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USD/JPY Discussion

  • #2,361
  • Aug 10, 2007 4:22am Aug 10, 2007 4:22am
Well that last trade didn't work out. -15 pips on that one. Looks like we could have seen a solid break above the weekly pivot now.

Looking potentially at long positions from here on. Patience the key though.

G-Man
  • #2,362
  • Aug 10, 2007 4:27am Aug 10, 2007 4:27am
Long at 118.14 bouncing off the weekly pivot. Looking for a target towards the CP again at 118.21.

G-Man
  • #2,363
  • Aug 10, 2007 5:25am Aug 10, 2007 5:25am
OK. Last 2 didn't play.

Patience lesson learned and it would have been 2 more winners.

Looks like there may be a bit more movement again in the market. Bounce of the current low of the range. Long risky.

G-Man
  • #2,364
  • Aug 10, 2007 5:35am Aug 10, 2007 5:35am
Long off the 117.80 bounce would have hit a 7-8 pip target.

Another one missed and a lesson learned about consistancy.

G-Man
  • #2,365
  • Aug 10, 2007 5:56am Aug 10, 2007 5:56am
Break could be coming below now.

Watch out.

G-Man
  • #2,366
  • Aug 10, 2007 6:52am Aug 10, 2007 6:52am
All the crosses have been consolidating, we might just have a rangy day and then a breakout either way on Sunday. Appears they had other ideas. If 117.20 gives we're in for who knows what.
Patience + Humility + Study = Success
  • #2,367
  • Aug 10, 2007 7:02am Aug 10, 2007 7:02am
Woah .. nice ride down....
Chances favour the prepared.
  • #2,368
  • Aug 10, 2007 7:03am Aug 10, 2007 7:03am
Quoting DutchTrader
All the crosses have been consolidating, we might just have a rangy day and then a breakout either way on Sunday. Appears they had other ideas. If 117.20 gives we're in for who knows what.
117.21 but it has to bust through

what's considered a bust through?
  • #2,369
  • Aug 10, 2007 7:04am Aug 10, 2007 7:04am
Quoting moneypip
117.21 but it has to bust through

what's considered a bust through?
A clear break,like 117.05/00
Patience + Humility + Study = Success
  • #2,370
  • Aug 10, 2007 7:07am Aug 10, 2007 7:07am
Only pulled 30 pips on the drop but I had to leave my desk so not bad.

117.11 was the low on Monday so thats what we have to keep an eye on. Break that and 117, we could see 116.

G-Man
  • #2,371
  • Aug 10, 2007 7:07am Aug 10, 2007 7:07am
Quoting DutchTrader
A clear break,like 117.05/00
It looks like it's bouncing off...
  • #2,372
  • Aug 10, 2007 7:09am Aug 10, 2007 7:09am
Quoting moneypip
It looks like it's bouncing off...
There is always a bounce near major support. I think we're going to end the week in a bloody mess.
Patience + Humility + Study = Success
  • #2,373
  • Aug 10, 2007 7:09am Aug 10, 2007 7:09am
Also keep an eye on the 100 MA on the weekly. Comes in at 117.45. Close below could signal a majot change in trend.

G-Man
  • #2,374
  • Aug 10, 2007 7:19am Aug 10, 2007 7:19am
TP Out at 117.29
Big retrace to Daily S1 @ 117.60...

What's next?... woah let's see
Chances favour the prepared.
  • #2,375
  • Aug 10, 2007 7:43am Aug 10, 2007 7:43am
Hey guys,
I have a decision I would love to get your council on.

Very unfortunately I went long on 118.84 hoping for 119.50 and since I thought It wouldn't do any drastic movements I neglected to put a stoploss - terrible idea - i know

Anyways,
Thinking that Tokyo will crash today, I'd hoped the Yen to weaken so I could break-even or go out with a small loss - and you know what happened..

I work as a Stock Trader for a living, and I'm quite certain the bursas will crash again today - usually meaning the USD to weaken with them.
BUT - since Tokyo had the exact opposite effect I was wondering if any of you think there is a chance for the pair to recover upwards today or should I just take the punch and look for a new Short entry?

HELP!
  • #2,376
  • Aug 10, 2007 7:48am Aug 10, 2007 7:48am
Quoting MaBhoCk
Hey guys,
I have a decision I would love to get your council on.

Very unfortunately I went long on 118.84 hoping for 119.50 and since I thought It wouldn't do any drastic movements I neglected to put a stoploss - terrible idea - i know

Anyways,
Thinking that Tokyo will crash today, I'd hoped the Yen to weaken so I could break-even or go out with a small loss - and you know what happened..

I work as a Stock Trader for a living, and I'm quite certain the bursas will crash again today - usually meaning the USD to weaken with them.
BUT - since Tokyo had the exact opposite effect I was wondering if any of you think there is a chance for the pair to recover upwards today or should I just take the punch and look for a new Short entry?

HELP!
The mark of a good trader is knowing when to cut their losses, I'd try to get out to as close as your price as possible. Look at the pivot levels and see where you stand.
Patience + Humility + Study = Success
  • #2,377
  • Aug 10, 2007 8:08am Aug 10, 2007 8:08am
Quoting MaBhoCk
Hey guys,
I have a decision I would love to get your council on.

Very unfortunately I went long on 118.84 hoping for 119.50 and since I thought It wouldn't do any drastic movements I neglected to put a stoploss - terrible idea - i know

Anyways,
Thinking that Tokyo will crash today, I'd hoped the Yen to weaken so I could break-even or go out with a small loss - and you know what happened..

I work as a Stock Trader for a living, and I'm quite certain the bursas will crash again today - usually meaning the USD to weaken with them.
BUT - since Tokyo had the exact opposite effect I was wondering if any of you think there is a chance for the pair to recover upwards today or should I just take the punch and look for a new Short entry?

HELP!
To try and put things politely you need to understand that people don't think when short term trading FX. You just need to react to the market action, and use a few tools to help you do that and be consistant.

In other words, stop thinking.

In regard to your current trade, it all depends on your account and position size. If your broker pays swap and it is only a small position in relation to your overall balance, then it MAY be worth leaving as the current volatility could easily bounce USDJPY back up as it is stuck like a limpet to the DOW at the moment.

The other suggestion is to cut it now, and if there is a signal to go long then you can get back in. Just don't all into the trap of thinking that this trade has got to get back to even. There are many many more opportunities to make some money as long as you keep your capital.

Good luck.

G-Man
  • #2,378
  • Aug 10, 2007 8:11am Aug 10, 2007 8:11am
OK, just for fun I'm an going to say that S1 is going to be the low of the day.

If I am right I am going to come back and edit this post so I look like a genius!!

G-Man
  • #2,379
  • Aug 10, 2007 8:35am Aug 10, 2007 8:35am
I not to sure
  • #2,380
  • Aug 10, 2007 8:36am Aug 10, 2007 8:36am
We see one wave down and after up
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