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

Was short CAD/JPY @ 81.43, limit hit @ 80.57 for 1:2 winner.
See youall next week.

Originally Posted by Davin

Was short CAD/JPY @ 81.43, limit hit @ 80.57 for 1:2 winner.
See youall next week.

Brilliant Davin! See you next week

Originally Posted by EducatedThug

Short for 100 pips

I love Geppy!

Still holding short CHFJPY for 86

What are your ideas for a reader poll?

Originally Posted by Gregory McLeod

What are your ideas for a reader poll?

Hi Greg. I have two ideas.

1. I was wondering if Traders here would like an IRC chat for Forum members and FXCM Clients. To promote communication between FXCM clients and Trader Groups that may or may not have formed on this forum. I think it would be an excellent extension of the forum.

2. My second is I wished that FXCM would build code for a tool to be used that would appropriately suggest position size and maximum s/l and t/p based on your account size, and based on a user input of maximum risk from a number from 1% to 5%. This would help many new traders to follow good money management and have a double mechanism to help avoid the mistakes of newbie traders. Incorrect position sizing, incorrect risk, and overall incorrecT risk to reward ratio.

For example the tool would ask me when I click on buy or sell XXX/XXX pair how much of my account to risk on this trade, 1,2,3,4, or 5%. Then it would ask me to place my stop loss or my take profit - and it would automatically place my target/or sL according to my preset risk to reward ratio.

Tell me what you think about that. I think account/position size risk is highly misunderstood and is a major pitfall to new traders and this may help traders avoid becoming over-leveraged. If there were a tool that would at least suggest the correct position size with regard to your account balance this would in turn breed more responsible traders.

I entered this trade before the weekend just looking to bank a few pips before the close. It didn't happen, I held it until the open and a quick spike down filled my tp order for 50 pips. Now I was on the lower TF to enter this trade. After taking profit I wanted to get a bigger picture and went out to a 4 and 8 hour chart and I saw this.... (chart)

Now as for the trade, this is arguably a H-N-S. It is also an ascending neck line H-N-S. I drew 2 necklines to show a breach of both in any case of uncertainty. But what I think is going to happen is almost every time I see an ascending H-N-S it is most time followed by an inverted head and shoulders with a false break north and a big fall south.

As I write I am a few pips behind on the trade but I feel very confident that price should not reach anywhere near my S/L above R1 as the data is horrible on the US and near catastrophic for the Euro. The Yen strength is good and picking up momentum.

Anyways, I am...

short from 80.31 on CAD/JPY
looking for 77.87 right above S3
stop loss 81.21 generously above R1

Note: I always wanted to test a theory. I intentionally targeted the amount of pips from the Neckline to the Highest point on the Head(around 200 pips) and wanted to test my theory on the following inverted HNS I expect should be equal in pips. We'll see, just a theory and best believe I'm moving my stop loss down as she tumbles lower. No fancy stuff today hehe.

Originally Posted by Uber FX nUblet7

Hi Greg. I have two ideas.

1. I was wondering if Traders here would like an IRC chat for Forum members and FXCM Clients. To promote communication between FXCM clients and Trader Groups that may or may not have formed on this forum. I think it would be an excellent extension of the forum.

2. My second is I wished that FXCM would build code for a tool to be used that would appropriately suggest position size and maximum s/l and t/p based on your account size, and based on a user input of maximum risk from a number from 1% to 5%. This would help many new traders to follow good money management and have a double mechanism to help avoid the mistakes of newbie traders. Incorrect position sizing, incorrect risk, and overall incorrecT risk to reward ratio.

For example the tool would ask me when I click on buy or sell XXX/XXX pair how much of my account to risk on this trade, 1,2,3,4, or 5%. Then it would ask me to place my stop loss or my take profit - and it would automatically place my target/or sL according to my preset risk to reward ratio.

Tell me what you think about that. I think account/position size risk is highly misunderstood and is a major pitfall to new traders and this may help traders avoid becoming over-leveraged. If there were a tool that would at least suggest the correct position size with regard to your account balance this would in turn breed more responsible traders.

Number 2 is the best idea i've heard in a good long time.

Originally Posted by Uber FX nUblet7

2. My second is I wished that FXCM would build code for a tool to be used that would appropriately suggest position size and maximum s/l and t/p based on your account size, and based on a user input of maximum risk from a number from 1% to 5%. This would help many new traders to follow good money management and have a double mechanism to help avoid the mistakes of newbie traders. Incorrect position sizing, incorrect risk, and overall incorrecT risk to reward ratio.

For example the tool would ask me when I click on buy or sell XXX/XXX pair how much of my account to risk on this trade, 1,2,3,4, or 5%. Then it would ask me to place my stop loss or my take profit - and it would automatically place my target/or sL according to my preset risk to reward ratio.

Tell me what you think about that. I think account/position size risk is highly misunderstood and is a major pitfall to new traders and this may help traders avoid becoming over-leveraged. If there were a tool that would at least suggest the correct position size with regard to your account balance this would in turn breed more responsible traders.

Great idea, but unfortunately brokers make profit based on traders (especially newbies). They will warn you, but to expect doing this much for traders is a little ... out of question

Btw I'm long USD/JPY at 79,8; sl 79,45; open target.

Originally Posted by Arumi

Great idea, but unfortunately brokers make profit based on traders (especially newbies). They will warn you, but to expect doing this much for traders is a little ... out of question

Btw I'm long USD/JPY at 79,8; sl 79,45; open target.

Yeah, might give us the initiative!

won't be retiring the calculator just yet. there was me thinking they made their money out of a cut of the spread.

Nothing wrong with brokers profitting from newbies determination to blow their accounts but hoping they will is a bit naughty

Originally Posted by Uber FX nUblet7

Hi Greg. I have two ideas.

1. I was wondering if Traders here would like an IRC chat for Forum members and FXCM Clients. To promote communication between FXCM clients and Trader Groups that may or may not have formed on this forum. I think it would be an excellent extension of the forum.

2. My second is I wished that FXCM would build code for a tool to be used that would appropriately suggest position size and maximum s/l and t/p based on your account size, and based on a user input of maximum risk from a number from 1% to 5%. This would help many new traders to follow good money management and have a double mechanism to help avoid the mistakes of newbie traders. Incorrect position sizing, incorrect risk, and overall incorrecT risk to reward ratio.

For example the tool would ask me when I click on buy or sell XXX/XXX pair how much of my account to risk on this trade, 1,2,3,4, or 5%. Then it would ask me to place my stop loss or my take profit - and it would automatically place my target/or sL according to my preset risk to reward ratio.

Tell me what you think about that. I think account/position size risk is highly misunderstood and is a major pitfall to new traders and this may help traders avoid becoming over-leveraged. If there were a tool that would at least suggest the correct position size with regard to your account balance this would in turn breed more responsible traders.

Thanks Uber for your ideas! They are good ones.

Here is a position sizing plugin for Marketscope charts that you may find useful
FXCodeBase.COM: Forex Chart Indicators and Development • View topic - Position Sizing & Risk To Reward Ratio

Here is also a website based one too
Position Size Calculator, Forex Position Size Calculator

Originally Posted by jbiggart

won't be retiring the calculator just yet. there was me thinking they made their money out of a cut of the spread.

I'm pretty sure this is how most no dealing desk brokers would have to make their money.

And if this is the Case, FXCM is a no dealing desk broker which means they have an incentive help you become successful and continue trading to perpetually get a cut on future trades.

Originally Posted by not_now

Dear forum,
long time - no see, but here I am again.
Those that think about selling the yen - think twice before doing it.
Yen is going mid-term up, so don't be deceived by short-term weakness.
I am short CHFJPY (target 86) and CADJPY (target 78.30)
AUDJPY is also going down, but I am flat due to negative roll

Well.. I told you CHFJPY is going to 86)
now it's for CADJPY part of the prediction to come true...but it will
I KNOW IT WILL