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

FXCM Speculative Sentiment Index (SSI) Statistics:

SSI: GBPUSD Ratio Widens Despite Dovish BoE Report

Hello Traders! Here is the SSI report for today!

Have a great trading day!

Originally Posted by Uber FX nUblet7

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.

Very good FX. It takes two opinions to make a market, I stand by my analysis until 79.50

The pound dropped like a rock after the Bank of England Inflation Report stated that inflation would hover around 2% for the next 2 years. Interest rate expectations are the chief drivers of Forex rates and the prospects of a rate hike from the Bank of England vaporized.

The pound dropped over 80 pips in 5-minutes from a high of 1.5972 to a London session low of 1.5888.

I went long 1000k at 1.5895, catching the proverbial falling knife, to grab 6.8 pips in 5 minutes. I jumped back in again at 1.5909 as price broke above the S2 Daily Pivot to grab 10 more pips. This trade took a little bit longer at 10 minutes for 10 pips. So I am doing about a pip a minute.

I quickly noticed a similar rebound in the AUD/USD when UK- Nimmy asked for my 5-minute Elliott wave count. When Nimmy asks me for a count, I know there is a trade on her/his mind.

I got long at 0.9905 and limited out 10 minutes later at 0.9915.

I did some scalping in gold but my one-click settings were too tight for the the wider spread on Gold and I was stopped out as soon as I placed a trade. After making the adjustments, I scored 107 so I had mixed results and ended up -2.1 pips


Watch Replay of the Pip and Run live Trading Room Here:
Watch Forex Scalping Strategies: Pip and Run with Greg McLeod episodes on Blip

It was good to see Carol, Joyce, Franosh, Dan, Glenn, Maurizio and the rest of the Pip and Run nation!

Over all we had a great session filled with analysis of various pairs, answered questions, as well as +18.7 pips!

Join me tomorrow at 5:30 ET for Pip and Run !

Happy Pipping!

Greg McLeod
Daily FX Forum Moderator/Trader

USD/JPY has now spent two whole days trading outside the down trend channel that has contained price since middle of March, On the 4 hr chart over the last two weeks it has traced out a cup/w handle, It is still in the handle stage, a break above 80.50 would confirm this pattern and should lead to move higher, While SSI is still above 4 which would normally be a very bearish sign, SSI was over 6 a week ago and has been slowly trending lower as price moves up. Short sighted traders will likely continue to close there longs as price moves higher, this could be a great opportunity for a longer term trend trader looking to get in at the earliest point of a new trend

Ok, so I have a lot to learn about using the forum. I meant this post as a reply to Gregory McLeod, but apparently didn't do it correctly. So, how do I get it to him, but any and all comments are welcome from here as well.

"Hey, Greg. I got 15.9 of those pips. Thanks, and by the way...

Who would you recommend that specializes in forecasting/trading the Asian session. I would like to place a speculative trade within the first hour of the JPY open at 1800 ct. I have a regular part-time job that starts at 1900ct, so the trade needs to run unattended. Usually home by midnight.

Terry
Panama City, Florida"

:s I did an oopsie

Originally Posted by tahquo

Ok, so I have a lot to learn about using the forum. I meant this post as a reply to Gregory McLeod, but apparently didn't do it correctly. So, how do I get it to him, but any and all comments are welcome from here as well.

"Hey, Greg. I got 15.9 of those pips. Thanks, and by the way...

Who would you recommend that specializes in forecasting/trading the Asian session. I would like to place a speculative trade within the first hour of the JPY open at 1800 ct. I have a regular part-time job that starts at 1900ct, so the trade needs to run unattended. Usually home by midnight.

Terry
Panama City, Florida"

To reply and quote the author of another User, like Greg for example, you need to go to select post you wish to quote and use the "reply with quote option directly under the post. Not with the reply to thread option at the top of the page. I hope that helps and welcome

Hey, Greg. I got 15.9 of those pips. Thanks, and by the way...

Who would you recommend that specializes in forecasting/trading the Asian session. I would like to place a speculative trade during the first hour of the JPY open at 1800 ct. I have a regular part-time job that starts at 1900ct, so the trade needs to run unattended. Usually home by midnight.

Terry
Panama City, Florida

Originally Posted by Gregory McLeod

The pound dropped like a rock after the Bank of England Inflation Report stated that inflation would hover around 2% for the next 2 years. Interest rate expectations are the chief drivers of Forex rates and the prospects of a rate hike from the Bank of England vaporized.

The pound dropped over 80 pips in 5-minutes from a high of 1.5972 to a London session low of 1.5888.

I went long 1000k at 1.5895, catching the proverbial falling knife, to grab 6.8 pips in 5 minutes. I jumped back in again at 1.5909 as price broke above the S2 Daily Pivot to grab 10 more pips. This trade took a little bit longer at 10 minutes for 10 pips. So I am doing about a pip a minute.

I quickly noticed a similar rebound in the AUD/USD when UK- Nimmy asked for my 5-minute Elliott wave count. When Nimmy asks me for a count, I know there is a trade on her/his mind.

I got long at 0.9905 and limited out 10 minutes later at 0.9915.

I did some scalping in gold but my one-click settings were too tight for the the wider spread on Gold and I was stopped out as soon as I placed a trade. After making the adjustments, I scored 107 so I had mixed results and ended up -2.1 pips


Watch Replay of the Pip and Run live Trading Room Here:
Watch Forex Scalping Strategies: Pip and Run with Greg McLeod episodes on Blip

It was good to see Carol, Joyce, Franosh, Dan, Glenn, Maurizio and the rest of the Pip and Run nation!

Over all we had a great session filled with analysis of various pairs, answered questions, as well as +18.7 pips!

Join me tomorrow at 5:30 ET for Pip and Run !

Happy Pipping!

Greg McLeod
Daily FX Forum Moderator/Trader

I also see an early stage of reversal here, got long at 79.90 but got out when bounced off 80.20 with a 11 pip profit.
As you mentioned we had the brake of the down trend channel and now looking towards 80.50-60. Got back in the game a bit sloppy at 80.40 in the middle of the pullback...

Good Trades!
MAXJOY

Good Morning, Tahquo! You deleted your message so I could not respond to it! Uber FX was kind enough to quote your message and I was able to spot it and retrieve it.

Congratulations on grabbing those 15.9 pips. You are very welcome!

I don't normally trade the Asian session as price action on many of the currency pairs can be rather slow with narrow ranges until the London open. However, with increasing U.S. regulation and the banning of banks from doing prop trading, you are starting to see many large US institutions move their trading operations to more trading friendly jurisdictions like Singapore and Hong Kong. This is creating more volume and more tradable price action in these sessions. These sessions are usually insulated from the intraday price shocks that European and North American news create.

I would use classic daily Pivots and look to buy or sell at support levels to trade these new expanded ranges.

Well I got out of this pair yesterday after waiting a week and a half nearly for this sucker to move lol. All was not lost I did bank 15+ on my exit and banked another 34 on the CHF/JPY

Today I'm back in after what looks like another HNS with a confirmed neckline break. Not going to be too greedy on this I'm looking for S2 and hope to reload after a bounce from that level. Happy trading.

Two Charts below. A nice Ichimoku sell signal as well on my glittery chart lol.

Let's Play: What's Your Trade Trigger?

What do you use to enter a trade on a regular and consistent basis?
For example: I get long when the 30-minute chart 50 period simple moving average crosses above the 200 moving average on the open of the next candle

trigger [ˈtrɪgə]
n
1. (Military / Firearms, Gunnery, Ordnance & Artillery) a small projecting lever that activates the firing mechanism of a firearm
2. (Engineering / Mechanical Engineering) Machinery a device that releases a spring-loaded mechanism or a similar arrangement
3. any event that sets a course of action in motion
vb (tr)
1. (usually foll by off) to give rise (to); set off
2. to fire or set in motion by or as by pulling a trigger
[C17 tricker, from Dutch trekker, from trekken to pull; see trek]

Originally Posted by Uber FX nUblet7

Well I got out of this pair yesterday after waiting a week and a half nearly for this sucker to move lol. All was not lost I did bank 15+ on my exit and banked another 34 on the CHF/JPY

Today I'm back in after what looks like another HNS with a confirmed neckline break. Not going to be too greedy on this I'm looking for S2 and hope to reload after a bounce from that level. Happy trading.

Two Charts below. A nice Ichimoku sell signal as well on my glittery chart lol.

Congrats on your winning trade and sticking with your plan.

Originally Posted by Gregory McLeod

Let's Play: What's Your Trade Trigger?

What do you use to enter a trade on a regular and consistent basis?
For example: I get long when the 30-minute chart 50 period simple moving average crosses above the 200 moving average on the open of the next candle

trigger [ˈtrɪgə]
n
1. (Military / Firearms, Gunnery, Ordnance & Artillery) a small projecting lever that activates the firing mechanism of a firearm
2. (Engineering / Mechanical Engineering) Machinery a device that releases a spring-loaded mechanism or a similar arrangement
3. any event that sets a course of action in motion
vb (tr)
1. (usually foll by off) to give rise (to); set off
2. to fire or set in motion by or as by pulling a trigger
[C17 tricker, from Dutch trekker, from trekken to pull; see trek]

I like that visualization of your trigger Greg. I'll definitely try using that and see how it works. Is it possible to program the tradestation to make an alert when these conditions are met?

Charts from today's edition of the webinar Bulls vs. Bears @ The Trading Room 10:30 GMT (11:30 UK time or 06:30 EST Mon - Fri)

Recorded version
Bulls vs Bears - The spread Betting Morning Update May 16 - 2012 | DailyFX: Bulls vs Bears on Blip

EUR/JPY


USD/JPY