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USD/JPY Discussion

  • #23,201
  • Mar 16, 2011 7:03pm Mar 16, 2011 7:03pm
Quoting abcd1234
I learned that when you see SkyzerFX agreeing with your trade idea you need to bail out as fast as possible.
LOL...it has been said many times on this forum, that Skyzer is a great contrarian indicator!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,202
  • Mar 16, 2011 7:03pm Mar 16, 2011 7:03pm
Quoting realjumper
* You MUST use a sensibly placed stop loss....YOU MUST. I don't know where you went long, but assuming it wasn't too far away from 80.00, your SL should have been somewhere under the historical low of 79.75. Sure, it would have got hit, but you wouldn't lose your entire account.....unless....(see below)
What time frame are you thinking about for that stop loss? We obviously aren't talking about long-term trades with only 0.25 yen buffer. I am new and still don't know the proper ratio for setting stop loss.
  • #23,203
  • Mar 16, 2011 7:03pm Mar 16, 2011 7:03pm
[quote=realjumper;4478184]Then just from that one sentence, there are several lessons:

Thanks very much for the insight.
I'm still rather new (trading live for 7 months) and learning all the time.
  • #23,204
  • Mar 16, 2011 7:07pm Mar 16, 2011 7:07pm
Quoting FFLaguna
What time frame are you thinking about for that stop loss? We obviously aren't talking about long-term trades with only 0.25 yen buffer. I am new and still don't know the proper ratio for setting stop loss.
The tme frame is intraday.....which most traders here are, me too. There's lot's of info on this forum, just search for Money Management.....also there is lots and lots of info onlne about placing stop loss and other issues. Google is your friend
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,205
  • Mar 16, 2011 7:09pm Mar 16, 2011 7:09pm
Quoting Bill88
Thanks very much for the insight.
I'm still rather new (trading live for 7 months) and learning all the time.
You're welcome. You know the story of the race bewteen the tortoise and the hare? You know who won, right?
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,206
  • Mar 16, 2011 7:09pm Mar 16, 2011 7:09pm
From a previously posted article:
Quote
Reuters are reporting that there will be a G7 conference call tomorrow.
The BOJ ... may even look for help in calming down the JPY market.
What does "calming down" the market mean? Does it meant he BoJ is trying to decrease volatility by adding money slowly? Or does it mean they want to cause huge sudden shifts in certain directions?


Edit: Realjumper, thanks. I'm googling for money management now. So that's what "MM" is!
  • #23,207
  • Mar 16, 2011 7:13pm Mar 16, 2011 7:13pm
Quoting FFLaguna
From a previously posted article:
What does "calming down" the market mean? Does it meant he BoJ is trying to decrease volatility by adding money slowly? Or does it mean they want to cause huge sudden shifts in certain directions?


Edit: Realjumper, thanks. I'm googling for money management now. So that's what "MM" is!
Yep....MM....you got it!!

These wild swings we have seen today are quite rare in this currency pair, and Japan hates it. They don't like the Yen being so strong, but at least they can work with a stable exchange rate. When it is wildly swinging, it makes life hard for them. So they want the market to feel reassured that everything is under control with the markets.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,208
  • Mar 16, 2011 7:18pm Mar 16, 2011 7:18pm
This has been said many times, but it bears repeating. You have to be disciplined and have trading rules. I am the perfect example of what happens when you have neither (see the first post in my journal). ALWAYS, ALWAYS set a stop loss unless you like taking it up the ass. Only risk a certain percentage of your account. For you beginners and I'm included, if you risk 1% you get 100 trades, 2% - 50 trades, etc. It's better to lose 10 times in a row and only lose 10% of your account than to blow your account on 1 trade. Those 10 losses will help you get your head on straight better than losing it all on 1 bet.

So for those who blew their account, you learned a very valuable lesson from which you can definitely recover. Keep at it. This will only help you in the future.
  • #23,209
  • Mar 16, 2011 7:20pm Mar 16, 2011 7:20pm
Quoting realjumper
These wild swings we have seen today are quite rare in this currency pair, and Japan hates it. They don't like the Yen being so strong, but at least they can work with a stable exchange rate. When it is wildly swinging, it makes life hard for them. So they want the market to feel reassured that everything is under control with the markets.
Thanks so much! It must take a lot of patience to deal with so many newbies in a 1500+ page thread

I got majorly lucky on some swings. I stopped my long position last night, lost 33% of my micro account, but due to hitting a couple shorts and even a long I am now at almost exactly 200% of everything I've ever deposited into the account... now's a good time to keep my winnings and practice good "money management"!
  • #23,210
  • Mar 16, 2011 7:27pm Mar 16, 2011 7:27pm
Quoting FFLaguna
Thanks so much! It must take a lot of patience to deal with so many newbies in a 1500+ page thread

I got majorly lucky on some swings. I stopped my long position last night, lost 33% of my micro account, but now I am at almost exactly 200% of everything I've ever deposited into the account... now's a good time to keep my winnings and practice good "money management"!
Absolutely! Protecting my capital is number one rule for me. I won't expose my capital unless I have good reason to do so. Yeah I miss trades now and then, but that's ok.....a missed trade never costs anything.

By the way, I and everyone else here was once where you are now. The cool thing about this forum is everyone helping each other. The market has the money.....we want it.....we help each to get it!!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,211
  • Mar 16, 2011 7:38pm Mar 16, 2011 7:38pm
Here we go again.
  • #23,212
  • Mar 16, 2011 7:41pm Mar 16, 2011 7:41pm
"Japan’s Economic Ministers has just briefed reporters and provided the usual diatribe – “watching FX moves closely…no comment on FX intervention”. His most telling point was that FX policy is under the jurisdiction of the Mininstry of Finance (MOF). The all powerful MOF will direct the Bank of Japan to intervene when its ready."

forexlive.com


LOL....yeah....right!!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,213
  • Mar 16, 2011 7:45pm Mar 16, 2011 7:45pm
2 days back somebody had said to me there has been an underground explosion. Nuclear weapons are stored underground. There is a possibility that a nuclear bomb has exploded in Japan. Maybe somebody is hiding some information.
  • #23,214
  • Mar 16, 2011 7:48pm Mar 16, 2011 7:48pm
Quoting profitt
2 days back somebody had said to me there has been an underground explosion. Nuclear weapons are stored underground. There is a possibility that a nuclear bomb has exploded in Japan. Maybe somebody is hiding some information.
I heard a similar rumor yesterday! There's a possibility that "pop" sound I heard driving my car was a nuclear bomb exploding. And we all know nuclear weapons are stored underground.
  • #23,215
  • Mar 16, 2011 7:49pm Mar 16, 2011 7:49pm
Quoting profitt
2 days back somebody had said to me there has been an underground explosion. Nuclear weapons are stored underground. There is a possibility that a nuclear bomb has exploded in Japan. Maybe somebody is hiding some information.
Japan does not posess nuclear weapons
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,216
  • Mar 16, 2011 7:52pm Mar 16, 2011 7:52pm
Quoting realjumper
Japan does not posess nuclear weapons
No, but the US brings nuclear weapons into port... secretly, or at least with secret permission from the Japanese government
  • #23,217
  • Mar 16, 2011 8:11pm Mar 16, 2011 8:11pm
Quoting realjumper
Japan does not posess nuclear weapons
Maybe Japan was developing nuclear weapons secretly. Possibility.

Chernobyl reactor had 190 tonnes of uranium. Japan has 6 reactors with 100 tonnes each/ 600 tonnes. 100 nukes is just 10 tonnes, if that.

http://www.forexfactory.com/images/m...ading_dark.gif

  • #23,218
  • Mar 16, 2011 8:44pm Mar 16, 2011 8:44pm
I just went long a few minutes ago! Looks like a trend has formed just a little above where it is now. This is for short-term scalping.
  • #23,219
  • Mar 16, 2011 8:55pm Mar 16, 2011 8:55pm
Quoting FFLaguna
I just went long a few minutes ago! Looks like a trend has formed just a little above where it is now. This is for short-term scalping.
Couple of questions for you:

What timeframe chart do you use the most?

Do use pivots?

Oh...and do you use MT4?
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23,220
  • Mar 16, 2011 9:04pm Mar 16, 2011 9:04pm
Quoting realjumper
Couple of questions for you:

What timeframe chart do you use the most?

Do use pivots?

Oh...and do you use MT4?
I don't use anything below 15m on JPY, since it fluctuates a lot. Probably this is due to lower volume.

I just went and looked up what pivot points were. No, I don't use them. I read about them and will look into implementing them and see how they're meshing with what we're seeing. Is there a fundamental reason why pivot points match up with reality? They are developed from past data, of course, but they seem arbitrarily derived.

I don't use MT4. I am with FXCM, but I understand they've implemented MT4 support. I guess that is by far the platform of choice here.
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