Attachments: USD/JPY Discussion

USD/JPY Discussion

#88,761
Jan 8, 2025 9:47pm Jan 8, 2025 9:47pm

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

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#88,762
Jan 8, 2025 9:48pm Jan 8, 2025 9:48pm

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

Quoting ThaoAnh

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#88,763
Jan 8, 2025 10:28pm Jan 8, 2025 10:28pm

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

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#88,764
Jan 8, 2025 11:49pm Jan 8, 2025 11:49pm

Fardeen1209
Temporarily Suspended | Joined Jul 2021 | 3,677 Posts

Quoting ThaoAnh

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Hi bud, nice entry.
But in the long term (for a successful and consistent trading career), when you start scaling up in your lot size, you will realise that getting the best entry does not mean anything, instead finding the best trade with the highest probability to unfold per your perceived price movement, which comes with finding setup ( A SETUP gives you the chances for price to move from point 1 to point 2 and lesser chance for price to move from point 1 to point 0, then you trade in favour price moving to point 2), willl eventually bring you highest return.

Secondly, trying to catch every move (or trading without a setup) will often make you trapped on the wrong side of the market. What is mean by wrong side?
You open a trade, the market moves a little in your favour, then it moves against you, and end up stopping you out. This pattern repeat itself, untill there is no capital left in your account, meaning the market sucked you dry.

You will be obliged to do this, because the bigger your trade size, the lower your margin of error must be, therefore you will need to stop running after price, and let price unfolds first to form the setup, then you strike. Because the moment you will strike, you are locked in for 500pips+ trade from a mere of 20 to 40 pip SL.

The same approach you will be needed if tomorrow you decide to move from currencies to trading indexes and precious metals.

More time in the market, does not mean you trade better!

#88,765
Jan 9, 2025 12:04am Jan 9, 2025 12:04am

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

Quoting Fardeen1209

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{quote} Hi bud, nice entry. But in the long term (for a successful and consistent trading career), when you start scaling up in your lot size, you will realise that getting the best entry does not mean anything, instead finding the best trade with the highest probability to unfold per your perceived price movement, which comes with finding setup ( A SETUP gives you the chances for price to move from point 1 to point 2 and lesser chance for price to move from point 1 to point 0, then you trade in favour price moving to point 2), willl eventually...

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Thanks so much, Mr Fardeen1209.

#88,766
Jan 9, 2025 1:45am Jan 9, 2025 1:45am

Dutchy3
| Joined Aug 2017 | Status: Trader | 157 Posts

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#88,767
Jan 9, 2025 1:46am Jan 9, 2025 1:46am

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

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#88,768
Jan 9, 2025 4:20am Jan 9, 2025 4:20am

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

Quoting JayBag

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{quote} Hey Thao, I see you selling USDJPY. Well, no pressure, but I just bought here at 157.68. I plan on letting it ride to break previous HIGH. Please do not let my post change your mind. I have no idea where the market is going. Cheers and stay Curious.

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I'm learning. This is my 3rd year. I am always grateful to the members who guide me. I strive every day to gain experience. Thanks all

#88,769
Jan 9, 2025 4:55am Jan 9, 2025 4:55am

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

Quoting Fardeen1209

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{quote} Hi bud, nice entry. But in the long term (for a successful and consistent trading career), when you start scaling up in your lot size, you will realise that getting the best entry does not mean anything, instead finding the best trade with the highest probability to unfold per your perceived price movement, which comes with finding setup ( A SETUP gives you the chances for price to move from point 1 to point 2 and lesser chance for price to move from point 1 to point 0, then you trade in favour price moving to point 2), willl eventually...

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My father told me: "If you focus on studying seriously, 1 year is equal to 3 years". I read your article many times. Thanks so much.
You are right.
Sometimes I don't know if I trade scalp or swing

#88,770
Edited 5:35am Jan 9, 2025 5:17am | Edited 5:35am

Fardeen1209
Temporarily Suspended | Joined Jul 2021 | 3,677 Posts

Quoting ThaoAnh

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{quote} My father told me: "If you focus on studying seriously, 1 year is equal to 3 years". I read your article many times. Thanks so much. You are right. Sometimes I don't know if I trade scalp or swing

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Your father is a wise man.
I know this, because i have been there also.
Trading is much easier when you find a setup and then you let the market itself determine if the setup will work or not.

To get an idea if there is a chance for the market to set for a swing trade, you can see i use Elliot wave on daily timeframe and above for my previous UJ post and the fundamental that will be the underlying forces in favour of the swing. (mixing these 2 giving me that the chance for Uj to fall becomes more likey.)
But for my entry rule, i use market structure, which will eventually confirm my wave (the market structure acts as my confirmation of my wave analysis)

You see, i dont even care about how the candlestick is forming because it gives many fakeout(as it takes lesser for market makers to manipulate a candlestick than manipulating the market structure).
Instead focus on market structure, as it is costlier for market maker to manipulating, thereby gives the true picture where price is more likely.

Take a closer look at this UJ chart

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Untill There is no shift in internal structure, you are betting against an upward external structure. Its like trying to stop a train with you bare hand. Unfortunately we both have neither the power nor the capital, like spider man.

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What we ought to do as a trader, is to bear in mind where is the possible turning point, why it may be the turning point (fundamental). If at our level of interest, there is actually some signal, there is a turning point in place, we wait for confirmation, because as a consistent trader, we need everything in place before we put our money on market. Because remember our main goal is to achieve compounding growth, not to just click the buy or sell button.

And it costs nothing to be patient.

More time in the market, does not mean you trade better!

#88,771
Jan 9, 2025 5:53am Jan 9, 2025 5:53am

Sinbadsings
| Joined Jan 2025 | Status: Trader | 12 Posts

I bought usdjpy at 157 now im in the red can someone tell me what to do?

#88,772
Jan 9, 2025 7:13am Jan 9, 2025 7:13am

ThaoAnh
Joined Jun 2024 | Status: Still Learning | 2,828 Posts

Quoting Fardeen1209

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{quote} Your father is a wise man. I know this, because i have been there also. Trading is much easier when you find a setup and then you let the market itself determine if the setup will work or not. To get an idea if there is a chance for the market to set for a swing trade, you can see i use Elliot wave on daily timeframe and above for my previous UJ post and the fundamental that will be the underlying forces in favour of the swing. (mixing these 2 giving me that the chance for Uj to fall becomes more likey.) But for my entry rule, i use market...

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