3-4 months and then I successfully traded in demo and converted 2000$ into 2700$ within a month. Just 1 weeks ago started with real account and this happened. I made a mistake, I opened big position ignoring few rules and again my nature (not to accept big loss) thrown me at this point.

Will learn from this off course
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  • #67,859
  • Aug 7, 2017 6:25am Aug 7, 2017 6:25am
Quoting stars1985
{quote} you right but you know how we all been in the begining, we taught that we are the one who know eveithing but it wasn't that way till you get buthurt realy bad then, only after that you start to learn or maybe is only my experince
Totally agree with you. No one is perfect in trading but I need to work a lot to become at least a medium trader, if not good.
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  • #67,860
  • Aug 7, 2017 6:36am Aug 7, 2017 6:36am
Trading is 90% in the head, and I don't mean what people study. It's mostly about being able to cope with making those decisions, and it not killing your confidence. I honestly think that if people learnt to take losses earlier the % of successful trades would go up extremely. Almost every account margin called I've seen has been due to a few trades that went too wrong, and couldn't be fixed.

Thankfully, sometimes people listen, a month or so ago I saved a couple of people's accounts recently who were still stubbornly holding USDCAD at around the 1.36 area, they got out but they took out about 1/3 of their profit...problem is one of them is just too scared to trade now, lost confidence and just wants to copy other traders. Sometimes they come back after a break, but generally, people start trading with too much money and losses effect them mentally - they can't cope and lose their accounts.

What I'm trying to say is: Use a small BUT REAL account, for 6 months minimum, and then go again. It's near impossible to have learnt trading in one month of demo trading, you haven't even gone through any type of financial cycle yet, seen a long term trend change, or basically anything. If you aren't getting a buz from that, it's exactly the way it should be.
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