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USD/JPY Discussion

  • #6,821
  • May 20, 2008 2:05pm May 20, 2008 2:05pm
Quoting Küster
It's amazing how close is the relation between Dow and USDJPY.Since I started to use it, my profitable operations increased 70%!!!
mm - perhaps today you look at CHFUSD for the correlation - UJ likes to change partners!
Trading Levels with WRBs
  • #6,822
  • May 20, 2008 5:51pm May 20, 2008 5:51pm
My positions are shorts now, but it will probably go in the opposite direction of my positions ...
  • #6,823
  • May 20, 2008 6:00pm May 20, 2008 6:00pm
Long UJ?
  • #6,824
  • May 20, 2008 6:38pm May 20, 2008 6:38pm
Quoting Schminner
My positions are shorts now, but it will probably go in the opposite direction of my positions ...
PMA

It is called "POSITIVE MENTAL ATTITUDE"

Make your FX trading decisions based on informed facts. Be positive and if the trade goes against you take your loss. When 60% of your FX trades are winning ones then with proper Risk Management you will be a Winner.

Your approach should change. This is a positive comment directed at you and your trading. Why don't you Demo trade for awhile until you get some more confidence ?


Bruce
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  • #6,825
  • May 20, 2008 6:42pm May 20, 2008 6:42pm
Quoting GSGill
Long UJ?
Why would anyone be long USD/JPY at the moment ? Maximum Upside is 104.50 in a best case scenario and 102.50 in the other direction .

But why long ? Maybe Long from 103.50 to 104.00 BUT I think that is against the 5 day trend. Only my opinion of course.

I know it is not your position but I just commented through your post.


Bruce
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  • #6,826
  • May 20, 2008 7:06pm May 20, 2008 7:06pm
Hits the spot for me...well said!



Quoting Warren Forex
PMA

It is called "POSITIVE MENTAL ATTITUDE"

Make your FX trading decisions based on informed facts. Be positive and if the trade goes against you take your loss. When 60% of your FX trades are winning ones then with proper Risk Management you will be a Winner.

Your approach should change. This is a positive comment directed at you and your trading. Why don't you Demo trade for awhile until you get some more confidence ?


Bruce
  • #6,827
  • May 20, 2008 7:13pm May 20, 2008 7:13pm
Quoting Warren Forex
PMA

It is called "POSITIVE MENTAL ATTITUDE"

Make your FX trading decisions based on informed facts. Be positive and if the trade goes against you take your loss. When 60% of your FX trades are winning ones then with proper Risk Management you will be a Winner.

Your approach should change. This is a positive comment directed at you and your trading. Why don't you Demo trade for awhile until you get some more confidence ?


Bruce
There's a good book by "Maxwell Maltz" called "Psycho-Cybernetics" and it's meant to teach you to control your thinkings and learn to deal with intense situations such as this.I recommend.
  • #6,828
  • May 20, 2008 7:23pm May 20, 2008 7:23pm
Warren,

Enjoying all your input. Thanks.

I'm short from 104.60 and another position at 104.07

TP set for 102.55

We're in a strong downward channel on the 4H.
We're sitting on the Daily Gann.

A nice close below 103.45 and I think we'll see the TP.
Obviously, Fundies can help or hinder this as well.
  • #6,829
  • May 20, 2008 7:28pm May 20, 2008 7:28pm
Quoting Warren Forex
PMA

It is called "POSITIVE MENTAL ATTITUDE" Why don't you Demo trade for awhile until you get some more confidence ?

Bruce
Demo trading just doesn't produce the same excitement as "live" trades ....
  • #6,830
  • May 20, 2008 7:30pm May 20, 2008 7:30pm
I'm with Kujo, headed to 102.16 actually on the daily.
Patience + Humility + Study = Success
  • #6,831
  • May 20, 2008 7:31pm May 20, 2008 7:31pm
Like usually happens between 8:00 PM EST and 8:30 PM EST, lately USD/JPY gets stronger. After this it might rise from low to move up again. It now trades 103.49 bid on no news that I see out there at the moment.

Bruce
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  • #6,832
  • May 20, 2008 7:34pm May 20, 2008 7:34pm
I'm trying a tiny "long" scalp with 103.40 stop loss.
  • #6,833
  • May 20, 2008 7:36pm May 20, 2008 7:36pm
Quoting Küster
I'm trying a tiny "long" scalp with 103.40 stop loss.
It can get addicting ....
  • #6,834
  • May 20, 2008 7:45pm May 20, 2008 7:45pm
Quoting Schminner
Demo trading just doesn't produce the same excitement as "live" trades ....

With Respect to your last post and comments, I read exactly that point. FX trading can be fun and exciting but so can gambling on cards and horses. Taking some of the excitement away until after the profits are realized could help your trading. Regardless, I actually Demo traded from September 2003 until March 9, 2006 to make sure that I was ready. I was ready but to be very honest in the last two years I learned more trading real funds than the 2 plus years of Demo trading.

However at least I had my confidence in place Demo trading. Then when I went 75 real trades in a row without a loss I got out of control with my EGO and NEVER wanted to take a loss. That led to my first BIG Drawdown of 50% which I had to sit on for 21 days. It was caused by Bernake saying something and EUR/USD went down 300 PIPS in days and it took 3 weeks to recover. I got out with a overall small profit including covering my carrying costs.

The FIRST LOSS that I took was $100 US Dollars and IT WAS the HARDEST loss I ever took FX trading. I HATE to lose BUT Guess What ?

My Common Sense FINALLY BEAT my EGO. Then my FX trading improved even more. Risk Management is at least 50% of being a Winning FX Trader.

Conserve your capital in order to live to fight another day.


Bruce
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  • #6,835
  • May 20, 2008 7:50pm May 20, 2008 7:50pm
There's a lot of difference trading REAL and DEMO acct. The broker also always give u the opportunity to win on DEMO acct. Completely different when u r on REAL account.

I traded six months on DEMO before turning to REAL acct. So far, so good.

Good luck all for today.
  • #6,836
  • May 20, 2008 7:52pm May 20, 2008 7:52pm
http://www.bestmindsinc.com/document...arketsDied.pdf


Bruce
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  • #6,837
  • May 20, 2008 7:52pm May 20, 2008 7:52pm
Quoting DutchTrader
I'm with Kujo, headed to 102.16 actually on the daily.
DT,

I always set my TPs a bit higher than a true target.
Missed too many TPs by just a few pips, only to lose alot more.
I enter a touch later as well and just use a larger lot size.
So, to avoid any loses.

I think we'll see 102 by Friday.

Just sitting on them, as I'm just trading a 4H strat now.

kj
  • #6,838
  • May 20, 2008 8:05pm May 20, 2008 8:05pm
Quoting Warren Forex
http://www.bestmindsinc.com/document...arketsDied.pdf


Bruce
Folks, I just read the article posted above in it's entirety and it is almost shocking. It is so clear as to be 100% conclusive. That makes the point again of understanding the fundamentals. Get independent sources of information and with no disrespect to anyone not be DUMB as to what is going on. Look at the Two Year US Treasuries now yielding 2.31% from 2.44% last week. The BOND Traders are suggesting a FED rate CUT because of recent NEW signs of REAL WEAKNESS in the USA Economy.

I really hope that I am getting through to at least some of you. You need to USE the Technicals of course BUT the Fundamentals will always be the KEY once it becomes clear to the Majority. Be informed and be a WINNER !!!

Visit WWW.JSMINESET.COM to read about today's Economic New without the BS and Spin and Ignorance from the Mainstream Talking Heads who are intelligent but TOO CLOSE to the FOREST to even notice the FALLING TREES (Spelled Falling Dow)


Bruce
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  • #6,839
  • May 20, 2008 8:15pm May 20, 2008 8:15pm
Quoting Warren Forex
Folks, I just read the article posted above in it's entirety and it is almost shocking. It is so clear as to be 100% conclusive. That makes the point again of understanding the fundamentals. Get independent sources of information and with no disrespect to anyone not be DUMB as to what is going on. Look at the Two Year US Treasuries now yielding 2.31% from 2.44% last week. The BOND Traders are suggesting a FED rate CUT because of recent NEW signs of REAL WEAKNESS in the USA Economy.

I really hope that I am getting through to at least some of you. You need to USE the Technicals of course BUT the Fundamentals will always be the KEY once it becomes clear to the Majority. Be informed and be a WINNER !!!

Visit WWW.JSMINESET.COM to read about today's Economic New without the BS and Spin and Ignorance from the Mainstream Talking Heads who are intelligent but TOO CLOSE to the FOREST to even notice the FALLING TREES (Spelled Falling Dow)


Bruce
I just read all of today's posts there with commentary from Jim Sinclair. Excellent information there today. Even better than usual. Please take the 15 minutes or so to read. It is a easy read and very clear to understand.

Thank You...


Bruce

YES.... USD/JPY at NEW LOW for the SESSION... Bid 103.32
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  • #6,840
  • May 20, 2008 8:15pm May 20, 2008 8:15pm
HOLY BATSHIT ... did UJ just all of a sudden took a plunge ???
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