USD/JPY Discussion

On the 4-Hour chart, you can begin to see a bounce up off the bottom "up-trend" line (shown in green), towards the resistance down-trend line (shown in red) of this triangle formation.

My overall sentiment is that USDJPY is bearish, but it might go back and forth in this pattern until the triangle eventually squeezes it down.

At the time of this post - US10Y and US02Y are up, but US30Y is down.

Yea i am just watching the market. There is no bias for me yet

Closed.
I do not know what will happen next,t hough.

Having a frustrating afternoon, transferred funds to new account so I an try get the rebate but it had to be edge3 account not edge4 , and I can't get the charts to work, so just transferred funds back again to old account blah blah,

anyway had to open new UJ chart and this is simply what I'm looking at. If failed M15 hammer could be sell. I wasn't planning to trade but wanted to sort my new account and here i am

Hear this where, have you? Hmmm

No quota for me, costs nothing it does.

2 shorts, hopefully 30min shooting star to be soooooo much better than 5 min shooting star, but expecting anything in 30min

a close of the hour below 112.745 would be promising

Nb trades now BE, It's down or out for me

NB stopped out for 37c profit. I need a better hobby for a Fri night lol

Thats what it says in pepperstone and i have seen it in many other brokers. It looks like pepperstone is encouraging people to trade more lots with high leverage to me. And yea every broker bets against clients and make it seem like they are noble people who want their customers to earn money but their policies says otherwise.

Looking short if stops taken out above 112.93

This document is trying to show, the more you trade the more rebate you get.

No problem man i am not trying to argue with you i just see that their hidden intention is to let people trade more lots so they risk more. Down below in maintaining eligibility u can read its clearly written if u trade 200 lots or more than only you are eligible for tier 1 rebates and should continously maintain it for 3 months.

I don't believe I trade 200lots a month atm but certainly I'm working back towards it and anything that lowers business expenses is good. I found it strange using the razor account for a few trades yesterday. Yes the spread was minimal, but the commission for a .5lot is $3.50 so it looked weird when I was 4 points in profit but still down $1 . I'll get used to it. With the std account higher spread no commission.
The paybackfx s a basic reward system like any, I'm not concerned I'm going to increase my risk before I'm ready as I've already had up to 6 3lot trades in play and lost $5k in about 5min and I'd rather not do that again (even for a rebate).
Also I love the 500:1 leverage. I made $1200 last week on a $2k account. That was achieved by trading 4-10 .5 lot trades a day but have 4 trades that gave me $500 (2day trade), $380, $170, $150 ish and some smaller profits that cancelled losses. It's a tool that needs to be respected but is fantastic!. My margin requirements were never tested, all well within a comfortable level.
When I came on leave to start trading full time I thought I'd need a $20k account to make enough money to live off, but when my account got there I started trading crazy ( see above),
I've only been trading 3 years and have A LOT to learn. My biggest errors are over trading in range bound markets, and swamping my trades, so not only did I not inject more money into my account, I reduced it as punishment til I trade smarter again
When I was at my accountants he told me he used to do accounts for a share trader who was making about $500k a year. He said the guy made thousands of trades a year, but the profit all came from about 12 trades !!!! The rest of his trades were balancing out. I think that's an amazing statistic. It doesnt really relate to the chat about reward systems, but it does have me trying to work towards getting a couple of diamond trades. That's a whole new trading idea I dont know how feasible it is with forex being so volatile, and swap costs, but definitely trying to hold some swing trades even for a few days will help my account, and my confidence. How nice is it looking down and seeing a trade tick over at 500point profit. That one .5lot trade paid me $500 in 2 days. 3 of those a week will keep me happy and away from work.

Update

Some brokers pay the bonus for each trade. This is good for that brokers no have this option.

I think this triangle is broke. More downside ahead.

Hoping it will break down so i can tighten SL. Watching close as I had late entries, But happy it's rejected 112.562 atm.

NB Have now Tightened to BE at risk of swamp but didn't like entry

NB TP1 at 112.320, 5min hammer ?

NB TP 2/3 at 112.252, met daily profit, leaving last trade BE

USD Index opened with 1 gap, so be careful.

Decided to close my last trade for 112.317. Good profit taken, approx 200 points for each of 3 trades. Might check back later

Anyone trading today?? we heading for a 2nd go at shorts??

I'd like a confirmation lower high/ rejection of TL after the hour then look at shorting again

i'd like to sell in the box in 25min (unless it breaks up of course)


Nb I took 2 trades, TP $12 on one (only because I was cooking dinner and didn't want to risk without watching) stopped out BE on other. I'm not about to buy now though