Thread: Discuss USD/JPY, GBP/JPY, and other JPY Pairs

looks like this pair is going to north I'm sorry but I think i am the only one here longing.

This morning news showing the big rally on asian market, bond risk fall, and Europe dept crisis eases.

The USD/JPY pair has already broke it's 2 days resistance line. It's now up to G/J pair to break the triangle R line. However, as you guys say, this pair is tricky. It might be just a long upper wick before coming down. So I am taking early profit below the R line now. Good luck all!

looks like that triangle play went out the window, going to re evaluate, entry order at 140. looks like it could make it there.

1HR:

Originally Posted by FXTA

looks like that triangle play went out the window, going to re evaluate, entry order at 140. looks like it could make it there.

1HR:

Agree! I place my short Entry Order at 140.2 with SL 70 pips. The volatility is lowering since Tuesday...Don't think it will hit 141 and above, at least not today

wow, just wow. GJ does it again lol big upper wick after i get stopped.

We have just had 35 mins of convergence. Around the 138.50 area. 5 min candle has just cleared below it. Im shorting now 138.32. STOP 138.90.

ADD: Setting Limit to 137.82.

Originally Posted by skydiver

We have just had 35 mins of convergence. Around the 138.50 area. 5 min candle has just cleared below it. Im shorting now 138.32. STOP 138.90.

ADD: Setting Limit to 137.82.

Nice entry sky. I still held my shorts from this week. Can't be bothered to open more as it would put me at more risk. SL remains at 142.5 still as of now.

My first target would be 136.1 as of now. See if 4H candle can close under that. If yes next target would be 133.7.

Target reached. + 50 pips.

Im temptedto go Long now for 50-70 pips but i feel i should wait to see if it breaks 137.48 or a least watch a couple of the nexxt 5 min candles.

Waiting and watching.

Originally Posted by kcooperj

Nice entry sky. I still held my shorts from this week. Can't be bothered to open more as it would put me at more risk. SL remains at 142.5 still as of now.

My first target would be 136.1 as of now. See if 4H candle can close under that. If yes next target would be 133.7.

Thanks kcooperj. YES manage that risk. I think your stops look safe, difficult to imagine 140 getting taken. I was about to say this is looking like a false breakout but now im thinking this could be a sizable move down coming today.
My goal is to learn and exercise a little more patience than before. Probaly will miss a lot of oppurtunities because of it but hopefully avoid any rash trades. 137.63 now and still waiting.
Good luck, once again nice trades and explanations from you KC.
Just Demo-ing.

ADD: OK Short again 137.46. Stop 138.25

Originally Posted by skydiver

Thanks kcooperj. YES manage that risk. I think your stops look safe, difficult to imagine 140 getting taken. I was about to say this is looking like a false breakout but now im thinking this could be a sizable move down coming today.
My goal is to learn and exercise a little more patience than before. Probaly will miss a lot of oppurtunities because of it but hopefully avoid any rash trades. 137.63 now and still waiting.
Good luck, once again nice trades and explanations from you KC.
Just Demo-ing.

Just explanations based on my opinion..I could be wrong. That's just my trade plan

Yes my friends all told me to go long actually for this pair as they see negative numbers in my account when they came over to my house. But didn't want to listen to them and decided to be patient. I feel a retest of 130 is needed again before going back up.

I use fibs as my targets. They work wonders for me so far.

It's okay to miss opportunities. I just missed mine when I thought of shorting at 139.4. But decided to keep what I have as My account margin would fall below 90% if I opened more trades. yes I'm greedy and i'm trying to avoid doing that. So yeah be happy with what u get by being patient.

Patience is such a virtue after all!

I have the 1hr fib 38.2% from the hi of this week to the low as 136.97. Its touched it and bouncing back up to the 50% level, 137.64. Hopefully it wont pass that cause if it does i will exit my short.

Originally Posted by kcooperj

Just explanations based on my opinion..I could be wrong. That's just my trade plan

Yes my friends all told me to go long actually for this pair as they see negative numbers in my account when they came over to my house. But didn't want to listen to them and decided to be patient. I feel a retest of 130 is needed again before going back up.

I use fibs as my targets. They work wonders for me so far.

It's okay to miss opportunities. I just missed mine when I thought of shorting at 139.4. But decided to keep what I have as My account margin would fall below 90% if I opened more trades. yes I'm greedy and i'm trying to avoid doing that. So yeah be happy with what u get by being patient.

Patience is such a virtue after all!

Completely agree. Keep your margin above 90% and you are in the comfort zone. So easy to say 'one more trade OH! and i will add just one more' , before you know it Bang! your below 50%, now the alarm bells are ringing so loudly in your head you cant think straight.
Yuk! that was like re-living a moment there. lol

I can see why your first target is 136.10. Im going for 136.20, just to be different. A few pips just above the 23.6%.

Hi everyone,

I'm new here! I'm still a novice and hope to learn for you guys!

I shorted at 138.649 with a target of 136.20 with a stop at 141.61

Originally Posted by gordonre

Hi everyone,

I'm new here! I'm still a novice and hope to learn for you guys!

I shorted at 138.649 with a target of 136.20 with a stop at 141.61

Hi Gordonre
Nice trade!. I hope to learn from you as well. Good luck.

Closing mine now for +2 pips. It was a scalp and i should of closed much earlier. Im just thinking i might get a better price on the US open to re-short, perhaps. Im using tighter stops than you.

ADD: Beaware, im just on a Demo at the moment.

i decided to take profits from 50% of my opened lots around 137 area. Based on 15 min chart, i'm waiting for 20 SMA to decend down and i'll short a bit from there. But I'll short more in bulks preferably from 138 and 138.3 area. Shorts that I closed were opened from 138 area. I decided to put my shorts from 139 SLed at breakeven. I'm happy with the gains i got for this week. The remaining lots would target 133.7 and 136.

Originally Posted by kcooperj

i decided to take profits from 50% of my opened lots around 137 area. Based on 15 min chart, i'm waiting for 20 SMA to decend down and i'll short a bit from there. But I'll short more in bulks preferably from 138 and 138.3 area. Shorts that I closed were opened from 138 area. I decided to put my shorts from 139 SLed at breakeven. I'm happy with the gains i got for this week. The remaining lots would target 133.7 and 136.

bro so u think we will see 138 zone again?

i had a feeling that now we hve broken the 138 zone very effectively. it shud be strong resistance.

well but never hurts to hve huge stops. ha ha.