USD/JPY Discussion

Quoting dove_alliance

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Have fun with it.

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Quoting VishalJ

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Right, I am also waiting for the UK interest rate decision tomorrow. Never know if they'll hike.. but if they don't and give some comments the markets doesn't want to hear.. GJ might slide down and drag UJ with it.

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Quoting dove_alliance

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This is for you new traders trying to make it in this 4X market:
The reason I came on this forum was to be a little helpful for you beginners.... I sat back and watch the posting of traders who new nothing about what they are saying and giving advice about what to do and which way to go but always wrong. These traders are trying to be technical and analyze why it is doing what it is doing in the market…. But again, they were wrong.

Like this morning, the Yen took a dump and here are these traders giving out lows for the Yen that was not going to hit…. I knew different because I knew what was happening and all I did was give my entry and my destination and then, it went that direction. WHY? Because I have spent over two on this one pair. Studying the usd/jpy and trade nothing but this one pair. Most of you traders jump form currency to currency hoping to pull out a few pips and that is one of the worst mistake you can make. Choose a currency pair and stay with that pair. Learn everything about that pair; the reasons why is does what it does; times in which the pair moves the most; reactions to announcement; everything possible you could learn about the pair of your choosing. And then, stay with that pair only…. I also suggest you choose a pair that is usd stamped….. I also learn about hedging and staying with a trade when I know what will eventually happen. Do not take a hit because someone suggest to do so… Take your time and react to what the market is going at the time and what indicators are saying such as pivots.

Don’t listen to what traders are saying without first backing it up with indicators. Most importantly, don’t think what it is going to do or analyze it yourself because you will be 100% wrong.

The most important indicator that I use is pivots – resistance and supports. With these pivots I use moving averages set at the right base and parameters. Next, are trends and I do not go long distance. The furthest I go is daily and that is it because I have no idea what will happen in this market from moment to moment.

This morning I got into that trade going long for many reasons and the reasons are because of indicators and not because of what someone said…. I got in at the 117.70 and set my limit 118.60…. When it got near the limit my indicators said it was going on to the daily pivot so, I reset my limit to the daily at 118.83.

I am a Christian and My Lord Jesus is my mentor and teacher. It is through Him that I had learned what I know. I don’t care for the reasons why this market does what it does. For one thing, history does not repeat itself.. Never has and never will.
Take care and God bless.

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Quoting dove_alliance

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Well, let me give you my feelings on announcements. - I don't believe in them because more times than often they go against what was the final outcome.... At one time that was a different story..... You should had been on the charts 2 years ago during the non-farm payroll announcement... It would had blown you away....

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Quoting mirdaniel

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Thank you dove_alliance for this message. These days I need to know people like you. Listen, I know you like this pair but I thought you could give me some advice on the USD/CAD. I got cut , yes badly, like a real beginner. I have 2 buy (1 lot each) at 1.1650 and 1.1600. I was doing pretty good before that, until I listened too many analysts on tv back here in Canada. Back then, in march, we were heading towards 1.2000, went into a supposed correction and I bought. I didn't want to take a lost because I thought it would come back and then I planned to take the lost if I had to; never came back, major downtrend of 1500 pips straight down. You make the count. I had to borrow money to increase my margin level and hedging and praying. At least my prayers put you on my road. A lot of people in this forum admire you not just because of your knowlegde of trading but also for who you are. A serious situation but not desperate. Thank you.

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Quoting moneypip

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Is this what the pivot's should look like?

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Quoting moneypip

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Is this what the pivot's should look like?

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Quoting moneypip

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Is this what the pivot's should look like?

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Quoting dove_alliance

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I do appreciate your comments and really sorry to hear about the loses.... As for the USD/CAD, I know nothing about..... I trade only the pair we are on - usd/jpy - One thing traders tend to do is hang on to a trade gone bad and hoping for the turn around. You must learn to set a stop of what you can afford to lose. Accept that lost and move on to the next trade. For one thing, the next trade could regain the lost. Every trade I enter I place my limit and also my stop. I always set my stop at 60 pips and I'm not say you should also set it at 60..... But at what point are you willing to lose is where you set it at.... and yes, listening to other trader could hurt you very badly, especially if they are beginners themselves. One other thing..... never trade more than what you are willing to lose and never trade more than one trade at a time unless you know how to hedge.

It sounds like you now need to learn how to compound your trades to make up you loses and doing so you will make up those loses in a very short time. But, importantly..... Be sure of yourself and your trades... If you are lacking in any area then learn those areas before ever going live. And say this to all the new traders..... Have a minimum of 100 good trades before even thinking of going live.

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Quoting dove_alliance

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I do appreciate your comments and really sorry to hear about the loses.... As for the USD/CAD, I know nothing about..... I trade only the pair we are on - usd/jpy - One thing traders tend to do is hang on to a trade gone bad and hoping for the turn around. You must learn to set a stop of what you can afford to lose. Accept that lost and move on to the next trade. For one thing, the next trade could regain the lost. Every trade I enter I place my limit and also my stop. I always set my stop at 60 pips and I'm not say you should also set it at 60..... But at what point are you willing to lose is where you set it at.... and yes, listening to other trader could hurt you very badly, especially if they are beginners themselves. One other thing..... never trade more than what you are willing to lose and never trade more than one trade at a time unless you know how to hedge.

It sounds like you now need to learn how to compound your trades to make up you loses and doing so you will make up those loses in a very short time. But, importantly..... Be sure of yourself and your trades... If you are lacking in any area then learn those areas before ever going live. And say this to all the new traders..... Have a minimum of 100 good trades before even thinking of going live.

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Quoting toppz

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hello dove thanks for all you posts i'v learnt so much from them.
i want to ask you a question abt support and resistance. assuming i want to sell do i place the order before the currency breaks the resistance or after it breaks it

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Quoting grusso

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Just curious.
With a SL = 60, where do you put your TP ? Is it fixed or it depends of S and R lines ?

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Quoting mirdaniel

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Thank you dove_alliance. I will start studying this pair usd/jpy and I will keep reading your comments. God bless you

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Quoting JokerZ

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thanks for the useful insight into this pair Dove.
Keep up the great work and please continue to impart your knowledge to us.

It's valuable to me and I'm sure to a lot of others.

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Quoting bobblong

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Forex God is done for the day

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