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USD/JPY Trading Room

  • #1
  • First Post: Edited 4:40am Sep 10, 2007 4:22am | Edited 4:40am
A snap shot of a current Long scalp of 15 minute chart still in play.
113.00 Long / TS at 113.60 / TP 114.00

UPDATE: 0538am edt / The Snap shot is a bit small, and does not take into acount the larger picture of the trade. Tried to get the chart as clear as possible. I will update a chart and my "thought process" when trade closes, with a bit more detail.
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Proper Prior Planning Prevents Piss Poor Performance
  • #2
  • Sep 10, 2007 4:27am Sep 10, 2007 4:27am
Could you explain the reasons to take such trade plaese so we can understand?
  • #3
  • Edited 5:50am Sep 10, 2007 4:30am | Edited 5:50am
Quoting WTB
Could you explain the reasons to take such trade plaese so we can understand?
Hi WTB, Sure will....I got filled on this while I was taking a nap. I wanted to get the picture up so the trade did not look Like I was "back seat driving"...So I had little time to write.

Fxj

UPDATE: WTB, I miss quoted ....I was awakened when price hit 113.30 while taking a nap. My trade was a market order........sorry for confusion, I was a bit groggy when I posted and wrote your reply. I want to be as accurate as possible without deleting original content.
Proper Prior Planning Prevents Piss Poor Performance
  • #4
  • Edited 5:57am Sep 10, 2007 5:28am | Edited 5:57am
Here is an update of my thought process, as of writing, trade still in progress. Please bear in mind, I am a DISCRETIONARY short term trader/scalper.

NOTE: to maintain detail, I was unable to get screen as large as I wanted

1st...the GAP....which more time than not, gets filled.
2nd...Convergence of price to RSI after RSI had been < 20
3rd...price creates a 1-2-3 bottom
4th...OsMA goes positive ( went + before #2 point )
5th...RSI moves > 50 as price closes above 25ema (solid yellow) as well as 5/10ema
entry was placed as a market order ( I than took a nap! )
114.00 was arbitrary to give the trade room to move and due to recent volatility.
6th....price closes above 50ema ( solid red )
7th...price fills gap, and breaks above...TS moved to 113.60 from BE at this point, at which I thought I should post trade for review while trade # was still visible on chart showing it to be a Live trade.

I was text messaged when price hit 113.30 ( waking me up )

As of right now / 0625am edt / TS hit @ 113.60 for +60 pips

Hope this helps
Fxj

UPDATE : Forgot to mention stop placement. The STOP LOSS for this trade was placed 5 pips below point #3

UPDATE #2: I placed the treand line, numbers of 1-2-3 bottom, OsMA +, RSI +,and check marks for 5/10 cross of 25 ema and 50ema close for educational purposes on chart....
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Proper Prior Planning Prevents Piss Poor Performance
  • #5
  • Sep 10, 2007 6:32am Sep 10, 2007 6:32am
My view on USDJPY today
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  • #6
  • Sep 10, 2007 9:39am Sep 10, 2007 9:39am
USDJPY breaking the retracement trendline right now upon bounce down off former double bottom 114.00. Should I get a signal, I will trigger a short entry.
  • #7
  • Edited 6:52pm Sep 10, 2007 6:51pm | Edited 6:52pm
WHAT THE..... A 1 Hour chart from Fxj

Sideways for now to down would be my position. Though FLAT right now.

Entry, a failed retest of the short term trendline....and a break from those ema's

Sell Zone.... .....above 113.75 unless price says otherwise....to early to be more precise for me....

Take Care all
Fxj

Where did my 1 hr chart go.....bad omen
Proper Prior Planning Prevents Piss Poor Performance
  • #8
  • Edited Sep 11, 2007 2:08am Sep 10, 2007 6:56pm | Edited Sep 11, 2007 2:08am
Same thoughts as in Post #7 - this is just the chart.....Haven't been able to attach it to #7...and too tired to figure it out....so another post.

Since my last post ( #7 ), price retested the 113.88 area, ( see blue resistence line ) and as of now, 0308am EDT usd/jpy is trading @ `113.53. I did not get in on this trade. With a low around 113.41 so far.
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Proper Prior Planning Prevents Piss Poor Performance
  • #9
  • Sep 11, 2007 5:52am Sep 11, 2007 5:52am
Quoting WTB
USDJPY breaking the retracement trendline right now upon bounce down off former double bottom 114.00. Should I get a signal, I will trigger a short entry.
Forgot to update on this: I got an entry short but price retraced slapping my stoploss at -33 pips. Price has been moving sideways all day long ever since. I still favor the short on USDJPY as price has made few attempts to take out 114.00 to the upside (former double bottom support) and didnt manage to breach it.
  • #10
  • Sep 12, 2007 1:01am Sep 12, 2007 1:01am
USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. Oscillators are neutral. The price should continue to move in Bollinger bands
If I Go Broke Trying Then I Will die happy.
  • #11
  • Sep 17, 2007 10:09pm Sep 17, 2007 10:09pm
It was reported that 115 is the price most Japanese exporters are currently priced at. ie, if it goes lower, they loose money..

So i see the strong urge for USDJPY to move to this price. I prefer to see a 112~110 price so I can go long though.
  • #12
  • Sep 17, 2007 10:37pm Sep 17, 2007 10:37pm
Quoting BurgerKing
It was reported that 115 is the price most Japanese exporters are currently priced at. ie, if it goes lower, they loose money..

So i see the strong urge for USDJPY to move to this price. I prefer to see a 112~110 price so I can go long though.
Yeah but once it got to 115 it didn't hold for long. Do you mean they will artificially maintain it above this quote? Very nice top formation forming - check it out:
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Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #13
  • Sep 23, 2007 9:09pm Sep 23, 2007 9:09pm
Was thinking SHORT from Friday....a scalp presented itself

For Review....traded off a minute chart

Good for +20 with a 10 pip risk

Fxj
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Proper Prior Planning Prevents Piss Poor Performance
  • #14
  • Edited 1:32am Sep 26, 2007 1:25am | Edited 1:32am
2 Trades in the usdjpy tonight.....slow going so far

Trade #2 still active as of this posting

For review.....

UPDATE: TS triggered 0228am edt
Trade#1 +25
Trade#2 +1
Attached Image (click to enlarge)
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Proper Prior Planning Prevents Piss Poor Performance
  • #15
  • Oct 3, 2007 3:04pm Oct 3, 2007 3:04pm
I'm done for the week but must admit I like this one over 117.18
Check Mate GAME OVER
  • #16
  • Oct 8, 2007 7:11pm Oct 8, 2007 7:11pm
bull task over 117.60
bear task under 116.71
Check Mate GAME OVER
  • #17
  • Oct 9, 2007 12:05am Oct 9, 2007 12:05am
Quoting bunton
bull task over 117.60
bear task under 116.71
Reasons?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #18
  • Oct 9, 2007 2:45pm Oct 9, 2007 2:45pm
Quoting Plutonite
Reasons?
Just looking at me chart so like anything I'd post take it with a grain of Sand..lol
Check Mate GAME OVER
  • #19
  • Oct 9, 2007 8:17pm Oct 9, 2007 8:17pm
My last post I feel does not give any justice. I place bull/bear tasks on all the pairs I track as a market sentiment. This does not mean I'll buy or sell when my bias gets hit but It helps me gauge my sentiment of the pairs. It often signals to me what direction I might need to focus on and often helps formulate a game plan. I hope this helps..
Check Mate GAME OVER
  • #20
  • Oct 11, 2007 7:34am Oct 11, 2007 7:34am
bull task 119's
bear task 117.15
Check Mate GAME OVER
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