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USD/JPY Discussion

  • #1,861
  • Aug 5, 2007 11:34pm Aug 5, 2007 11:34pm
dove & jasonowl:

thanks for your advices & opinions.
didnt expect the yen to close below support on Fri, because last week we saw a pretty steady jpy (restricted range).

well hopefully i could recover some pips today. might try to hold on to the position.
  • #1,862
  • Edited 11:58pm Aug 5, 2007 11:36pm | Edited 11:58pm
Quoting jasonowl
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.
That's good - The interest on the Yen for a buy is always positive - it is negative in the sell.
The Dove - Forex Trainer
  • #1,863
  • Aug 5, 2007 11:38pm Aug 5, 2007 11:38pm
That is why you find a lot of intraday traders in the buy for long term with the yen.
The Dove - Forex Trainer
  • #1,864
  • Aug 5, 2007 11:41pm Aug 5, 2007 11:41pm
Right now on tier two which is 100:1 leverage the interest is +2.87%

That is in the buy mode.
The Dove - Forex Trainer
  • #1,865
  • Aug 5, 2007 11:44pm Aug 5, 2007 11:44pm
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?
The price retraced from the 117.30 level (76.4 Fibo ret. of major uptrend).

If I were in your shoes I would do one of the following based on how things develop:

1. Worst case scenario: if price clearly breaks through todays' low (i.e. 76.4) I would close the trade (next support levels are 116.90 1st and 20th March daily support and 116.39 18th and 28th March support)

2. If price moves back to the 118.50 level (61.8 Fibo ret. of major uptrend and strong monthly resistance during March) then retraces back, then close at this level without any loss or profit

3. If price moves back and breaks through the 118.50 next to 119.11 (23.6 Fibo ret. of recent downtrend move) then close at this level with 50+ profit.

just one comment, your SL range is high if you are still the trade (long @ 118.57 and survived the 117.17 drop, i.e. over 130 pips), what are you expecting in return (Reward: Risk ratio)?
  • #1,866
  • Aug 6, 2007 12:12am Aug 6, 2007 12:12am
For anyone that is interested the swing traders entry was at the 117.65 with a target of 118.00

And their stop loss is 117.25
The Dove - Forex Trainer
  • #1,867
  • Aug 6, 2007 12:17am Aug 6, 2007 12:17am
As for me I'm still waiting for the sync to finish...... I was just letting you know what the swing traders are doing.
The Dove - Forex Trainer
  • #1,868
  • Aug 6, 2007 12:19am Aug 6, 2007 12:19am
I'm going to take a break; be back in a few.
The Dove - Forex Trainer
  • #1,869
  • Aug 6, 2007 12:32am Aug 6, 2007 12:32am
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?
1st, How much are you leveraged?
2nd, ask your self why you bought in a down trend.
3rd, why did you take a losing position into the weekend?
4th, Are you taking a long term position?
5th, where did you place your stop, if any?

Just Q?'s to ask yourself, than you can make a decision?

As for me, I am long at 117.56 on the hourly tweeser....Looking for 117.80 - 117.90 area.
Though I scalp
Proper Prior Planning Prevents Piss Poor Performance
  • #1,870
  • Aug 6, 2007 12:53am Aug 6, 2007 12:53am
Everything is still the same as I can see.
The Dove - Forex Trainer
  • #1,871
  • Aug 6, 2007 1:47am Aug 6, 2007 1:47am
Quoting dove_alliance
Everything is still the same as I can see.

Hey Dove,

Do you only trade the usd/jpy??
Proper Prior Planning Prevents Piss Poor Performance
  • #1,872
  • Aug 6, 2007 1:58am Aug 6, 2007 1:58am
Quoting FxJarhead
Hey Dove,

Do you only trade the usd/jpy??
Yea, that is the only currency I trade... One thing I had to learn in the long run is stay with one pair and know it like the back of your hand.
The Dove - Forex Trainer
  • #1,873
  • Aug 6, 2007 2:04am Aug 6, 2007 2:04am
Looks like it's moving...
  • #1,874
  • Aug 6, 2007 2:05am Aug 6, 2007 2:05am
I got a limit at the 118.12 but keeping a close watch at the 118.00 pivot.
The Dove - Forex Trainer
  • #1,875
  • Aug 6, 2007 2:13am Aug 6, 2007 2:13am
Quoting dove_alliance
I got a limit at the 118.12 but keeping a close watch at the 118.00 pivot.
CAN YOU TELL ME WHAT DO YOU EXACTLY MEAN BY A PIVOT PLEASE?
  • #1,876
  • Aug 6, 2007 2:15am Aug 6, 2007 2:15am
Quoting bksujal
CAN YOU TELL ME WHAT DO YOU EXACTLY MEAN BY A PIVOT PLEASE?
Pivots are also consider resistance and supports for the movement of candles.
The Dove - Forex Trainer
  • #1,877
  • Aug 6, 2007 2:18am Aug 6, 2007 2:18am
Quoting dove_alliance
I got a limit at the 118.12 but keeping a close watch at the 118.00 pivot.
hello dove are you using buy limit order or buy stop orders for this trade
  • #1,878
  • Aug 6, 2007 2:21am Aug 6, 2007 2:21am
Quoting toppz
hello dove are you using buy limit order or buy stop orders for this trade
When I trade positions I also place a limit and a stop.....
The Dove - Forex Trainer
  • #1,879
  • Aug 6, 2007 2:23am Aug 6, 2007 2:23am
I got in at the 117.50 placed a 60 pip stop and the limit at 118.12
The Dove - Forex Trainer
  • #1,880
  • Aug 6, 2007 2:25am Aug 6, 2007 2:25am
Quoting FxJarhead
1st, How much are you leveraged?
2nd, ask your self why you bought in a down trend.
3rd, why did you take a losing position into the weekend?
4th, Are you taking a long term position?
5th, where did you place your stop, if any?

Just Q?'s to ask yourself, than you can make a decision?

As for me, I am long at 117.56 on the hourly tweeser....Looking for 117.80 - 117.90 area.
Though I scalp
Moved my Trailing Stop up to 117.70......stopped out for +14 pips
Proper Prior Planning Prevents Piss Poor Performance
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