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

Originally Posted by Gregory McLeod

Hello Traders! Its time for the Lightning ROUND

In 1 or 2 lines tell us if you are Long, Short or Flat Yen pairs

If you want to add a stop, limit, or price, feel free. Chart not necessary!

Let's HAVE Some Fun With THIS and see how many posts we can rack up to get a feel of the real time sentiment!

I am Long Euro 1.2834

I'm short CAD/JPY from 79.96(a late entry)

TP: 77.85(area)) S/L:81.16

DailyFX Speculative Sentiment Index for May 14, 2012

Hello Traders! It's me again. Hope you are making some pips! Price action is fairly slow but you can take a breather before the New York session and see how retail traders are positioned in the Euro this morning using the Speculative Sentiment Index.

For you newcomers, the Speculative Sentiment Index or SSI is a contrarian indicator that shows how FXCM traders are positioned. If more traders are long the Euro than short, then we could expect prices to fall. If more traders are position short than long, then we could expect price to rise.

SSI is released twice daily and can be accessed by Real FXCM trading accounts here: Forex Trading Signals | DailyFX

You can use the same link to register with a demo and gain access as well.

SSI is also updated once a week on the DailyFX homepage:
Forex Sentiment | Forex Technical Analysis | DailyFX

Originally Posted by Uber FX nUblet7

Yes Greg, My trade has gone positive, I've been holding since last Monday/ Hopefully I'll be able to close it out today and look for a fresh opportunity to open a new trade. I've still got 150 more pips to go but I'll hold until I get there

Congratulations on having the patience to hold to your convictions. I wish you the best in your trade! I thought we could go a little higher in CAD/JPY but I was mistaken!

Originally Posted by Uber FX nUblet7

Yes Greg, My trade has gone positive, I've been holding since last Monday/ Hopefully I'll be able to close it out today and look for a fresh opportunity to open a new trade. I've still got 150 more pips to go but I'll hold until I get there

Nice I am long MXN/CZK nothing has happened since Wednesday - expect that its driving me mad

Originally Posted by Alejandro Zambrano

Nice I am long MXN/CZK nothing has happened since Wednesday - expect that its driving me mad

MXN/CZK, that is some exotic stuff Alex! Reminds me of what I had for dinner on Mother's day! Why did you pick this pair?

long nzd/jpy 62.246

Originally Posted by Gregory McLeod

Congratulations on having the patience to hold to your convictions. I wish you the best in your trade! I thought we could go a little higher in CAD/JPY but I was mistaken!

Thanks Greg. I have improved in this area. I used to question myself religiously, which led to some bad exits and poor entries.

Originally Posted by Gregory McLeod

MXN/CZK, that is some exotic stuff Alex! Reminds me of what I had for dinner on Mother's day! Why did you pick this pair?

hehe I wish I had more of it i.e. the food.

I got this trading idea from strategist at Deutsche bank - he uses statistical models to estimate a fair value - its usually other financial markets that are used as base; like interest rate expectations, price of oil and also some classic fundamentals as trade balance and so on.- when price deviates too much from the fair value we got the opportunity to trade - I don't like all setups as they can be going against the trend but in the case technical analysis was also supporting the move.

Price is now at 1.44 - the fair value model says that we should trade close to 1.49 and the technicals indicated a trend reversal at 1.44 (time to go long) I have my stop at the 1.42 are where we find the most current low.

To only problem is that I am using yahoo finance charts and I can't place a stop loss or TP in the system - I need to monitor this myself as in the system I am short USD/MXN and long USD/CZK

Oh guys.. today it seems to be really unexpectable market
I was short since yesterday... then went to sleep.. I woke up few minutes ago and what did I just see.. the price went 30 pips long since I placed my position.. then back.. now im in 10 pips profit.. my tp is at least 25pips... (128,30)but im worried about to get here.. price seems really unstabilized... anyone has opinion to share?

Originally Posted by Allan Tuscany

Oh guys.. today it seems to be really unexpectable market
I was short since yesterday... then went to sleep.. I woke up few minutes ago and what did I just see.. the price went 30 pips long since I placed my position.. then back.. now im in 10 pips profit.. my tp is at least 25pips... (128,30)but im worried about to get here.. price seems really unstabilized... anyone has opinion to share?

Yeah, I have been short for a while in the same position. It won't seem to get anywhere near stopping out and won't get to my TP. I guess if I were scalping the PA would be great but I am just hypnotized seeing the same situation every time I open my tradestation. Sorry bud, you're guess is as good as any.

BUT... going with my live trade my bias is short.

It's that Time Again Folks. Since we don't have Real time SSI, let's do the
LIGHTNING ROUND

Only tell us if you are Long, Flat or Short the Euro or another currency pair

No chart is needed and if you have a spare moment, tell us your entry price, stop and Limit.

This is just a real fun and fast posting!

Enjoy!

I am Flat Euro exited too early 1.2840!

Whats up with this bullish USD/JPY move? Looks tempting.

Hello Traders! What a roller coaster of a market. I was looking a +70 on Dow Futures and thought we were going to have a risk on day. But alas, Greek political chaos derailed European equities and the Euro.

SSI continues to speak truth. Is the Face Book Risk Rally Hopium or something to look forward to?

What are your thoughts?

USD/JPY May Have Turned the Corner- I am bullish USD/JPY as long as the currency pair can stay above 79.50. Look for a move to the 81.74.

Originally Posted by Gregory McLeod

USD/JPY May Have Turned the Corner- I am bullish USD/JPY as long as the currency pair can stay above 79.50. Look for a move to the 81.74.

Good Morning Greg. I had to close my trade as it was too close to break even with some important news coming up for the Yen. How are you feeling about the news releases today? Bullish or bearish possibilities?

Edit: I came away with 15 pips which isn't much but better than a loss. Alejandro hit the nail on the head when he said we needed to make a decision last Thursday. That day it my trade went +80 and although it has shown potential to ride it never got down that far again. I'll have to add some more weight to his advice.