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

Originally Posted by sommer

Hi! I think it is a good idea on the short term. I mean in a week or so. After breaking 83.65 I think rather long.

Technically the yen is way overbought and overvalued - fundamentally higher oil prices are much worse for japan then any of the majors - can't imagine why anyone would buy the yen for anything but a scalp under current conditions - additionally - the COT report showed usd selling had reached the extreeme levels - ripe for a massive correction -

Originally Posted by jet813

Technically the yen is way overbought and overvalued - fundamentally higher oil prices are much worse for japan then any of the majors - can't imagine why anyone would buy the yen for anything but a scalp under current conditions - additionally - the COT report showed usd selling had reached the extreeme levels - ripe for a massive correction -

Hi all.

I got entry short at 83.65, +20 at the moment and moved Stop to breakeven. Hopefully I get a bit more carry on this considering the overbought conditions in smaller timeframes.

Cheers
Enslin

Originally Posted by enslinforex

Hi all.

I got entry short at 83.65, +20 at the moment and moved Stop to breakeven. Hopefully I get a bit more carry on this considering the overbought conditions in smaller timeframes.

Cheers
Enslin

Hi

Booked 30 on the trade

Cheers

Originally Posted by Gregory McLeod

Nice Job Lee Identifying a Retracement Point

USD/JPY: First Target Hit @83.50

GBP/JPY Looks Bearish as Long as it Stays Below 134.25. A break above 134.25 would be bullish with gains extending into 137.00

Originally Posted by enslinforex

Hi

Booked 30 on the trade

Cheers

well good - it's all a matter of perspective on what one is looking for I guess - personally I'm long from 80.76 so - obviously i have a much longer term bias and goal

Originally Posted by Gregory McLeod

USD/JPY: First Target Hit @83.50

Now thats what I'm talking about ;-) cheers greg thought you were a scalper??

Originally Posted by enslinforex

Hi

Booked 30 on the trade

Cheers

Congratulations! The Yen pairs appear to be all rallying higher probably for a long time to come.

Jet will has a very enviable long term position.

Hello from a long time "Lurker" of this forum. I've been trading for about (8) years now, but I didn't find FOREX until about (2) years ago. I'm 26 now, and I'll tell ya, the first (6) years of my trading career were painful as I was young and naive. It's taken a long time but I've finally been able to move past my stupidity.

Up until now I've been strictly a "trader", but I wanted to present to you what will be my first long term trade as I build a position in GBP/JPY for a carry trade over the next few (probably 5 to 6) years.

In early January I started buying approximately 1 Micro Lot per day and over the last few weeks I’ve been built the position up to just under (1) Standard Lot. Over the remainder of this year I plan on continuing to build the position up to (100) Standard Lots using the following rules:

• Add 10% to the position / week. Breaking that down to 2% / day, (5) days a week.
• Minimum account balance (Not Equity) per Standard Lot of $10K.
• Should the pairs price fall below my Average In price, daily buying gets multiplied by (2).
• When market conditions are favorable, go long or short additional lots with a maximum of 2% / day for short term trades with profit settings at (50) and (100) pips.

It’s important to note, that although I do use FXCM as one of my brokers, I felt it was necessary to be able to “hedge” while building this position, so I’m using a broker which although they don’t refer to it as hedging, allows me to do that. There are many more rules which I will be applying, but I think I’ve line out the basics for you here.

As always, Happy Trading

Originally Posted by jet813

Technically the yen is way overbought and overvalued - fundamentally higher oil prices are much worse for japan then any of the majors - can't imagine why anyone would buy the yen for anything but a scalp under current conditions - additionally - the COT report showed usd selling had reached the extreeme levels - ripe for a massive correction -

This sentiment is always dangerous. Perhaps $ is looks oversold, but my opinion is that the market likes straining. If you think it is enough you can get more cuffs from the market. My opinion is that the next target is 83.00-83.10.
This zone is critical. Under it a selling begins. On the other hand there is a big correlation between $ strength and the equity market performance. A possible plunge in the indices will bring further gains to $.
But further increase in indecis will weaken the currency. I think bad economic data from Japan is necessary for yen to lose ground.

Hello Traders,

Many of the best traders in the world credit their success to having a regular and consistent way of recording and logging their trades. Being able to learn from past mistakes as well as past victories allows an individual trader to grow and improve. Traders can draw on their trading journal as an invaluable resource of lessons learned. Start your Free Trading Journal HERE

An effective journal can include the following:
-Day and Date
-Entry, Limit and Stop Prices
-Currency pair traded
-Number of lots traded
-Fundamental or Economic Announcements for that day
-Trend direction
-Strategy and/or Indicator used
-Time frame of chart used to make decision
-Source of trading Idea
-Charts

In addition, other things to include in the journal which I believe are equally important but can be left out for privacy concerns:
-Your current physical health: (have a cold or a headache, sleepy)
-Emotional state - (happy, angry, even tempered)
-Technology condition - computer on the fritz, internet connection, etc.
-Any other condition relevant to trading

Other benefits include letting people know the quality of your analysis and trading skills. It also shows your record and that you are consistent and serious about your approach as a trader.


You can request a comment from me or other forum member on your trading idea or you may just want to record your trading without comments. It's your journal.
We just ask that you follow the rules of the DailyFX Forum as well as copyright laws.
Best of all, it is FREE for Forum members. Not a member, you can register here
Enjoy YOUR TRADING JOURNAL!

Please see the diagram below for instructions on how to create a new Journal Thread.
In addition, you can see my sample Journal from "EZPIPS" CLICK HERE EZPIPS FOREX TRADING JOURNAL (Sample)

Good Luck with Your Trading!

Regards,

Hello Traders,

Many of the best traders in the world credit their success to having a regular and consistent way of recording and logging their trades. Being able to learn from past mistakes as well as past victories allows an individual trader to grow and improve. Traders can draw on their trading journal as an invaluable resource of lessons learned. Start your Free Trading Journal HERE

An effective journal can include the following:
-Day and Date
-Entry, Limit and Stop Prices
-Currency pair traded
-Number of lots traded
-Fundamental or Economic Announcements for that day
-Trend direction
-Strategy and/or Indicator used
-Time frame of chart used to make decision
-Source of trading Idea
-Charts

In addition, other things to include in the journal which I believe are equally important but can be left out for privacy concerns:
-Your current physical health: (have a cold or a headache, sleepy)
-Emotional state - (happy, angry, even tempered)
-Technology condition - computer on the fritz, internet connection, etc.
-Any other condition relevant to trading

Other benefits include letting people know the quality of your analysis and trading skills. It also shows your record and that you are consistent and serious about your approach as a trader.


You can request a comment from me or other forum member on your trading idea or you may just want to record your trading without comments. It's your journal.
We just ask that you follow the rules of the DailyFX Forum as well as copyright laws.
Best of all, it is FREE for Forum members. Not a member, you can register here
Enjoy YOUR TRADING JOURNAL!

Please see the diagram below for instructions on how to create a new Journal Thread.
In addition, you can see my sample Journal from "EZPIPS" CLICK HERE EZPIPS FOREX TRADING JOURNAL (Sample)

Good Luck with Your Trading!

Regards,

Originally Posted by ChitchIII

Hello from a long time "Lurker" of this forum. I've been trading for about (8) years now, but I didn't find FOREX until about (2) years ago. I'm 26 now, and I'll tell ya, the first (6) years of my trading career were painful as I was young and naive. It's taken a long time but I've finally been able to move past my stupidity.

Up until now I've been strictly a "trader", but I wanted to present to you what will be my first long term trade as I build a position in GBP/JPY for a carry trade over the next few (probably 5 to 6) years.

In early January I started buying approximately 1 Micro Lot per day and over the last few weeks I’ve been built the position up to just under (1) Standard Lot. Over the remainder of this year I plan on continuing to build the position up to (100) Standard Lots using the following rules:

• Add 10% to the position / week. Breaking that down to 2% / day, (5) days a week.
• Minimum account balance (Not Equity) per Standard Lot of $10K.
• Should the pairs price fall below my Average In price, daily buying gets multiplied by (2).
• When market conditions are favorable, go long or short additional lots with a maximum of 2% / day for short term trades with profit settings at (50) and (100) pips.

It’s important to note, that although I do use FXCM as one of my brokers, I felt it was necessary to be able to “hedge” while building this position, so I’m using a broker which although they don’t refer to it as hedging, allows me to do that. There are many more rules which I will be applying, but I think I’ve line out the basics for you here.

As always, Happy Trading

Hello Chitch! Thanks for coming out and sharing with us. I believe this has some merit!

Hey guys, what are you people thinking. im short gj last week from 133.90

lets hope we make some mooolah!

This is what I am looking at ... a long term impulse down from 124 potentially completed (the fifth wave being extended) at 80.40. I am looking for a break above 84.5 to confirm, and then ... I would think at a minimum a test of 90 would ensue. If we get something sharp with momentum, then 50% retrace or even 61.8% would make sense. The fundamentals for that would require a higher return on US Treasuries or a market move away from the JPY. I am thinking the latter is more likely.