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USD/JPY Discussion

  • #1,841
  • Aug 5, 2007 10:35pm Aug 5, 2007 10:35pm
Quoting kreeper_6
Nothing happening again......will we see any real action this week?
Yep - coming Tuesday this market will go ballistic with the US announcement.
The Dove - Forex Trainer
  • #1,842
  • Aug 5, 2007 10:35pm Aug 5, 2007 10:35pm
Quoting trader07
Do you have a enough opportunities to do this? Why don't you hold the position?
Because I want my limit before I hold positions on the pivots.

And Yes, there are plenty of opportunities on 10 pip candles.
The Dove - Forex Trainer
  • #1,843
  • Aug 5, 2007 10:39pm Aug 5, 2007 10:39pm
Quoting dove_alliance
Yep - coming Tuesday this market will go ballistic with the US announcement.
yes , I was looking at the news for that day, but other than that, it seems volitility is low with no clear direction. or is it always like this. no movement until news and then hold on?
  • #1,844
  • Aug 5, 2007 10:39pm Aug 5, 2007 10:39pm
There are plenty of times I get my 21 pips on one trade..... Just have to look for the right entry. But as of right now just practice getting in and out with 7 pip profit.... You will learn a lot by doing that.
The Dove - Forex Trainer
  • #1,845
  • Aug 5, 2007 10:42pm Aug 5, 2007 10:42pm
Quoting kreeper_6
yes , I was looking at the news for that day, but other than that, it seems volitility is low with no clear direction. or is it always like this. no movement until news and then hold on?
Sunday night are generally like this..... After it opens the movements are made and then slow until early morning hours like about 05:00 or 6 ET..... But the rest of the week is different story..... You could pull a 100+ pips per day.
The Dove - Forex Trainer
  • #1,846
  • Aug 5, 2007 10:44pm Aug 5, 2007 10:44pm
Quoting dove_alliance
Sunday night are generally like this..... After it opens the movements are made and then slow until early morning hours like about 05:00 or 6 ET..... But the rest of the week is different story..... You could pull a 100+ pips per day.
yeah , forgot it was sunday still.
  • #1,847
  • Aug 5, 2007 10:46pm Aug 5, 2007 10:46pm
I'm still holding - trend line is getting close for the crossing.
The Dove - Forex Trainer
  • #1,848
  • Aug 5, 2007 10:51pm Aug 5, 2007 10:51pm
Quoting dove_alliance
Because I want my limit before I hold positions on the pivots.

And Yes, there are plenty of opportunities on 10 pip candles.
What's your stop/loss when going for 10 pips?
  • #1,849
  • Aug 5, 2007 10:54pm Aug 5, 2007 10:54pm
Quoting dove_alliance
I'm still holding - trend line is getting close for the crossing.
Are you short dove...thanks
rav
  • #1,850
  • Aug 5, 2007 10:55pm Aug 5, 2007 10:55pm
Quoting trader07
What's your stop/loss when going for 10 pips?
I'm at the point in my trading that I don't need stops for a short term trade.... For one thing I never go against the trend.... such as retraces.... I set my limit for 10 pips because it could hit the mark and retrace just as quickly as it hit it so the limit is set for the mark.
The Dove - Forex Trainer
  • #1,851
  • Aug 5, 2007 10:57pm Aug 5, 2007 10:57pm
Quoting rav700
Are you short dove...thanks
rav
Nope - I'm still waiting for the sync to finish before I get in for the long..... For one thing, it can go down because my trend is still down and until it makes the crossing for the up I'm out of it.
The Dove - Forex Trainer
  • #1,852
  • Aug 5, 2007 10:57pm Aug 5, 2007 10:57pm
Quoting dove_alliance
I'm at the point in my trading that I don't need stops for a short term trade.... For one thing I never go against the trend.... such as retraces.... I set my limit for 10 pips because it could hit the mark and retrace just as quickly as it hit it so the limit is set for the mark.
Yea trend is still down. I have 10 pips locked in. How far are we from knowing the direction?
  • #1,853
  • Aug 5, 2007 11:00pm Aug 5, 2007 11:00pm
Quoting s3padrian
Yea trend is still down. I have 10 pips locked in. How far are we from knowing the direction?
we are still in the sync mode - going sideways - until my trend line crosses or moves above the crossing i won't know nothing until that happens.
The Dove - Forex Trainer
  • #1,854
  • Aug 5, 2007 11:02pm Aug 5, 2007 11:02pm
We still have the central pivot at the 117.54 so we just have to wait.
The Dove - Forex Trainer
  • #1,855
  • Aug 5, 2007 11:05pm Aug 5, 2007 11:05pm
i made a huge mistake of going long @ 118.57 on Friday...
what should i do now? cut loss? or wait for it to bounce back?

will we see a correction back up to 118 area before it goes further down?

any advice from you expert traders?
  • #1,856
  • Aug 5, 2007 11:06pm Aug 5, 2007 11:06pm
All the major currencies are pretty much in the same mode as the Yen.
The Dove - Forex Trainer
  • #1,857
  • Aug 5, 2007 11:06pm Aug 5, 2007 11:06pm
I'm out of my short with small profit for now, although 1H chart has slight downside potential.

Standing by ...
Chances favour the prepared.
  • #1,858
  • Aug 5, 2007 11:14pm Aug 5, 2007 11:14pm
Quoting silverabt
i made a huge mistake of going long @ 118.57 on Friday...
what should i do now? cut loss? or wait for it to bounce back?

will we see a correction back up to 118 area before it goes further down?
I would only say what I would do in this position..... Depending on the margin.... if I have plenty of margin and was in the buy I more and likely would stay with the trade for one reason my broker would have to pay me (cost of carry) for being in the market after 17:00.... Now, will it get back 0 at this time..... It is hard to say...... So that call is yours..... Also, depends on how many lots you are carrying in that trade right now. Right now you are 100+ pips down and you must decide how much you are willing to lose....
The Dove - Forex Trainer
  • #1,859
  • Aug 5, 2007 11:19pm Aug 5, 2007 11:19pm
I'm still watching my trend line and it is close, but not there yet.
The Dove - Forex Trainer
  • #1,860
  • Aug 5, 2007 11:29pm Aug 5, 2007 11:29pm
Hmm.. My 2 cents if its okay.
Try to keep your mind out of the current bad position. (yes its tough)
If you were looking at UJ at this point onwards, and if you are planning to enter the market? Is it a buy? If so then maybe you should still hold on to your position. And take steps to recover some pips.

About the Swap Interest earned, its a slow painful watch, and you could walk away without a loss in time to come, but it's pretty vile once the interest rates start changing (or working against you)

Hope it helps even a bit.. Cheers.

Quoting silverabt
i made a huge mistake of going long @ 118.57 on Friday...
what should i do now? cut loss? or wait for it to bounce back?

will we see a correction back up to 118 area before it goes further down?

any advice from you expert traders?
Chances favour the prepared.
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