USD/JPY Discussion

Quoting Clouds

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i know when activity picks up, why should i wait for the move to happen, why not put in a position when it's quiet, and the move hasn't already happened??

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Quoting Clouds

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I just short EJ and AJ, so i could get good positions. Tight S/L's . we'll see what happens.

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Quoting nwsuccess

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When you trade in a slow market you become an easy target and risk getting taken out of your position.

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Quoting Clouds

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SL's 169.2 and 103.2, and I'll reverse them later. Hope they work out ok, going to eat, bbl

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Quoting nwsuccess

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Placing a stop at 169.20 i well within range and an easy target to hit. The key is to keep stops outside of the range.

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Quoting cvarnado

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Just out of curiosity how many millions or billions would it take to put a decent impact into one of the currency pairs.

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Quote

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Originally Posted by dove_alliance http://www.forexfactory.com/images/buttons/viewpost.gif
Well Bristol - I don't know if anyone ever told you but there is more that 2 trillion dollars go through this market each and every day....... And, you heard me right....... 2 trillion and guess who's got that kind of money...... THE WORLD BANKS......

Quoting Clouds

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I always set my trades in a slow market. I set my trades before the move. We all have our own methods.......

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Quoting toppz

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dove... please can you explain how do you determine momentum

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Quoting dove_alliance

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I use a 2 hour chart in 12 hour increments determining the movement during a 12 hour period, and in doing that the momentum is given for the direction of the market in which I will trade.....

other factors such as a Slow_K with the settings I use also helps me seeing the direction of the momentum...... And what helps me to determine a turn is the Bollinger Band......with other INDICATORS.......... such as pivots points and MA's

Most momentum's will run 10 - 12 hours and during the trends can be as much 24 - 36 hours.

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Quoting toppz

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ok thanks .......... one more thing what do you mean by 12 hour increments

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Quoting nwsuccess

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How is that working for you? When one trades during a slow market they are more likely to be trading noise. It is very easy to take you out and then continue in your direction. Especially, when stops are tight and inside the range. This is a very profitable money making maneuver.

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Quoting dove_alliance

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Just like this movement it started 02:00 This morning and it pretty much ended around 12:00 when it hit 169.00 and started consolidating......

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Quoting Clouds

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We'll see. My charts say 169.12 is the max, and I don't like anything more than 20 pip S/L.

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Quoting nwsuccess

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Clouds, I hope you don't mind my input here. I've noticed a few things that really stood out to me and are a huge problem with many retail traders and this is why so many struggle to make it in this business.

1. Stop placement within the range. This results in many premature stop outs which frustrates the trader and depletes the account. Cutting profits short will also lead to account depletion because the wins usually aren't bigger than the losses and the wins are few and far between. In the words of one of the great philosophers, “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.” Not following the cardinal rules of trading will ultimately lead to destruction.

2. Timeframe too small. One of the main differences between retail traders and professional traders is the timeframe from which they operate. If you see 169.12 as the "max" then you really need to step back and look at a higher timeframe so you can see the forest for the trees.

3. Trading the noise/slow market. This requires an immense amount of patience and discipline. It can be quite tempting always be in a trade. Most of the best setups occur during prime trading hours when the market is active. Correct me if I'm wrong but from what I've seen Dove also looks for momentum and if there isn't any then the trade isn't taken.

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Quoting cvarnado

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Can we get back to u.j please?

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Quoting ak4x

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Hmmn. Just got up and saw this. That's a very good question, and a very big difference, but I don't know the answer. I can tell you it's the default settings for IBFX MT4 platform, set to the CLOSE and calulated off the SMA. I dinked around with the other 4 settings and none of them gave close to your, altho the EMA did jack it up to 107.04. I have a current value of 106.18 with sma.

I am going to guess there may be a difference between IBFX daily close at 0 hrs GMT and yours maybe...??

Also, I should add the MT4 MA's are not a priority indicator for me. I mostly look at them from time to time to help see the terrain ahead, and remember they are very important for other folks strategies, and I should not want to be ignorant of that...

I think Islander knows more about MT4 stuff than I do, or someone else here may be able to clear this up. I would like to know the answer too.

I chart almost exclusively off accucharts, but order off the Ibfx platform. I do like their wonderfully quick and easy charts, and I do use them for quick "what if" and "on the run" type stuff. Quick to draw, and quick to delete across all TF's...

PS. Good morning all!!

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Quoting dove_alliance

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I go back to the beginning of the momentum when I sit down to trade to see how long the market has been in the momentum and from that point I count 12 hours and that is because like I said, most momentum's are 10 - 12 hours long.

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