Trading Only One Pair - Usd/Jpy | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

script or EA which will close all positions for only one pair 0 replies

Price info indicator needed - one pair's price x another pair 5 replies

Multi-pair trading or Few-Pair Trading. [poll] 15 replies

Making sure only one position open per currency pair: Coding help 0 replies

How to run one on more than one pair and time Frame at the same time? 1 reply

Attachments: Trading Only One Pair - Usd/Jpy
Exit Attachments

Trading Only One Pair - Usd/Jpy

  • #1
  • First Post: Edited Jul 29, 2013 5:22pm Jul 21, 2013 11:59am | Edited Jul 29, 2013 5:22pm
A place for me to talk to myself out loud and remember what I've said.

All about the Usd/Jpy pair. Feel free to join in.


Last Edited July 29:

Moving my trading journal to this thread...

http://www.forexfactory.com/showthread.php?t=439750
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #2
  • Jul 21, 2013 1:03pm Jul 21, 2013 1:03pm
From NBC: Japanese Prime Minister Shinzo Abe's ruling bloc won a decisive election victory on Sunday, cementing his grip on power but raising the possibility he could lose interest in difficult economic reform and shift focus to his nationalist agenda instead.

So YEN may not go up
  • #3
  • Jul 21, 2013 1:12pm Jul 21, 2013 1:12pm
Quoting kweiss10
From NBC: Japanese Prime Minister Shinzo Abe's ruling bloc won a decisive election victory on Sunday, cementing his grip on power but raising the possibility he could lose interest in difficult economic reform and shift focus to his nationalist agenda instead. So YEN may not go up
Thanks, was reading about that earlier. I'm trying not to have a bias based on news though. Instead I'm going to trade based on how price moves in relation to the news.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #4
  • Jul 21, 2013 2:05pm Jul 21, 2013 2:05pm
There's a lot of talk about Yen weakness this week. I'm currently looking for a solid entry point if this will be the case. I'm currently looking at 100.9 but I'm not liking that it's so close to 101.

100.85 corresponds with the previous Thursday high, as well as the high for July 2nd and 3rd. It also corresponds with the low on the 8th, 9th of July. Breaking through this resistance, as well as 101, should push bullish momentum back up to 103 in the short term.

In the event of the opposite, I'll have a sell order sitting at 99.75. Stop loss will be 100.3, with a profit target of 99... subject to change of course.

Daily:
Attached Image (click to enlarge)
Click to Enlarge Name: t48.PNG Size: 35 KB


4H:
Attached Image (click to enlarge)
Click to Enlarge Name: t49.PNG Size: 46 KB


Hourly:
Attached Image (click to enlarge)
Click to Enlarge Name: t50.PNG Size: 49 KB



Articles of interest:
http://www.reuters.com/article/2013/...96D0FO20130719
http://blogs.marketwatch.com/thetell...MW_latest_news
http://www.investing.com/news/forex-...22---26-250477
http://www.businessinsider.com/kit-j...-monday-2013-7
http://www.forexnews.com/blog/2013/0...ction-results/
http://www.dailyfx.com/forex/technic...s_usd-jpy.html
http://www.fxstreet.com/analysis/the...2013/07/19/02/
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #5
  • Jul 21, 2013 7:50pm Jul 21, 2013 7:50pm
Sell order opened at 99.94. Stop Loss at 100.4 Take profit at 99.

In hindsight I probably should have waited for a better price to enter. But even at a better price I would still consider my analysis to be invalid if we hit 100.4. I wouldn't be too surprised to see 100.2 ish before more downward movement.
Attached Image (click to enlarge)
Click to Enlarge Name: t51.PNG Size: 45 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #6
  • Edited 8:25pm Jul 21, 2013 8:13pm | Edited 8:25pm
Quoting livethedream
Sell order opened at 99.94. Stop Loss at 100.4 Take profit at 99. In hindsight I probably should have waited for a better price to enter. But even at a better price I would still consider my analysis to be invalid if we hit 100.4. I wouldn't be too surprised to see 100.2 ish before more downward movement. {image}
Out early @ 100.2. Bullish momentum is very strong at the moment.

Edit: What I can take away from this trade. After a large movement wait for confluence before entering a trade.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #7
  • Jul 22, 2013 1:56am Jul 22, 2013 1:56am
Went long at 100.12. Stop loss at 99.7

Take profit is set to 103 but I'll most likely be closing out the trade manually sometime during the U.S. session.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2013-07-22-02-54-52.png Size: 104 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #8
  • Jul 22, 2013 3:37am Jul 22, 2013 3:37am
Added another long at 100.03. Stop at 99.8
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #9
  • Jul 22, 2013 6:18am Jul 22, 2013 6:18am
bought at 100.09. Thought it was going to go back up but it fell and fell. Hope it goes back up today.
  • #10
  • Jul 22, 2013 6:48am Jul 22, 2013 6:48am
Quoting kweiss10
bought at 100.09. Thought it was going to go back up but it fell and fell. Hope it goes back up today.
Looks like it might break to the downside. I'm back short...

I already notice a huge error in my trading. I was short, then long twice, now back short again. Need to read "Trading In The Zone" and apply it ASAP.

Tomorrow I won't place any trades until we get close to NYC open, and I will only place 1 trade and let it run either to its stop loss or take profit mark.
Attached Image (click to enlarge)
Click to Enlarge Name: t52.PNG Size: 43 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #11
  • Jul 22, 2013 9:42am Jul 22, 2013 9:42am
I closed my short out @ the average price of 99.45. This has brought me positive for the day even through my mistake of opening/closing trades with minor losses.

Currently looking for a short re-entry if I can get one today. Looking to re-enter somewhere between 99.6-99.8 depending on PA. If not I'll be happy to end the day with my 1.4%
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #12
  • Jul 22, 2013 10:23am Jul 22, 2013 10:23am
Short entered at 99.55. Stop loss at 99.85.

Looking for 99 as a target.
Attached Image (click to enlarge)
Click to Enlarge Name: t53.PNG Size: 42 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #13
  • Jul 22, 2013 10:34am Jul 22, 2013 10:34am
Hey, like the trade. What do you think about the support at 99.35
  • #14
  • Jul 22, 2013 10:46am Jul 22, 2013 10:46am
apologies but why have you picked 99.00 as the target? what about 99.81?
  • #15
  • Jul 22, 2013 10:50am Jul 22, 2013 10:50am
Quoting beng986
Hey, like the trade. What do you think about the support at 99.35
I'm waiting to see how price will react when we re-test that support. I do like how the wicks on the m15 go through .35 twice earlier this morning. If we fail to break through I can still get out of my trade at break even, if we push through support I'll have a good price. Either way I like my entry as long as we retest the support of .35.

Don't give too much credit to my advice though... still very much a humble amateur when it comes to trading.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #16
  • Jul 22, 2013 10:52am Jul 22, 2013 10:52am
Quoting beng986
apologies but why have you picked 99.00 as the target? what about 99.81?
99 is a nice round number, psych level. Not sure what you mean about 99.81.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #17
  • Jul 22, 2013 11:18am Jul 22, 2013 11:18am
sorry fat fingers, 98.81.

thanks for your reply.
  • #18
  • Jul 22, 2013 11:38am Jul 22, 2013 11:38am
Quoting beng986
sorry fat fingers, 98.81. thanks for your reply.
Mind explaining the significance of that level to me? Thanks.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #19
  • Jul 22, 2013 6:18pm Jul 22, 2013 6:18pm
Quoting livethedream
Short entered at 99.55. Stop loss at 99.85. Looking for 99 as a target. {image}
Waited 8 hours for a 5 min. drop. Out half of my position at 99.35. Other half moved to b/e.
Attached Image (click to enlarge)
Click to Enlarge Name: t54.PNG Size: 33 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #20
  • Edited 7:08pm Jul 22, 2013 6:55pm | Edited 7:08pm
Quoting livethedream
{quote} Waited 8 hours for a 5 min. drop. Out half of my position at 99.35. Other half moved to b/e. {image}
Went ahead and closed the other half as I don't expect a break through 99.3 anytime before London open... or possibly even US. open for that matter. Will watch how price unfolds throughout the night and will be ready for tomorrow.

Note to self: I closed out the other half after reading something someone had posted on another thread, without giving it much thought. If I want to be successful I can't trust the analysis of anyone else except for my own... I can only use their analysis for information and to get different perspectives on technicals, but I can't let it get to me in my decision making.

Edit: Missed out on a good 15-20 pips because of that. Gotta make sure not to make that mistake again.
"If you won't risk the usual, you'll have to settle for the ordinary."
0 traders viewing now