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USD/JPY Discussion

  • #25,161
  • Aug 1, 2011 7:09am Aug 1, 2011 7:09am
come on , 20 more points , i see a nigeriafalls coming
  • #25,162
  • Aug 1, 2011 7:13am Aug 1, 2011 7:13am
closed. now support BOJ.
  • #25,163
  • Aug 1, 2011 7:15am Aug 1, 2011 7:15am
Still holding.. moved stop to 76 and averaged it down

If it breaks 76 then world markets will crash really badly
  • #25,164
  • Aug 1, 2011 7:18am Aug 1, 2011 7:18am
I have a pending Buy at 76.03, then will average down .... the Yen can only appreciate so much ... but who knows, the Japs may want it to appreciate to 30.00 so they can buy imports dirt cheap ...
  • #25,165
  • Aug 1, 2011 7:20am Aug 1, 2011 7:20am
Quoting Schminner
I have a pending Buy at 76.03, then will average down .... the Yen can only appreciate so much ... but who knows, the Japs may want it to appreciate to 30.00 so they can buy imports dirt cheap ...
OK, don't think i'm picking on you, but what are your reasons for doing this? Please give details.

If you're simply taking a punt because 'we can't fall much further' then you will soon be in trouble.

Btw, I know from bitter experience that relying on the BoJ to get you out of trouble is destined for failure. Remember traders were predicting BoJ involvement when UJ dropped from 124....
  • #25,166
  • Aug 1, 2011 7:24am Aug 1, 2011 7:24am
Quoting ukdaytrader
OK, don't think i'm picking on you, but what are your reasons for doing this? Please give details.

If you're simply taking a punt because 'we can't fall much further' then you will soon be in trouble.

Btw, I know from bitter experience that relying on the BoJ to get you out of trouble is destinned for failure. Remember traders were predicting BoJ involvement when UJ dropped from 124....
Yup, I'm taking a punt and hope not to be in trouble ....
  • #25,167
  • Aug 1, 2011 7:24am Aug 1, 2011 7:24am
Think about your hands before trying to catch falling knife
  • #25,168
  • Aug 1, 2011 7:29am Aug 1, 2011 7:29am
entered short at 7793. currently at + 120 pips !

iam still finding it hard to believe. i knew it would fall. but fall to such a degree - never expected it.
  • #25,169
  • Aug 1, 2011 7:34am Aug 1, 2011 7:34am
i got in long now. target 77.50

Quoting whatfx
entered short at 7793. currently at + 120 pips !

iam still finding it hard to believe. i knew it would fall. but fall to such a degree - never expected it.
  • #25,170
  • Aug 1, 2011 7:41am Aug 1, 2011 7:41am
i was lucky that i was trying to set a pending order to buy at 76.50 for 10,000 USD/JPY but for some reasons i set 100,000. i did not realize it until i checked it around 20 minutes ago. Then i was so nervous but fortunately, USD/JPY went up so i closed 95,000 of my order around 76.75 (was trying to close at 76.85 but price moved to fast so unable to close at that time). i will hold my 5,000 long order for a while because i assume 76 should be solid enough to support USD/JPY for the long run. I set my stop at 75.80 but overall it was lucky. and i should be careful next time because this type of mistake is so risky.
  • #25,171
  • Aug 1, 2011 7:48am Aug 1, 2011 7:48am
Based on previous experience,falling knife always shot around 600 pips over at a few minutes only
and It happened one time at 2010 (Some Traders gain a lot of money and some of them died totally)
and several month 2011 ago happened once again and forced BOJ take action along G8

Be Careful Guys.Always use your protective that called StopLoss.Trade wisely
  • #25,172
  • Aug 1, 2011 7:51am Aug 1, 2011 7:51am
Quoting TrendTraders
Based on previous experience,falling knife always shot around 600 pips over at a few minutes only
and It happened one time at 2010 (Some Traders gain a lot of money and some of them died totally)
and several month 2011 ago happened once again and forced BOJ take action along G8

Be Careful Guys.Always use your protective that called StopLoss.Trade wisely
Assuming you understand markets, you don't need a stop loss in those situations if your margin is 1:1 or 1:4 and not 1:100 like some crazy people tend to have.

Quote
(Some Traders gain a lot of money and some of them died totally)

That's what over-exposure and greed does to you.

Instead of buying 1 lot, they buy 10.
"Everyone gets what they want out of the market." -- Ed Seykota
  • #25,173
  • Aug 1, 2011 8:03am Aug 1, 2011 8:03am
Any one here believe that spike about 40 minutes ago was a yentervention test by the Bank of Japan ? Middle of the night over there, I know, but as if they wouldn't have 24 7 market monitoring.
  • #25,174
  • Aug 1, 2011 8:04am Aug 1, 2011 8:04am
if i can hold .30 , my account will double tomorrow. =)) , hope the big boys give mercy.
  • #25,175
  • Aug 1, 2011 8:09am Aug 1, 2011 8:09am
Quoting V4X
Assuming you understand markets, you don't need a stop loss in those situations if your margin is 1:1 or 1:4 and not 1:100 like some crazy people tend to have.



That's what over-exposure and greed does to you.

Instead of buying 1 lot, they buy 10.

Its not about the market or your trading system
Its about human
Its about mind
Its about you
  • #25,176
  • Aug 1, 2011 8:12am Aug 1, 2011 8:12am
Quoting tankokjian
i got in long now. target 77.50

what is the reason for you entering long ?

my charts are not showing a long signal yet (1 hr chart).

if you are entering long based on the market falling so heavily, then that is kind of a dangerous thing to do.
  • #25,177
  • Aug 1, 2011 8:14am Aug 1, 2011 8:14am
Quoting TrendTraders
Based on previous experience,falling knife always shot around 600 pips over at a few minutes only
and It happened one time at 2010 (Some Traders gain a lot of money and some of them died totally)
and several month 2011 ago happened once again and forced BOJ take action along G8

Be Careful Guys.Always use your protective that called StopLoss.Trade wisely

sorry fellas, but what is a falling knife ?
  • #25,178
  • Aug 1, 2011 8:14am Aug 1, 2011 8:14am
Quoting CoffeeGamble
Any one here believe that spike about 40 minutes ago was a yentervention test by the Bank of Japan ? Middle of the night over there, I know, but as if they wouldn't have 24 7 market monitoring.
If it was I don't think they'd try and intervene during the London+ New York session, they'd wait until there's low liquidity
Anything can happen.
  • #25,179
  • Aug 1, 2011 8:17am Aug 1, 2011 8:17am
right, need to go out and have my car cleaned. i decided to close my short. i think i banked about + 100 pips.

now, iam hoping market goes back up so that i can get ready to short again at better price.
  • #25,180
  • Aug 1, 2011 8:19am Aug 1, 2011 8:19am
Quoting whatfx
sorry fellas, but what is a falling knife ?
http://www.irvinehousingblog.com/ima...g%20Knives.jpg

You get it now?

This poor guy thought he could juggle the knives easily...
The one knife falling from above had a different opinion
this pig cannot be slaughtered for ever... or can it?
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