Bull City Baby! Buying Opportunities

True.

PS. Is your S/L wide enough? You don't want to sell yourself short IMO.

(on the other hand, if you are wanting to catch a large slice of a USD/JPY bull run, adjusting your entry ain't such a bad idea)

I am going ahead with a long at this point
120.50 seems a good hurdle and support. my slis below just that 120.29

We go up from here. Long targeting 125, stop at 120

That would make for a good holiday

yes sir!

been buying little bits on the way down for a while. Breakeven is 121.0. Ready for bulls to take charge.

Yes, I trade with tight SLs. I'd rather take a loss, and enter at a lower price, than watch a drawdown.

To me, it's just admitting when I'm wrong. If price moves against me, then I'm wrong. I don't want to sit in a trade hoping that I might be right eventually even though I'm wrong right now. So, for me an SL is when I admit I'm wrong. I give up on the trade, and look for a better entry, since I place the SL such, that if it is hit, I know it is very likely the price will move lower and give me a better opportunity. And if it does't move lower, I'll eventually see the "better entry" form, and re-enter with more confidence.

For me, with the current situation, I don't see a good entry point yet that I can just hit buy and walk away, but maybe good enough entry point to grab a few pips as I watch the price closely... But once I enter, if it works out, I look for confirmation of that "good entry point" that I can just walk away from, as I know it is moving up form there, and end up with a really a profitable original entry point, since it will be lower than the "good" entry point.

For me it's also about R:R. If I lose 4 trades, but win one with a 1:10 R:R, I think it's better than winning more trades with lower R:R, and lower R:R is what comes with wider SLs...

But I respect any other opinion. And sorry for the long explanation, but I think it's good for us to get to know how each of us trades, that way we can take into context anything that is posted...

And having said all of that, my preferred entry point where I can just set SL/TP, and walk away is usually on M15 or H1. So far I don't see it yet today. We'll see if it happens soon, as UJ seems to be really fighting to paint a good signal...

We might have to get together and compare notes, as we both make these types of calls. Love your confidence. And I do hope you are right, since I'm tired of watching this thing and wondering if my entry was good

Yes, I see your point. Thanks for elaborating - informative. And yes, it's all about entering with the right price dynamics (if I'm reading you right).

Keeping s/l's tight is a good idea if you are trading the wider picture. And perhaps wise in these conditions. On the other hand, I also think the trick with the USD/JPY, is once it stops retracing (in such timeframes you mentioned), is to simply hold - as last time price was fairly chaotic after fully retracing. Perhaps, ideally setting a s/l at b/e if possible.

PS I can't believe this pair is still holding up (even though it did lower today). I don't think I've ever seen such a strong pair.

Haha yeah that would be cool. I knew this thing was going to retrace a little bit. This pair has been very aggressive lately, and that's why any bullish signs after a retrace usually is a good thing. This next one hour candle will tell us where we are headed! All's its going to take is one fundy to send it higher. 125 definitely possible before the end of the week.

we must also remember usdjpy follow trends like dow jones , nasdaq and sp500 and well all of those have been in bull city as well all this year.

Okay, price has stayed above 120.662 for 4 hours. However, bears have won the H1 candle battle 3 hours in a row.

I guess read that however you will. But, I think safer to wait for entering long. All who entered long with SL around 120, of course, this doesn't apply to you, since you've given your trade enough room

Looking at the daily and the bearish evening star that is forming. I have rethought my long position. This thing could be headed lower!

Any who are waiting to go long. Sit back, relax. Our pip target is growing, 120+ pips so far. I'd love to enter around 120, and go for 180+ pips on the rebound. We'll see when price decides to turn up. So far, I'm not ready to enter again long yet, as my next entry will be targeting the prior high (at least)...

Yes, definitely do not see any signs of decisive upward movement yet. And I'm done trying for small pip change today. Waiting for the reversal...

Well... we are in transit and should be taking off shortly after permission from the tower... enroute to 125

That would be yummy!

While waiting for the reversal of the retrace, I wanted to explain a bit more on my tight SL philosophy.

I strive to enter with an SL around 10-30 pips (depending on S/R levels). And in a situation where we have a retrace such as the one currently happening with UJ, every time my SL is hit, I know it will go lower, giving me a better entry, and a bigger eventual profit target.

Take a 10 pip SL for example, which is usually doable entering on M15. Even if I get stopped out 10 times (= 100 pips loss). It just means when I do finally get it right, I get those 100 pips back, and then some, since every time my SL got hit, it just confirmed lower price and better entry point coming.

For example, if I enter right now with a 10 pip SL, it would be a about a 22:1 R:R trade, making up for my 3 losses today (plus 100+ pips profit). But I'm not saying now is a good entry, but just as an example.

Someone (read BOJ) is dumping money into the market.

And after my above post, a nice bounce. Maybe the start of reversal? Will have to wait and see, as I see the first key support level around 120. But if support forms above that, i.e. at current level, then maybe back in Bull City Baby!